PBBBX vs. SMARX
Compare and contrast key facts about PIA BBB Bond Fund (PBBBX) and Brandes Separately Managed Account Reserve Trust (SMARX).
PBBBX is managed by PIA Mutual Funds. It was launched on Sep 25, 2003. SMARX is managed by BlackRock. It was launched on Oct 3, 2005.
Performance
PBBBX vs. SMARX - Performance Comparison
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PBBBX vs. SMARX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBBBX PIA BBB Bond Fund | -0.91% | 8.14% | 2.41% | 9.19% | -16.35% | -1.20% | 9.37% | 16.49% | -3.02% | 7.16% |
SMARX Brandes Separately Managed Account Reserve Trust | -0.18% | 6.91% | 3.73% | 9.76% | -11.77% | 0.76% | 6.55% | 7.77% | -1.13% | 4.75% |
Returns By Period
In the year-to-date period, PBBBX achieves a -0.91% return, which is significantly lower than SMARX's -0.18% return. Over the past 10 years, PBBBX has underperformed SMARX with an annualized return of 3.01%, while SMARX has yielded a comparatively higher 3.35% annualized return.
PBBBX
- 1D
- 0.35%
- 1M
- -1.95%
- YTD
- -0.91%
- 6M
- -0.40%
- 1Y
- 4.42%
- 3Y*
- 5.03%
- 5Y*
- 0.68%
- 10Y*
- 3.01%
SMARX
- 1D
- 0.13%
- 1M
- -1.62%
- YTD
- -0.18%
- 6M
- 0.37%
- 1Y
- 3.86%
- 3Y*
- 5.23%
- 5Y*
- 1.94%
- 10Y*
- 3.35%
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PBBBX vs. SMARX - Expense Ratio Comparison
PBBBX has a 0.15% expense ratio, which is higher than SMARX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
PBBBX vs. SMARX — Risk / Return Rank
PBBBX
SMARX
PBBBX vs. SMARX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIA BBB Bond Fund (PBBBX) and Brandes Separately Managed Account Reserve Trust (SMARX). 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.
| PBBBX | SMARX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.06 | 1.04 | +0.02 |
Sortino ratioReturn per unit of downside risk | 1.50 | 1.48 | +0.02 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.19 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.52 | 1.79 | -0.26 |
Martin ratioReturn relative to average drawdown | 5.14 | 5.69 | -0.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PBBBX | SMARX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.06 | 1.04 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.38 | -0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.77 | -0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.75 | 0.41 | +0.34 |
Correlation
The correlation between PBBBX and SMARX is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
PBBBX vs. SMARX - Dividend Comparison
PBBBX's dividend yield for the trailing twelve months is around 3.77%, less than SMARX's 4.70% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBBBX PIA BBB Bond Fund | 3.77% | 4.02% | 3.82% | 3.57% | 3.24% | 2.85% | 3.16% | 3.78% | 4.20% | 3.75% | 3.95% | 4.12% |
SMARX Brandes Separately Managed Account Reserve Trust | 4.70% | 5.02% | 4.07% | 3.85% | 3.53% | 2.57% | 3.35% | 4.19% | 4.55% | 4.20% | 4.87% | 5.24% |
Drawdowns
PBBBX vs. SMARX - Drawdown Comparison
The maximum PBBBX drawdown since its inception was -23.00%, smaller than the maximum SMARX drawdown of -47.07%. Use the drawdown chart below to compare losses from any high point for PBBBX and SMARX.
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Drawdown Indicators
| PBBBX | SMARX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.00% | -47.07% | +24.07% |
Max Drawdown (1Y)Largest decline over 1 year | -3.30% | -2.63% | -0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -23.00% | -16.20% | -6.80% |
Max Drawdown (10Y)Largest decline over 10 years | -23.00% | -16.20% | -6.80% |
Current DrawdownCurrent decline from peak | -2.51% | -1.86% | -0.65% |
Average DrawdownAverage peak-to-trough decline | -3.50% | -7.02% | +3.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 0.83% | +0.15% |
Volatility
PBBBX vs. SMARX - Volatility Comparison
PIA BBB Bond Fund (PBBBX) has a higher volatility of 1.76% compared to Brandes Separately Managed Account Reserve Trust (SMARX) at 1.66%. This indicates that PBBBX's price experiences larger fluctuations and is considered to be riskier than SMARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBBBX | SMARX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.76% | 1.66% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.73% | 2.55% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.76% | 4.03% | +0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.69% | 5.12% | +1.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.02% | 4.37% | +1.65% |