LKFIX vs. PBBBX

Last updated Jun 4, 2026

LKFIX (LKCM Fixed Income Fund) and PBBBX (PIA BBB Bond Fund) are both Corporate Bonds funds. Over the past 10 years, LKFIX returned 2.06%/yr vs 2.93%/yr for PBBBX. Their correlation of 0.84 suggests significant overlap in exposure. LKFIX charges 0.50%/yr vs 0.15%/yr for PBBBX.

Performance

LKFIX vs. PBBBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LKCM Fixed Income Fund (LKFIX) and PIA BBB Bond Fund (PBBBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LKFIX achieves a 0.19% return, which is significantly lower than PBBBX's 0.48% return. Over the past 10 years, LKFIX has underperformed PBBBX with an annualized return of 2.06%, while PBBBX has yielded a comparatively higher 2.93% annualized return.

LKFIX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 0.19%
• 6M: 0.37%
• 1Y: 4.24%
• 3Y*: 4.47%
• 5Y*: 1.61%
• 10Y*: 2.06%

PBBBX

• 1D: 0.23%
• 1M: 1.04%
• YTD: 0.48%
• 6M: 0.44%
• 1Y: 6.42%
• 3Y*: 5.74%
• 5Y*: 0.76%
• 10Y*: 2.93%

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

LKFIX vs. PBBBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LKFIX LKCM Fixed Income Fund	0.19%	6.66%	3.06%	4.98%	-5.63%	-1.54%	4.29%	6.71%	0.26%	2.15%
PBBBX PIA BBB Bond Fund	0.48%	8.14%	2.41%	9.19%	-16.35%	-1.20%	9.37%	16.49%	-3.02%	7.16%

Correlation

The correlation between LKFIX and PBBBX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Aug 4, 2003	0.84

The correlation between LKFIX and PBBBX has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

Return for Risk

LKFIX vs. PBBBX — Risk / Return Rank

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

LKFIX

LKFIX Risk / Return Rank: 38
LKFIX Sharpe Ratio Rank: 35
LKFIX Sortino Ratio Rank: 38
LKFIX Omega Ratio Rank: 37
LKFIX Calmar Ratio Rank: 42
LKFIX Martin Ratio Rank: 36

PBBBX

PBBBX Risk / Return Rank: 31
PBBBX Sharpe Ratio Rank: 32
PBBBX Sortino Ratio Rank: 33
PBBBX Omega Ratio Rank: 32
PBBBX Calmar Ratio Rank: 29
PBBBX Martin Ratio Rank: 26

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.

LKFIX vs. PBBBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LKCM Fixed Income Fund (LKFIX) and PIA BBB Bond Fund (PBBBX). 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.

	LKFIX	PBBBX	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.62	+0.07
Sortino ratio: Return per unit of downside risk	2.58	2.39	+0.19
Omega ratio: Gain probability vs. loss probability	1.32	1.30	+0.02
Calmar ratio: Return relative to maximum drawdown	2.47	2.03	+0.44
Martin ratio: Return relative to average drawdown	7.93	6.38	+1.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LKFIX vs. PBBBX - Sharpe Ratio Comparison

The current LKFIX Sharpe Ratio is 1.70, which is comparable to the PBBBX Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of LKFIX and PBBBX, 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

	LKFIX	PBBBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	1.62	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.11	+0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.49	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	0.75	+0.50

Drawdowns

LKFIX vs. PBBBX - Drawdown Comparison

The maximum LKFIX drawdown since its inception was -8.97%, smaller than the maximum PBBBX drawdown of -23.00%. Use the drawdown chart below to compare losses from any high point for LKFIX and PBBBX.

Drawdown Indicators

	LKFIX	PBBBX	Difference
Max Drawdown Largest peak-to-trough decline	-8.97%	-23.00%	+14.03%
Max Drawdown (1Y) Largest decline over 1 year	-1.76%	-3.30%	+1.54%
Max Drawdown (3Y) Largest decline over 3 years	-2.19%	-6.39%	+4.20%
Max Drawdown (5Y) Largest decline over 5 years	-8.60%	-23.00%	+14.40%
Max Drawdown (10Y) Largest decline over 10 years	-8.97%	-23.00%	+14.03%
Current Drawdown Current decline from peak	-0.83%	-1.14%	+0.31%
Average Drawdown Average peak-to-trough decline	-1.12%	-3.49%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	1.05%	-0.50%

Volatility

LKFIX vs. PBBBX - Volatility Comparison

The current volatility for LKCM Fixed Income Fund (LKFIX) is 1.01%, while PIA BBB Bond Fund (PBBBX) has a volatility of 1.52%. This indicates that LKFIX experiences smaller price fluctuations and is considered to be less risky than PBBBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LKFIX	PBBBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	1.52%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	1.88%	3.07%	-1.19%
Volatility (1Y) Calculated over the trailing 1-year period	2.58%	4.13%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.98%	6.69%	-3.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.63%	6.02%	-3.39%

LKFIX vs. PBBBX - Expense Ratio Comparison

LKFIX has a 0.50% expense ratio, which is higher than PBBBX's 0.15% expense ratio.

Dividends

LKFIX vs. PBBBX - Dividend Comparison

LKFIX's dividend yield for the trailing twelve months is around 3.69%, less than PBBBX's 3.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LKFIX LKCM Fixed Income Fund	3.69%	3.57%	3.03%	2.28%	1.57%	1.36%	1.74%	2.27%	2.26%	2.04%	2.18%	2.78%
PBBBX PIA BBB Bond Fund	3.78%	4.02%	3.82%	3.57%	3.24%	2.85%	3.16%	3.78%	4.20%	3.75%	3.95%	4.12%

Frequently Asked Questions

Can I hold both LKFIX and PBBBX in my portfolio?

LKFIX and PBBBX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LKFIX or PBBBX?

PBBBX has higher volatility (1.52%) compared to LKFIX (1.01%). In terms of maximum drawdown, LKFIX dropped -8.97% vs PBBBX's -23.00%.

Which has better risk-adjusted returns?

LKFIX currently has the higher Sharpe Ratio (1.70 vs 1.62), 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.