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ICMUX vs. CET
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICMUX vs. CET

Last updated Jun 13, 2026

ICMUX (Intrepid Income Fund) is Multisector Bonds fund managed by Intrepid Funds, while CET (Central Securities Corp.) is a stock. Over the past 10 years, ICMUX returned 5.83%/yr vs 16.62%/yr for CET. At a 0.35 correlation, their price movements are largely independent.

Performance

ICMUX vs. CET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Intrepid Income Fund (ICMUX) and Central Securities Corp. (CET). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ICMUX achieves a 2.09% return, which is significantly lower than CET's 4.87% return. Over the past 10 years, ICMUX has underperformed CET with an annualized return of 5.83%, while CET has yielded a comparatively higher 16.62% annualized return.

ICMUX

1D
0.00%
1M
0.47%
YTD
2.09%
6M
2.58%
1Y
7.67%
3Y*
9.63%
5Y*
6.09%
10Y*
5.83%

CET

1D
1.30%
1M
-0.13%
YTD
4.87%
6M
5.08%
1Y
19.87%
3Y*
19.61%
5Y*
11.50%
10Y*
16.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICMUX vs. CET - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ICMUX
Intrepid Income Fund		2.09%8.16%10.43%10.90%-3.17%10.02%8.77%4.65%0.53%3.79%
CET
Central Securities Corp.		4.87%17.20%26.82%19.17%-19.68%49.00%4.99%38.61%-4.49%30.61%

Correlation

The correlation between ICMUX and CET is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.44

Correlation (3Y)
Calculated over the trailing 3-year period

0.41

Correlation (5Y)
Calculated over the trailing 5-year period

0.41

Correlation (10Y)
Calculated over the trailing 10-year period

0.36

Correlation (All Time)
Calculated using the full available price history since Aug 16, 2010

0.35

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Intrepid Income Fund

Central Securities Corp.

Often compared with ICMUX:
ICMUX vs. RCTIXICMUX vs. FRFZXICMUX vs. CGMSICMUX vs. MNHYXICMUX vs. BUFHXICMUX vs. CBLDXICMUX vs. CGCP
Often compared with CET:
CET vs. ADXCET vs. GAMCET vs. USACET vs. SPYCET vs. BRK-BCET vs. RVTCET vs. VOO

Return for Risk

ICMUX vs. CET — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ICMUX
ICMUX Risk / Return Rank: 9797
Overall Rank
ICMUX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
ICMUX Sortino Ratio Rank: 9898
Sortino Ratio Rank
ICMUX Omega Ratio Rank: 9797
Omega Ratio Rank
ICMUX Calmar Ratio Rank: 9696
Calmar Ratio Rank
ICMUX Martin Ratio Rank: 9696
Martin Ratio Rank
CET
CET Risk / Return Rank: 8282
Overall Rank
CET Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
CET Sortino Ratio Rank: 8080
Sortino Ratio Rank
CET Omega Ratio Rank: 7979
Omega Ratio Rank
CET Calmar Ratio Rank: 7979
Calmar Ratio Rank
CET Martin Ratio Rank: 8787
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ICMUX vs. CET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Intrepid Income Fund (ICMUX) and Central Securities Corp. (CET). 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.

ICMUXCETDifference
Sharpe ratioReturn per unit of total volatility
3.89
1.55

+2.34

Sortino ratioReturn per unit of downside risk
6.46
2.20

+4.26

Omega ratioGain probability vs. loss probability

1.97

1.28

+0.69

Calmar ratioReturn relative to maximum drawdown

5.65

2.22

+3.43

Martin ratioReturn relative to average drawdown

19.74

8.98

+10.75

ICMUX vs. CET - Sharpe Ratio Comparison

The current ICMUX Sharpe Ratio is 3.89, which is higher than the CET Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of ICMUX and CET, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ICMUX vs. CET - Drawdown Comparison

The maximum ICMUX drawdown since its inception was -8.77%, smaller than the maximum CET drawdown of -56.69%. Use the drawdown chart below to compare losses from any high point for ICMUX and CET.

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Drawdown Indicators

ICMUXCETDifference

Max Drawdown

Largest peak-to-trough decline

-8.77%

-56.69%

+47.92%

Max Drawdown (1Y)

Largest decline over 1 year

-1.34%

-8.08%

+6.74%

Max Drawdown (3Y)

Largest decline over 3 years

-3.11%

-15.42%

+12.31%

Max Drawdown (5Y)

Largest decline over 5 years

-5.64%

-24.89%

+19.25%

Max Drawdown (10Y)

Largest decline over 10 years

-8.77%

-39.91%

+31.14%

Current Drawdown

Current decline from peak

-0.33%

-1.65%

+1.32%

Average Drawdown

Average peak-to-trough decline

-0.74%

-10.16%

+9.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.38%

2.00%

-1.62%

Volatility

ICMUX vs. CET - Volatility Comparison

The current volatility for Intrepid Income Fund (ICMUX) is 0.59%, while Central Securities Corp. (CET) has a volatility of 3.75%. This indicates that ICMUX experiences smaller price fluctuations and is considered to be less risky than CET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ICMUXCETDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.59%

3.75%

-3.16%

Volatility (6M)

Calculated over the trailing 6-month period

1.44%

9.05%

-7.61%

Volatility (1Y)

Calculated over the trailing 1-year period

1.95%

11.66%

-9.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.66%

14.56%

-11.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.58%

16.65%

-14.07%

Dividends

ICMUX vs. CET - Dividend Comparison

ICMUX's dividend yield for the trailing twelve months is around 7.57%, more than CET's 5.08% yield.

PositionTTM20252024202320222021202020192018201720162015
CET
Central Securities Corp.		5.08%5.32%4.92%4.90%7.34%8.41%5.68%3.78%5.84%3.65%4.50%10.41%
ICMUX
Intrepid Income Fund		7.57%7.96%7.85%9.10%8.17%5.99%5.56%3.35%3.07%2.86%3.01%3.53%

Frequently Asked Questions

ICMUX and CET have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CET has higher volatility (3.75%) compared to ICMUX (0.59%). In terms of maximum drawdown, ICMUX dropped -8.77% vs CET's -56.69%.

ICMUX currently has the higher Sharpe Ratio (3.89 vs 1.55), 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.

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