PABAX vs. IOEZX

Last updated Jun 3, 2026

PABAX (Putnam Dynamic Asset Allocation Balanced Fund) and IOEZX (ICON Equity Income Fund) are both Diversified Portfolio funds. Over the past 10 years, PABAX returned 8.72%/yr vs 8.46%/yr for IOEZX. Their correlation of 0.84 suggests significant overlap in exposure. PABAX charges 0.94%/yr vs 1.00%/yr for IOEZX.

Performance

PABAX vs. IOEZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Dynamic Asset Allocation Balanced Fund (PABAX) and ICON Equity Income Fund (IOEZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PABAX achieves a 7.06% return, which is significantly lower than IOEZX's 12.81% return. Both investments have delivered pretty close results over the past 10 years, with PABAX having a 8.72% annualized return and IOEZX not far behind at 8.46%.

PABAX

• 1D: 0.17%
• 1M: 2.73%
• YTD: 7.06%
• 6M: 8.06%
• 1Y: 19.01%
• 3Y*: 15.22%
• 5Y*: 7.77%
• 10Y*: 8.72%

IOEZX

• 1D: -1.19%
• 1M: -2.65%
• YTD: 12.81%
• 6M: 15.49%
• 1Y: 26.67%
• 3Y*: 12.46%
• 5Y*: 4.26%
• 10Y*: 8.46%

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

PABAX vs. IOEZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PABAX Putnam Dynamic Asset Allocation Balanced Fund	7.06%	14.90%	15.25%	15.80%	-15.76%	13.25%	11.81%	17.31%	-7.21%	15.21%
IOEZX ICON Equity Income Fund	12.81%	14.29%	6.12%	3.82%	-13.56%	24.15%	3.16%	27.70%	-10.11%	13.59%

Correlation

The correlation between PABAX and IOEZX is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Feb 4, 2004	0.84

Over the past year, the correlation between PABAX and IOEZX has dropped to 0.60 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

Return for Risk

PABAX vs. IOEZX — Risk / Return Rank

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

PABAX

PABAX Risk / Return Rank: 68
PABAX Sharpe Ratio Rank: 66
PABAX Sortino Ratio Rank: 66
PABAX Omega Ratio Rank: 62
PABAX Calmar Ratio Rank: 70
PABAX Martin Ratio Rank: 78

IOEZX

IOEZX Risk / Return Rank: 66
IOEZX Sharpe Ratio Rank: 56
IOEZX Sortino Ratio Rank: 60
IOEZX Omega Ratio Rank: 47
IOEZX Calmar Ratio Rank: 84
IOEZX Martin Ratio Rank: 80

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.

PABAX vs. IOEZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Dynamic Asset Allocation Balanced Fund (PABAX) and ICON Equity Income Fund (IOEZX). 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.

	PABAX	IOEZX	Difference
Sharpe ratio Return per unit of total volatility	2.38	2.22	+0.17
Sortino ratio Return per unit of downside risk	3.41	3.27	+0.15
Omega ratio Gain probability vs. loss probability	1.44	1.38	+0.06
Calmar ratio Return relative to maximum drawdown	3.25	3.93	-0.68
Martin ratio Return relative to average drawdown	14.64	15.05	-0.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PABAX vs. IOEZX - Sharpe Ratio Comparison

The current PABAX Sharpe Ratio is 2.38, which is comparable to the IOEZX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of PABAX and IOEZX, 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

	PABAX	IOEZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.22	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.31	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.52	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.40	+0.25

Drawdowns

PABAX vs. IOEZX - Drawdown Comparison

The maximum PABAX drawdown since its inception was -45.92%, smaller than the maximum IOEZX drawdown of -56.15%. Use the drawdown chart below to compare losses from any high point for PABAX and IOEZX.

Drawdown Indicators

	PABAX	IOEZX	Difference
Max Drawdown Largest peak-to-trough decline	-45.92%	-56.15%	+10.23%
Max Drawdown (1Y) Largest decline over 1 year	-5.93%	-6.77%	+0.84%
Max Drawdown (3Y) Largest decline over 3 years	-18.28%	-13.95%	-4.33%
Max Drawdown (5Y) Largest decline over 5 years	-20.98%	-21.47%	+0.49%
Max Drawdown (10Y) Largest decline over 10 years	-22.31%	-38.12%	+15.81%
Current Drawdown Current decline from peak	0.00%	-3.07%	+3.07%
Average Drawdown Average peak-to-trough decline	-5.67%	-8.58%	+2.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	1.77%	-0.45%

Volatility

PABAX vs. IOEZX - Volatility Comparison

The current volatility for Putnam Dynamic Asset Allocation Balanced Fund (PABAX) is 2.33%, while ICON Equity Income Fund (IOEZX) has a volatility of 3.54%. This indicates that PABAX experiences smaller price fluctuations and is considered to be less risky than IOEZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PABAX	IOEZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	3.54%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	6.46%	8.81%	-2.35%
Volatility (1Y) Calculated over the trailing 1-year period	8.15%	12.05%	-3.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.56%	13.83%	-1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.81%	16.47%	-4.66%

PABAX vs. IOEZX - Expense Ratio Comparison

PABAX has a 0.94% expense ratio, which is lower than IOEZX's 1.00% expense ratio.

Dividends

PABAX vs. IOEZX - Dividend Comparison

PABAX's dividend yield for the trailing twelve months is around 6.58%, more than IOEZX's 3.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IOEZX ICON Equity Income Fund	3.00%	3.56%	4.32%	3.75%	13.63%	12.92%	3.68%	4.74%	3.80%	3.13%	3.32%	4.24%
PABAX Putnam Dynamic Asset Allocation Balanced Fund	6.58%	7.60%	10.79%	1.63%	6.10%	11.51%	1.35%	1.81%	8.72%	6.15%	2.39%	7.06%

Frequently Asked Questions

Can I hold both PABAX and IOEZX in my portfolio?

PABAX and IOEZX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PABAX or IOEZX?

IOEZX has higher volatility (3.54%) compared to PABAX (2.33%). In terms of maximum drawdown, PABAX dropped -45.92% vs IOEZX's -56.15%.

Which has better risk-adjusted returns?

PABAX currently has the higher Sharpe Ratio (2.38 vs 2.22), 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.