PBFDX vs. FEQHX

Last updated Apr 1, 2026

Compare and contrast key facts about Payson Total Return Fund (PBFDX) and Fidelity Hedged Equity Fund (FEQHX).

PBFDX is managed by Payson Funds. It was launched on Nov 25, 1991. FEQHX is an actively managed fund by Fidelity. It was launched on Sep 8, 2022.

Performance

PBFDX vs. FEQHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Payson Total Return Fund (PBFDX) and Fidelity Hedged Equity Fund (FEQHX). The values are adjusted to include any dividend payments, if applicable.

PBFDX vs. FEQHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PBFDX Payson Total Return Fund	-6.41%	21.20%	21.77%	25.65%	0.12%
FEQHX Fidelity Hedged Equity Fund	-5.70%	13.61%	19.46%	17.65%	-4.85%

Returns By Period

In the year-to-date period, PBFDX achieves a -6.41% return, which is significantly lower than FEQHX's -5.70% return.

PBFDX

• 1D: -0.45%
• 1M: -7.92%
• YTD: -6.41%
• 6M: -2.80%
• 1Y: 21.56%
• 3Y*: 18.85%
• 5Y*: 12.17%
• 10Y*: 14.83%

FEQHX

• 1D: -0.50%
• 1M: -5.64%
• YTD: -5.70%
• 6M: -4.85%
• 1Y: 11.36%
• 3Y*: 13.03%
• 5Y*: —
• 10Y*: —

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

PBFDX vs. FEQHX - Expense Ratio Comparison

PBFDX has a 0.82% expense ratio, which is higher than FEQHX's 0.55% expense ratio.

PBFDX

Payson Total Return Fund

FEQHX

Fidelity Hedged Equity Fund

Return for Risk

PBFDX vs. FEQHX — Risk / Return Rank

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

PBFDX

PBFDX Risk / Return Rank: 65
PBFDX Sharpe Ratio Rank: 60
PBFDX Sortino Ratio Rank: 65
PBFDX Omega Ratio Rank: 61
PBFDX Calmar Ratio Rank: 71
PBFDX Martin Ratio Rank: 69

FEQHX

FEQHX Risk / Return Rank: 58
FEQHX Sharpe Ratio Rank: 59
FEQHX Sortino Ratio Rank: 64
FEQHX Omega Ratio Rank: 52
FEQHX Calmar Ratio Rank: 59
FEQHX Martin Ratio Rank: 58

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.

PBFDX vs. FEQHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Payson Total Return Fund (PBFDX) and Fidelity Hedged Equity Fund (FEQHX). 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.

	PBFDX	FEQHX	Difference
Sharpe ratio Return per unit of total volatility	1.08	1.08	0.00
Sortino ratio Return per unit of downside risk	1.64	1.62	+0.01
Omega ratio Gain probability vs. loss probability	1.23	1.21	+0.02
Calmar ratio Return relative to maximum drawdown	1.62	1.38	+0.24
Martin ratio Return relative to average drawdown	6.53	5.57	+0.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBFDX vs. FEQHX - Sharpe Ratio Comparison

The current PBFDX Sharpe Ratio is 1.08, which is comparable to the FEQHX Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of PBFDX and FEQHX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PBFDX	FEQHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	1.08	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.95	-0.43

Correlation

The correlation between PBFDX and FEQHX is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PBFDX vs. FEQHX - Dividend Comparison

PBFDX's dividend yield for the trailing twelve months is around 2.01%, more than FEQHX's 0.46% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBFDX Payson Total Return Fund	2.01%	1.95%	10.67%	4.68%	2.34%	13.07%	7.59%	0.61%	0.67%	4.98%	1.15%	4.81%
FEQHX Fidelity Hedged Equity Fund	0.46%	0.43%	0.61%	0.77%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PBFDX vs. FEQHX - Drawdown Comparison

The maximum PBFDX drawdown since its inception was -54.99%, which is greater than FEQHX's maximum drawdown of -10.42%. Use the drawdown chart below to compare losses from any high point for PBFDX and FEQHX.

Drawdown Indicators

	PBFDX	FEQHX	Difference
Max Drawdown Largest peak-to-trough decline	-54.99%	-10.42%	-44.57%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	-7.40%	-4.52%
Max Drawdown (5Y) Largest decline over 5 years	-22.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.02%	—	—
Current Drawdown Current decline from peak	-10.93%	-7.40%	-3.53%
Average Drawdown Average peak-to-trough decline	-6.75%	-2.28%	-4.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	1.84%	+1.11%

Volatility

PBFDX vs. FEQHX - Volatility Comparison

Payson Total Return Fund (PBFDX) has a higher volatility of 5.24% compared to Fidelity Hedged Equity Fund (FEQHX) at 2.43%. This indicates that PBFDX's price experiences larger fluctuations and is considered to be riskier than FEQHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBFDX	FEQHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	2.43%	+2.81%
Volatility (6M) Calculated over the trailing 6-month period	11.58%	6.64%	+4.94%
Volatility (1Y) Calculated over the trailing 1-year period	20.70%	10.94%	+9.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.66%	11.26%	+6.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.94%	11.26%	+7.68%