NTBIX vs. KAMIX

Last updated Jun 24, 2026

NTBIX (Navigator Tactical Fixed Income Fund) and KAMIX (Kensington Managed Income Fund) are both Nontraditional Bonds funds. Over the past 3 years, NTBIX returned 5.84%/yr vs 5.24%/yr for KAMIX. A 0.69 correlation means they provide meaningful diversification when combined. NTBIX charges 0.95%/yr vs 1.36%/yr for KAMIX.

Performance

NTBIX vs. KAMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Navigator Tactical Fixed Income Fund (NTBIX) and Kensington Managed Income Fund (KAMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NTBIX achieves a 1.48% return, which is significantly lower than KAMIX's 1.82% return.

NTBIX

• 1D: -0.10%
• 1M: 0.31%
• YTD: 1.48%
• 6M: 1.59%
• 1Y: 5.88%
• 3Y*: 5.84%
• 5Y*: 2.87%
• 10Y*: 4.41%

KAMIX

• 1D: -0.10%
• 1M: 0.62%
• YTD: 1.82%
• 6M: 1.99%
• 1Y: 6.22%
• 3Y*: 5.24%
• 5Y*: —
• 10Y*: —

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

NTBIX vs. KAMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NTBIX Navigator Tactical Fixed Income Fund	1.48%	2.98%	7.67%	10.57%	-2.70%
KAMIX Kensington Managed Income Fund	1.82%	4.32%	4.38%	3.96%	-2.13%

Correlation

The correlation between NTBIX and KAMIX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 10, 2022	0.69

The correlation between NTBIX and KAMIX shifts across timeframes, from 0.69 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NTBIX vs. KAMIX — Risk / Return Rank

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

NTBIX

NTBIX Risk / Return Rank: 75
NTBIX Sharpe Ratio Rank: 66
NTBIX Sortino Ratio Rank: 78
NTBIX Omega Ratio Rank: 80
NTBIX Calmar Ratio Rank: 68
NTBIX Martin Ratio Rank: 83

KAMIX

KAMIX Risk / Return Rank: 60
KAMIX Sharpe Ratio Rank: 57
KAMIX Sortino Ratio Rank: 65
KAMIX Omega Ratio Rank: 66
KAMIX Calmar Ratio Rank: 49
KAMIX Martin Ratio Rank: 61

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.

NTBIX vs. KAMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Navigator Tactical Fixed Income Fund (NTBIX) and Kensington Managed Income Fund (KAMIX). 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.

	NTBIX	KAMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.05	+0.14
Sortino ratio: Return per unit of downside risk	3.41	3.07	+0.34
Omega ratio: Gain probability vs. loss probability	1.48	1.41	+0.06
Calmar ratio: Return relative to maximum drawdown	3.03	2.53	+0.50
Martin ratio: Return relative to average drawdown	14.34	11.39	+2.94

NTBIX vs. KAMIX - Sharpe Ratio Comparison

The current NTBIX Sharpe Ratio is 2.19, which is comparable to the KAMIX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of NTBIX and KAMIX, 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

NTBIX vs. KAMIX - Drawdown Comparison

The maximum NTBIX drawdown since its inception was -11.44%, which is greater than KAMIX's maximum drawdown of -6.11%. Use the drawdown chart below to compare losses from any high point for NTBIX and KAMIX.

Drawdown Indicators

	NTBIX	KAMIX	Difference
Max Drawdown Largest peak-to-trough decline	-11.44%	-6.11%	-5.33%
Max Drawdown (1Y) Largest decline over 1 year	-2.06%	-2.55%	+0.49%
Max Drawdown (3Y) Largest decline over 3 years	-5.39%	-4.35%	-1.04%
Max Drawdown (5Y) Largest decline over 5 years	-11.44%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-11.44%	—	—
Current Drawdown Current decline from peak	-0.31%	-0.20%	-0.11%
Average Drawdown Average peak-to-trough decline	-1.76%	-2.13%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.43%	0.57%	-0.14%

Volatility

NTBIX vs. KAMIX - Volatility Comparison

The current volatility for Navigator Tactical Fixed Income Fund (NTBIX) is 0.94%, while Kensington Managed Income Fund (KAMIX) has a volatility of 0.99%. This indicates that NTBIX experiences smaller price fluctuations and is considered to be less risky than KAMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NTBIX	KAMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.94%	0.99%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.31%	2.56%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	2.85%	3.16%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.76%	3.81%	+0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.06%	3.81%	+1.25%

NTBIX vs. KAMIX - Expense Ratio Comparison

NTBIX has a 0.95% expense ratio, which is lower than KAMIX's 1.36% expense ratio.

Dividends

NTBIX vs. KAMIX - Dividend Comparison

NTBIX's dividend yield for the trailing twelve months is around 4.54%, less than KAMIX's 5.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KAMIX Kensington Managed Income Fund	5.59%	4.57%	5.60%	4.15%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NTBIX Navigator Tactical Fixed Income Fund	4.54%	5.02%	6.33%	5.49%	2.37%	6.72%	5.68%	2.36%	3.01%	4.35%	6.20%	2.61%

Frequently Asked Questions

Can I hold both NTBIX and KAMIX in my portfolio?

NTBIX and KAMIX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NTBIX or KAMIX?

KAMIX has higher volatility (0.99%) compared to NTBIX (0.94%). In terms of maximum drawdown, NTBIX dropped -11.44% vs KAMIX's -6.11%.

Which has better risk-adjusted returns?

NTBIX currently has the higher Sharpe Ratio (2.19 vs 2.05), 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.