ICMBX vs. VBAIX

Last updated Aug 1, 2026

ICMBX (Intrepid Capital Fund) and VBAIX (Vanguard Balanced Index Fund Institutional Shares) are both Diversified Portfolio funds. Over the past 10 years, ICMBX returned 5.81%/yr vs 9.67%/yr for VBAIX. Their correlation of 0.84 means they have usually moved in the same direction. ICMBX charges 1.40%/yr vs 0.04%/yr for VBAIX.

Performance

ICMBX vs. VBAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Intrepid Capital Fund (ICMBX) and Vanguard Balanced Index Fund Institutional Shares (VBAIX). 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 higher than VBAIX's 5.84% return. Over the past 10 years, ICMBX has underperformed VBAIX with an annualized return of 5.81%, while VBAIX has yielded a comparatively higher 9.67% annualized 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%

VBAIX

• 1D: 1.01%
• 1M: -0.81%
• 6M: 4.74%
• YTD: 5.84%
• 1Y: 13.39%
• 3Y*: 13.84%
• 5Y*: 7.53%
• 10Y*: 9.67%
• ALL TIME*: 7.40%

*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)
ICMBX Intrepid Capital Fund	$0.00	$0.00	$0.00
VBAIX Vanguard Balanced Index Fund Institutional Shares	$0.00	$0.00	$0.00

ICMBX vs. VBAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICMBX Intrepid Capital Fund	6.17%	13.45%	15.40%	14.18%	-12.44%	12.85%	9.18%	6.45%	-13.37%	8.09%
VBAIX Vanguard Balanced Index Fund Institutional Shares	5.84%	13.60%	17.78%	17.55%	-16.87%	14.20%	16.40%	21.79%	-2.83%	13.86%

Correlation

The correlation between ICMBX and VBAIX is 0.70, 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.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.77
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (10Y) Provides a long-term view across more market conditions.	0.82
Correlation (All Time) Calculated using the full available price history since Jan 5, 2005	0.84

The correlation between ICMBX and VBAIX shifts across timeframes, from 0.70 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ICMBX vs. VBAIX — 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

VBAIX

VBAIX Risk / Return Rank: 65
VBAIX Sharpe Ratio Rank: 62
VBAIX Sortino Ratio Rank: 61
VBAIX Omega Ratio Rank: 59
VBAIX Calmar Ratio Rank: 67
VBAIX Martin Ratio Rank: 77

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. VBAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Intrepid Capital Fund (ICMBX) and Vanguard Balanced Index Fund Institutional Shares (VBAIX). 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	VBAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.45	-0.05
Sortino ratio: Return per unit of downside risk	2.08	2.07	+0.01
Omega ratio: Gain probability vs. loss probability	1.25	1.26	-0.01
Calmar ratio: Return relative to maximum drawdown	1.84	2.13	-0.29
Martin ratio: Return relative to average drawdown	7.17	9.09	-1.92

ICMBX vs. VBAIX - Sharpe Ratio Comparison

The current ICMBX Sharpe Ratio is 1.40, which is comparable to the VBAIX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of ICMBX and VBAIX, 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. VBAIX - Drawdown Comparison

The maximum ICMBX drawdown since its inception was -33.71%, smaller than the maximum VBAIX drawdown of -35.82%. Use the drawdown chart below to compare losses from any high point for ICMBX and VBAIX.

Drawdown Indicators

	ICMBX	VBAIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.71%	-35.82%	+2.11%
Max Drawdown (1Y) Largest decline over 1 year	-6.89%	-5.84%	-1.05%
Max Drawdown (3Y) Largest decline over 3 years	-11.49%	-11.57%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-17.76%	-21.52%	+3.76%
Max Drawdown (10Y) Largest decline over 10 years	-33.71%	-22.77%	-10.94%
Current Drawdown Current decline from peak	-0.68%	-1.46%	+0.78%
Average Drawdown Average peak-to-trough decline	-4.51%	-4.40%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	1.36%	+0.40%

Volatility

ICMBX vs. VBAIX - Volatility Comparison

Intrepid Capital Fund (ICMBX) has a higher volatility of 2.66% compared to Vanguard Balanced Index Fund Institutional Shares (VBAIX) at 2.31%. This indicates that ICMBX's price experiences larger fluctuations and is considered to be riskier than VBAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICMBX	VBAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	2.31%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	6.88%	6.84%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	9.06%	8.56%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.88%	11.19%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.29%	11.25%	+0.04%

ICMBX vs. VBAIX - Expense Ratio Comparison

ICMBX has a 1.40% expense ratio, which is higher than VBAIX's 0.04% expense ratio.

Dividends

ICMBX vs. VBAIX - Dividend Comparison

ICMBX's dividend yield for the trailing twelve months is around 1.63%, less than VBAIX's 5.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VBAIX Vanguard Balanced Index Fund Institutional Shares	5.39%	6.01%	8.01%	4.36%	2.84%	3.20%	2.65%	2.29%	2.33%	1.96%	2.10%	2.10%

Frequently Asked Questions

Can I hold both ICMBX and VBAIX in my portfolio?

ICMBX and VBAIX have a correlation of 0.70, 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 VBAIX?

ICMBX has higher volatility (2.66%) compared to VBAIX (2.31%). In terms of maximum drawdown, ICMBX dropped -33.71% vs VBAIX's -35.82%.

Which has better risk-adjusted returns?

VBAIX currently has the higher Sharpe Ratio (1.45 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.