IFPUX vs. TANDX

Last updated Jul 3, 2026

IFPUX (Independent Franchise Part Equity Fund) and TANDX (Castle Tandem Fund) are both Large Cap Blend Equities funds. Over the past 5 years, IFPUX returned 9.88%/yr vs 1.61%/yr for TANDX. A 0.78 correlation means they provide meaningful diversification when combined. IFPUX charges 0.68%/yr vs 1.59%/yr for TANDX.

Performance

IFPUX vs. TANDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Independent Franchise Part Equity Fund (IFPUX) and Castle Tandem Fund (TANDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IFPUX achieves a -6.14% return, which is significantly higher than TANDX's -11.33% return.

IFPUX

• 1D: 1.39%
• 1M: -0.10%
• 6M: -6.14%
• YTD: -6.14%
• 1Y: 3.95%
• 3Y*: 14.74%
• 5Y*: 9.88%
• 10Y*: 12.68%

TANDX

• 1D: 1.17%
• 1M: 2.13%
• 6M: -11.33%
• YTD: -11.33%
• 1Y: -13.85%
• 3Y*: 0.97%
• 5Y*: 1.61%
• 10Y*: —

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

IFPUX vs. TANDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IFPUX Independent Franchise Part Equity Fund	-6.14%	28.47%	21.80%	21.19%	-10.77%	16.17%	19.09%	15.26%
TANDX Castle Tandem Fund	-11.33%	3.67%	7.66%	8.42%	-7.87%	19.03%	13.39%	12.57%

Correlation

The correlation between IFPUX and TANDX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Mar 22, 2019	0.78

The correlation between IFPUX and TANDX has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.

Return for Risk

IFPUX vs. TANDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IFPUX

IFPUX Risk / Return Rank: 6
IFPUX Sharpe Ratio Rank: 7
IFPUX Sortino Ratio Rank: 7
IFPUX Omega Ratio Rank: 6
IFPUX Calmar Ratio Rank: 6
IFPUX Martin Ratio Rank: 6

TANDX

TANDX Risk / Return Rank: 0
TANDX Sharpe Ratio Rank: 0
TANDX Sortino Ratio Rank: 0
TANDX Omega Ratio Rank: 0
TANDX Calmar Ratio Rank: 0
TANDX Martin Ratio Rank: 0

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.

IFPUX vs. TANDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Independent Franchise Part Equity Fund (IFPUX) and Castle Tandem Fund (TANDX). 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.

	IFPUX	TANDX	Difference
Sharpe ratio: Return per unit of total volatility	0.35	-1.47	+1.82
Sortino ratio: Return per unit of downside risk	0.61	-1.99	+2.60
Omega ratio: Gain probability vs. loss probability	1.07	0.78	+0.29
Calmar ratio: Return relative to maximum drawdown	0.36	-0.85	+1.21
Martin ratio: Return relative to average drawdown	0.83	-1.75	+2.58

IFPUX vs. TANDX - Sharpe Ratio Comparison

The current IFPUX Sharpe Ratio is 0.35, which is higher than the TANDX Sharpe Ratio of -1.47. The chart below compares the historical Sharpe Ratios of IFPUX and TANDX, 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

IFPUX vs. TANDX - Drawdown Comparison

The maximum IFPUX drawdown since its inception was -27.73%, smaller than the maximum TANDX drawdown of -93.98%. Use the drawdown chart below to compare losses from any high point for IFPUX and TANDX.

Drawdown Indicators

	IFPUX	TANDX	Difference
Max Drawdown Largest peak-to-trough decline	-27.73%	-93.98%	+66.25%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-16.90%	+4.69%
Max Drawdown (3Y) Largest decline over 3 years	-21.48%	-93.98%	+72.50%
Max Drawdown (5Y) Largest decline over 5 years	-21.48%	-93.98%	+72.50%
Max Drawdown (10Y) Largest decline over 10 years	-27.73%	—	—
Current Drawdown Current decline from peak	-7.70%	-93.80%	+86.10%
Average Drawdown Average peak-to-trough decline	-3.82%	-21.05%	+17.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.28%	8.13%	-2.85%

Volatility

IFPUX vs. TANDX - Volatility Comparison

Independent Franchise Part Equity Fund (IFPUX) has a higher volatility of 4.81% compared to Castle Tandem Fund (TANDX) at 3.92%. This indicates that IFPUX's price experiences larger fluctuations and is considered to be riskier than TANDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IFPUX	TANDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	3.92%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	7.88%	+1.43%
Volatility (1Y) Calculated over the trailing 1-year period	12.42%	9.75%	+2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.42%	596.04%	-577.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	493.82%	-476.74%

IFPUX vs. TANDX - Expense Ratio Comparison

IFPUX has a 0.68% expense ratio, which is lower than TANDX's 1.59% expense ratio.

Dividends

IFPUX vs. TANDX - Dividend Comparison

IFPUX's dividend yield for the trailing twelve months is around 10.45%, more than TANDX's 6.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IFPUX Independent Franchise Part Equity Fund	10.45%	9.81%	20.93%	8.24%	16.77%	5.50%	12.63%	11.08%	8.13%	1.35%	3.74%
TANDX Castle Tandem Fund	6.96%	6.17%	3.71%	2.10%	1.48%	4.57%	0.33%	0.37%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IFPUX and TANDX in my portfolio?

IFPUX and TANDX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IFPUX or TANDX?

IFPUX has higher volatility (4.81%) compared to TANDX (3.92%). In terms of maximum drawdown, IFPUX dropped -27.73% vs TANDX's -93.98%.

Which has better risk-adjusted returns?

IFPUX currently has the higher Sharpe Ratio (0.35 vs -1.47), 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.