KIFAX vs. BTPIX

Last updated Jun 4, 2026

KIFAX (Salient Select Income Fund) and BTPIX (Salient Tactical Plus Fund) are both mutual funds - KIFAX is a Preferred Stock/Convertible Bonds fund managed by Salient Funds, while BTPIX is a Long-Short fund managed by Salient Funds. Over the past 10 years, KIFAX returned 3.27%/yr vs 4.42%/yr for BTPIX. At a 0.37 correlation, their price movements are largely independent. KIFAX charges 1.53%/yr vs 1.08%/yr for BTPIX.

Performance

KIFAX vs. BTPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Salient Select Income Fund (KIFAX) and Salient Tactical Plus Fund (BTPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KIFAX achieves a 1.60% return, which is significantly lower than BTPIX's 6.93% return. Over the past 10 years, KIFAX has underperformed BTPIX with an annualized return of 3.27%, while BTPIX has yielded a comparatively higher 4.42% annualized return.

KIFAX

• 1D: -0.23%
• 1M: -0.34%
• YTD: 1.60%
• 6M: 1.85%
• 1Y: 6.56%
• 3Y*: 6.90%
• 5Y*: 2.30%
• 10Y*: 3.27%

BTPIX

• 1D: 0.43%
• 1M: 3.77%
• YTD: 6.93%
• 6M: 6.85%
• 1Y: 10.52%
• 3Y*: 3.67%
• 5Y*: 2.67%
• 10Y*: 4.42%

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

KIFAX vs. BTPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KIFAX Salient Select Income Fund	1.60%	1.49%	6.73%	14.45%	-15.79%	14.98%	-3.07%	18.13%	-8.76%	1.47%
BTPIX Salient Tactical Plus Fund	6.93%	-2.44%	3.17%	4.22%	-1.65%	6.48%	7.46%	7.54%	2.94%	0.26%

Correlation

The correlation between KIFAX and BTPIX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.37

The correlation between KIFAX and BTPIX shifts across timeframes, from 0.28 (3 years) to 0.38 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

KIFAX vs. BTPIX — Risk / Return Rank

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

KIFAX

KIFAX Risk / Return Rank: 14
KIFAX Sharpe Ratio Rank: 16
KIFAX Sortino Ratio Rank: 15
KIFAX Omega Ratio Rank: 14
KIFAX Calmar Ratio Rank: 13
KIFAX Martin Ratio Rank: 11

BTPIX

BTPIX Risk / Return Rank: 17
BTPIX Sharpe Ratio Rank: 16
BTPIX Sortino Ratio Rank: 15
BTPIX Omega Ratio Rank: 18
BTPIX Calmar Ratio Rank: 18
BTPIX Martin Ratio Rank: 17

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.

KIFAX vs. BTPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Salient Select Income Fund (KIFAX) and Salient Tactical Plus Fund (BTPIX). 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.

	KIFAX	BTPIX	Difference
Sharpe ratio Return per unit of total volatility	1.11	1.15	-0.04
Sortino ratio Return per unit of downside risk	1.64	1.60	+0.04
Omega ratio Gain probability vs. loss probability	1.20	1.22	-0.03
Calmar ratio Return relative to maximum drawdown	1.21	1.54	-0.33
Martin ratio Return relative to average drawdown	3.23	4.69	-1.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KIFAX vs. BTPIX - Sharpe Ratio Comparison

The current KIFAX Sharpe Ratio is 1.11, which is comparable to the BTPIX Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of KIFAX and BTPIX, 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

	KIFAX	BTPIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	1.15	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.43	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.52	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.50	-0.02

Drawdowns

KIFAX vs. BTPIX - Drawdown Comparison

The maximum KIFAX drawdown since its inception was -70.56%, which is greater than BTPIX's maximum drawdown of -13.30%. Use the drawdown chart below to compare losses from any high point for KIFAX and BTPIX.

Drawdown Indicators

	KIFAX	BTPIX	Difference
Max Drawdown Largest peak-to-trough decline	-70.56%	-13.30%	-57.26%
Max Drawdown (1Y) Largest decline over 1 year	-5.53%	-6.84%	+1.31%
Max Drawdown (3Y) Largest decline over 3 years	-13.13%	-8.90%	-4.23%
Max Drawdown (5Y) Largest decline over 5 years	-20.46%	-8.90%	-11.56%
Max Drawdown (10Y) Largest decline over 10 years	-45.84%	-11.04%	-34.80%
Current Drawdown Current decline from peak	-2.00%	0.00%	-2.00%
Average Drawdown Average peak-to-trough decline	-6.95%	-3.88%	-3.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	2.25%	-0.18%

Volatility

KIFAX vs. BTPIX - Volatility Comparison

The current volatility for Salient Select Income Fund (KIFAX) is 1.48%, while Salient Tactical Plus Fund (BTPIX) has a volatility of 2.37%. This indicates that KIFAX experiences smaller price fluctuations and is considered to be less risky than BTPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KIFAX	BTPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	2.37%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	4.22%	6.87%	-2.65%
Volatility (1Y) Calculated over the trailing 1-year period	6.04%	9.16%	-3.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.99%	6.19%	+2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.18%	8.62%	+5.56%

KIFAX vs. BTPIX - Expense Ratio Comparison

KIFAX has a 1.53% expense ratio, which is higher than BTPIX's 1.08% expense ratio.

Dividends

KIFAX vs. BTPIX - Dividend Comparison

KIFAX's dividend yield for the trailing twelve months is around 7.46%, more than BTPIX's 2.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTPIX Salient Tactical Plus Fund	2.63%	2.81%	3.80%	4.93%	7.72%	0.00%	6.10%	6.16%	3.08%	0.00%	4.14%	0.00%
KIFAX Salient Select Income Fund	7.46%	7.48%	6.88%	6.50%	4.62%	4.72%	4.62%	5.04%	6.00%	9.13%	6.40%	12.33%

Frequently Asked Questions

Can I hold both KIFAX and BTPIX in my portfolio?

KIFAX and BTPIX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KIFAX or BTPIX?

BTPIX has higher volatility (2.37%) compared to KIFAX (1.48%). In terms of maximum drawdown, KIFAX dropped -70.56% vs BTPIX's -13.30%.

Which has better risk-adjusted returns?

BTPIX currently has the higher Sharpe Ratio (1.15 vs 1.11), 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.