IICAX vs. RFNBX

Last updated Jun 5, 2026

IICAX (Asset Management Fund Large Cap Equity Fund) and RFNBX (American Funds Fundamental Investors Fund Class R2) are both Large Cap Blend Equities funds. Over the past 10 years, IICAX returned 11.49%/yr vs 13.77%/yr for RFNBX. Their correlation of 0.88 suggests significant overlap in exposure. IICAX charges 1.71%/yr vs 1.36%/yr for RFNBX.

Performance

IICAX vs. RFNBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Asset Management Fund Large Cap Equity Fund (IICAX) and American Funds Fundamental Investors Fund Class R2 (RFNBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IICAX achieves a 8.16% return, which is significantly lower than RFNBX's 13.96% return. Over the past 10 years, IICAX has underperformed RFNBX with an annualized return of 11.49%, while RFNBX has yielded a comparatively higher 13.77% annualized return.

IICAX

• 1D: -0.40%
• 1M: 1.40%
• YTD: 8.16%
• 6M: 7.86%
• 1Y: 21.16%
• 3Y*: 17.44%
• 5Y*: 12.26%
• 10Y*: 11.49%

RFNBX

• 1D: -0.70%
• 1M: 4.19%
• YTD: 13.96%
• 6M: 14.89%
• 1Y: 32.28%
• 3Y*: 24.82%
• 5Y*: 13.67%
• 10Y*: 13.77%

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

IICAX vs. RFNBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IICAX Asset Management Fund Large Cap Equity Fund	8.16%	12.59%	18.66%	21.70%	-12.87%	33.00%	11.90%	26.48%	-6.25%	-0.30%
RFNBX American Funds Fundamental Investors Fund Class R2	13.96%	23.22%	21.80%	24.89%	-17.32%	21.49%	12.51%	26.09%	-8.89%	21.82%

Correlation

The correlation between IICAX and RFNBX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 3, 2003	0.88

The correlation between IICAX and RFNBX has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

Return for Risk

IICAX vs. RFNBX — Risk / Return Rank

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

IICAX

IICAX Risk / Return Rank: 56
IICAX Sharpe Ratio Rank: 50
IICAX Sortino Ratio Rank: 50
IICAX Omega Ratio Rank: 49
IICAX Calmar Ratio Rank: 62
IICAX Martin Ratio Rank: 68

RFNBX

RFNBX Risk / Return Rank: 67
RFNBX Sharpe Ratio Rank: 69
RFNBX Sortino Ratio Rank: 62
RFNBX Omega Ratio Rank: 63
RFNBX Calmar Ratio Rank: 66
RFNBX Martin Ratio Rank: 76

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.

IICAX vs. RFNBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Asset Management Fund Large Cap Equity Fund (IICAX) and American Funds Fundamental Investors Fund Class R2 (RFNBX). 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.

	IICAX	RFNBX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	2.38	-0.31
Sortino ratio: Return per unit of downside risk	2.94	3.22	-0.28
Omega ratio: Gain probability vs. loss probability	1.38	1.43	-0.05
Calmar ratio: Return relative to maximum drawdown	2.97	3.04	-0.06
Martin ratio: Return relative to average drawdown	12.87	13.98	-1.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IICAX vs. RFNBX - Sharpe Ratio Comparison

The current IICAX Sharpe Ratio is 2.07, which is comparable to the RFNBX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of IICAX and RFNBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IICAX	RFNBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	2.38	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.82	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.78	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.60	-0.59

Drawdowns

IICAX vs. RFNBX - Drawdown Comparison

The maximum IICAX drawdown since its inception was -96.26%, which is greater than RFNBX's maximum drawdown of -53.81%. Use the drawdown chart below to compare losses from any high point for IICAX and RFNBX.

Drawdown Indicators

	IICAX	RFNBX	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-53.81%	-42.45%
Max Drawdown (1Y) Largest decline over 1 year	-7.25%	-10.78%	+3.53%
Max Drawdown (3Y) Largest decline over 3 years	-17.69%	-18.11%	+0.42%
Max Drawdown (5Y) Largest decline over 5 years	-22.79%	-25.53%	+2.74%
Max Drawdown (10Y) Largest decline over 10 years	-39.01%	-33.96%	-5.05%
Current Drawdown Current decline from peak	-67.64%	-0.70%	-66.94%
Average Drawdown Average peak-to-trough decline	-68.17%	-7.24%	-60.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	2.34%	-0.68%

Volatility

IICAX vs. RFNBX - Volatility Comparison

The current volatility for Asset Management Fund Large Cap Equity Fund (IICAX) is 2.51%, while American Funds Fundamental Investors Fund Class R2 (RFNBX) has a volatility of 3.82%. This indicates that IICAX experiences smaller price fluctuations and is considered to be less risky than RFNBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IICAX	RFNBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	3.82%	-1.31%
Volatility (6M) Calculated over the trailing 6-month period	8.00%	10.79%	-2.79%
Volatility (1Y) Calculated over the trailing 1-year period	10.45%	13.76%	-3.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	16.80%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.91%	17.74%	+4.17%

IICAX vs. RFNBX - Expense Ratio Comparison

IICAX has a 1.71% expense ratio, which is higher than RFNBX's 1.36% expense ratio.

Dividends

IICAX vs. RFNBX - Dividend Comparison

IICAX's dividend yield for the trailing twelve months is around 10.40%, more than RFNBX's 6.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IICAX Asset Management Fund Large Cap Equity Fund	10.40%	11.22%	6.32%	9.33%	9.58%	5.38%	3.83%	5.15%	13.41%	0.85%	30.91%	8.23%
RFNBX American Funds Fundamental Investors Fund Class R2	6.92%	7.90%	8.19%	5.13%	4.16%	10.27%	0.83%	6.20%	8.38%	6.54%	3.99%	5.32%

Frequently Asked Questions

Can I hold both IICAX and RFNBX in my portfolio?

IICAX and RFNBX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IICAX or RFNBX?

RFNBX has higher volatility (3.82%) compared to IICAX (2.51%). In terms of maximum drawdown, IICAX dropped -96.26% vs RFNBX's -53.81%.

Which has better risk-adjusted returns?

RFNBX currently has the higher Sharpe Ratio (2.38 vs 2.07), 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.