PAXBX vs. DUTMX

Last updated Jun 4, 2026

PAXBX (PAX CORE BOND FUND) and DUTMX (Dupree Taxable Municipal Bond Fund) are both Intermediate Core Bond funds. Over the past 5 years, PAXBX returned -0.39%/yr vs -2.32%/yr for DUTMX. Their correlation of 0.84 suggests significant overlap in exposure. PAXBX charges 0.71%/yr vs 1.00%/yr for DUTMX.

Performance

PAXBX vs. DUTMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PAX CORE BOND FUND (PAXBX) and Dupree Taxable Municipal Bond Fund (DUTMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAXBX achieves a 0.32% return, which is significantly lower than DUTMX's 0.88% return.

PAXBX

• 1D: 0.00%
• 1M: 0.55%
• YTD: 0.32%
• 6M: 0.17%
• 1Y: 5.07%
• 3Y*: 3.44%
• 5Y*: -0.39%
• 10Y*: —

DUTMX

• 1D: 0.14%
• 1M: 0.79%
• YTD: 0.88%
• 6M: 0.60%
• 1Y: 6.90%
• 3Y*: 3.30%
• 5Y*: -2.32%
• 10Y*: 0.44%

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

PAXBX vs. DUTMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAXBX PAX CORE BOND FUND	0.32%	6.45%	1.04%	4.60%	-13.60%	-1.85%	6.92%	8.01%	-0.24%	2.57%
DUTMX Dupree Taxable Municipal Bond Fund	0.88%	6.44%	1.09%	6.83%	-25.27%	0.28%	6.24%	6.66%	2.04%	5.12%

Correlation

The correlation between PAXBX and DUTMX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 19, 2016	0.84

The correlation between PAXBX and DUTMX has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

Return for Risk

PAXBX vs. DUTMX — Risk / Return Rank

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

PAXBX

PAXBX Risk / Return Rank: 21
PAXBX Sharpe Ratio Rank: 20
PAXBX Sortino Ratio Rank: 22
PAXBX Omega Ratio Rank: 20
PAXBX Calmar Ratio Rank: 22
PAXBX Martin Ratio Rank: 20

DUTMX

DUTMX Risk / Return Rank: 19
DUTMX Sharpe Ratio Rank: 18
DUTMX Sortino Ratio Rank: 19
DUTMX Omega Ratio Rank: 17
DUTMX Calmar Ratio Rank: 22
DUTMX Martin Ratio Rank: 20

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.

PAXBX vs. DUTMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PAX CORE BOND FUND (PAXBX) and Dupree Taxable Municipal Bond Fund (DUTMX). 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.

	PAXBX	DUTMX	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.21	+0.10
Sortino ratio: Return per unit of downside risk	1.97	1.82	+0.15
Omega ratio: Gain probability vs. loss probability	1.23	1.22	+0.01
Calmar ratio: Return relative to maximum drawdown	1.73	1.71	+0.02
Martin ratio: Return relative to average drawdown	5.33	5.24	+0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAXBX vs. DUTMX - Sharpe Ratio Comparison

The current PAXBX Sharpe Ratio is 1.31, which is comparable to the DUTMX Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of PAXBX and DUTMX, 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

	PAXBX	DUTMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	1.21	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	-0.26	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.06	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.37	-0.08

Drawdowns

PAXBX vs. DUTMX - Drawdown Comparison

The maximum PAXBX drawdown since its inception was -18.88%, smaller than the maximum DUTMX drawdown of -30.53%. Use the drawdown chart below to compare losses from any high point for PAXBX and DUTMX.

Drawdown Indicators

	PAXBX	DUTMX	Difference
Max Drawdown Largest peak-to-trough decline	-18.88%	-30.53%	+11.65%
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	-4.05%	+1.11%
Max Drawdown (3Y) Largest decline over 3 years	-6.24%	-8.67%	+2.43%
Max Drawdown (5Y) Largest decline over 5 years	-18.30%	-30.53%	+12.23%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.53%	—
Current Drawdown Current decline from peak	-4.66%	-14.81%	+10.15%
Average Drawdown Average peak-to-trough decline	-5.72%	-6.94%	+1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.32%	-0.37%

Volatility

PAXBX vs. DUTMX - Volatility Comparison

The current volatility for PAX CORE BOND FUND (PAXBX) is 1.39%, while Dupree Taxable Municipal Bond Fund (DUTMX) has a volatility of 1.91%. This indicates that PAXBX experiences smaller price fluctuations and is considered to be less risky than DUTMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAXBX	DUTMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	1.91%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	2.77%	3.87%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	3.90%	5.75%	-1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.74%	8.83%	-3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.81%	7.08%	-2.27%

PAXBX vs. DUTMX - Expense Ratio Comparison

PAXBX has a 0.71% expense ratio, which is lower than DUTMX's 1.00% expense ratio.

Dividends

PAXBX vs. DUTMX - Dividend Comparison

PAXBX's dividend yield for the trailing twelve months is around 3.83%, less than DUTMX's 4.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DUTMX Dupree Taxable Municipal Bond Fund	4.49%	4.57%	4.26%	4.02%	4.28%	2.32%	4.69%	5.18%	5.04%	4.89%	4.84%	4.77%
PAXBX PAX CORE BOND FUND	3.83%	3.72%	3.22%	2.18%	1.69%	1.51%	4.14%	2.59%	2.37%	2.24%	0.07%	0.00%

Frequently Asked Questions

Can I hold both PAXBX and DUTMX in my portfolio?

PAXBX and DUTMX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAXBX or DUTMX?

DUTMX has higher volatility (1.91%) compared to PAXBX (1.39%). In terms of maximum drawdown, PAXBX dropped -18.88% vs DUTMX's -30.53%.

Which has better risk-adjusted returns?

PAXBX currently has the higher Sharpe Ratio (1.31 vs 1.21), 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.