ICMBX vs. FRGAX

Last updated Aug 1, 2026

ICMBX (Intrepid Capital Fund) and FRGAX (Fidelity 70% Allocation Fund) are both Diversified Portfolio funds. Over the past 3 years, ICMBX returned 13.35%/yr vs 13.87%/yr for FRGAX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. ICMBX charges 1.40%/yr vs 0.02%/yr for FRGAX.

Performance

ICMBX vs. FRGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Intrepid Capital Fund (ICMBX) and Fidelity 70% Allocation Fund (FRGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICMBX achieves a 6.17% return, which is significantly lower than FRGAX's 7.61% return.

ICMBX

• 1D: -0.68%
• 1M: -0.41%
• 6M: 4.90%
• YTD: 6.17%
• 1Y: 13.98%
• 3Y*: 13.35%
• 5Y*: 6.68%
• 10Y*: 5.81%
• ALL TIME*: 6.38%

FRGAX

• 1D: 1.36%
• 1M: -0.67%
• 6M: 5.42%
• YTD: 7.61%
• 1Y: 16.57%
• 3Y*: 13.87%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.47%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FRGAX Fidelity 70% Allocation Fund	$0.00	$0.00	$0.00
ICMBX Intrepid Capital Fund	$0.00	$0.00	$0.00

ICMBX vs. FRGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ICMBX Intrepid Capital Fund	6.17%	13.45%	15.40%	14.18%	-2.17%
FRGAX Fidelity 70% Allocation Fund	7.61%	17.10%	12.91%	17.57%	-1.63%

Correlation

The correlation between ICMBX and FRGAX is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (All Time) Calculated using the full available price history since Nov 22, 2022	0.79

The correlation between ICMBX and FRGAX shifts across timeframes, from 0.68 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ICMBX vs. FRGAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ICMBX

ICMBX Risk / Return Rank: 50
ICMBX Sharpe Ratio Rank: 52
ICMBX Sortino Ratio Rank: 55
ICMBX Omega Ratio Rank: 48
ICMBX Calmar Ratio Rank: 46
ICMBX Martin Ratio Rank: 51

FRGAX

FRGAX Risk / Return Rank: 70
FRGAX Sharpe Ratio Rank: 68
FRGAX Sortino Ratio Rank: 67
FRGAX Omega Ratio Rank: 67
FRGAX Calmar Ratio Rank: 69
FRGAX Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ICMBX vs. FRGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Intrepid Capital Fund (ICMBX) and Fidelity 70% Allocation Fund (FRGAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ICMBX	FRGAX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.57	-0.17
Sortino ratio: Return per unit of downside risk	2.08	2.25	-0.16
Omega ratio: Gain probability vs. loss probability	1.25	1.29	-0.04
Calmar ratio: Return relative to maximum drawdown	1.84	2.21	-0.37
Martin ratio: Return relative to average drawdown	7.17	9.26	-2.09

ICMBX vs. FRGAX - Sharpe Ratio Comparison

The current ICMBX Sharpe Ratio is 1.40, which is comparable to the FRGAX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of ICMBX and FRGAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ICMBX vs. FRGAX - Drawdown Comparison

The maximum ICMBX drawdown since its inception was -33.71%, which is greater than FRGAX's maximum drawdown of -11.77%. Use the drawdown chart below to compare losses from any high point for ICMBX and FRGAX.

Drawdown Indicators

	ICMBX	FRGAX	Difference
Max Drawdown Largest peak-to-trough decline	-33.71%	-11.77%	-21.94%
Max Drawdown (1Y) Largest decline over 1 year	-6.89%	-7.03%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-11.49%	-11.77%	+0.28%
Max Drawdown (5Y) Largest decline over 5 years	-17.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.71%	—	—
Current Drawdown Current decline from peak	-0.68%	-1.61%	+0.93%
Average Drawdown Average peak-to-trough decline	-4.51%	-1.57%	-2.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	1.67%	+0.09%

Volatility

ICMBX vs. FRGAX - Volatility Comparison

Intrepid Capital Fund (ICMBX) and Fidelity 70% Allocation Fund (FRGAX) have volatilities of 2.66% and 2.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICMBX	FRGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	2.74%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	6.88%	8.17%	-1.29%
Volatility (1Y) Calculated over the trailing 1-year period	9.06%	9.88%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.88%	10.38%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.29%	10.38%	+0.91%

ICMBX vs. FRGAX - Expense Ratio Comparison

ICMBX has a 1.40% expense ratio, which is higher than FRGAX's 0.02% expense ratio.

Dividends

ICMBX vs. FRGAX - Dividend Comparison

ICMBX's dividend yield for the trailing twelve months is around 1.63%, less than FRGAX's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRGAX Fidelity 70% Allocation Fund	1.86%	2.00%	2.01%	1.77%	1.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ICMBX Intrepid Capital Fund	1.63%	2.15%	2.96%	4.14%	1.82%	2.10%	1.68%	5.47%	3.48%	2.96%	3.64%	2.19%

Frequently Asked Questions

Can I hold both ICMBX and FRGAX in my portfolio?

ICMBX and FRGAX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICMBX or FRGAX?

FRGAX has higher volatility (2.74%) compared to ICMBX (2.66%). In terms of maximum drawdown, ICMBX dropped -33.71% vs FRGAX's -11.77%.

Which has better risk-adjusted returns?

FRGAX currently has the higher Sharpe Ratio (1.57 vs 1.40), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.