PBFDX vs. FEQHX

Last updated Jun 4, 2026

PBFDX (Payson Total Return Fund) and FEQHX (Fidelity Hedged Equity Fund) are both Large Cap Blend Equities funds. Over the past 3 years, PBFDX returned 24.69%/yr vs 17.81%/yr for FEQHX. Their correlation of 0.93 suggests significant overlap in exposure. PBFDX charges 0.82%/yr vs 0.55%/yr for FEQHX.

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.

Returns By Period

In the year-to-date period, PBFDX achieves a 13.11% return, which is significantly higher than FEQHX's 10.01% return.

PBFDX

• 1D: 0.16%
• 1M: 4.62%
• YTD: 13.11%
• 6M: 12.17%
• 1Y: 35.56%
• 3Y*: 24.69%
• 5Y*: 15.44%
• 10Y*: 16.93%

FEQHX

• 1D: 0.00%
• 1M: 5.34%
• YTD: 10.01%
• 6M: 9.45%
• 1Y: 22.29%
• 3Y*: 17.81%
• 5Y*: —
• 10Y*: —

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

PBFDX vs. FEQHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PBFDX Payson Total Return Fund	13.11%	21.20%	21.77%	25.65%	0.12%
FEQHX Fidelity Hedged Equity Fund	10.01%	13.61%	19.46%	17.65%	-4.85%

Correlation

The correlation between PBFDX and FEQHX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 9, 2022	0.93

The correlation between PBFDX and FEQHX has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

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: 70
PBFDX Sharpe Ratio Rank: 73
PBFDX Sortino Ratio Rank: 65
PBFDX Omega Ratio Rank: 59
PBFDX Calmar Ratio Rank: 74
PBFDX Martin Ratio Rank: 77

FEQHX

FEQHX Risk / Return Rank: 68
FEQHX Sharpe Ratio Rank: 75
FEQHX Sortino Ratio Rank: 73
FEQHX Omega Ratio Rank: 66
FEQHX Calmar Ratio Rank: 65
FEQHX Martin Ratio Rank: 63

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	2.49	2.52	-0.02
Sortino ratio: Return per unit of downside risk	3.37	3.55	-0.18
Omega ratio: Gain probability vs. loss probability	1.43	1.45	-0.02
Calmar ratio: Return relative to maximum drawdown	3.36	3.11	+0.25
Martin ratio: Return relative to average drawdown	14.49	12.42	+2.07
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 2.49, which is comparable to the FEQHX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of PBFDX and FEQHX, 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

	PBFDX	FEQHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.52	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	1.32	-0.76

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	-10.93%	-7.40%	-3.53%
Max Drawdown (3Y) Largest decline over 3 years	-20.83%	-10.42%	-10.41%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.73%	-2.22%	-4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	1.85%	+0.68%

Volatility

PBFDX vs. FEQHX - Volatility Comparison

Payson Total Return Fund (PBFDX) has a higher volatility of 3.19% compared to Fidelity Hedged Equity Fund (FEQHX) at 2.68%. 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	3.19%	2.68%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	11.30%	6.63%	+4.67%
Volatility (1Y) Calculated over the trailing 1-year period	14.72%	9.15%	+5.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.74%	11.24%	+6.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.01%	11.24%	+7.77%

PBFDX vs. FEQHX - Expense Ratio Comparison

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

Dividends

PBFDX vs. FEQHX - Dividend Comparison

PBFDX's dividend yield for the trailing twelve months is around 1.69%, more than FEQHX's 0.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEQHX Fidelity Hedged Equity Fund	0.51%	0.43%	0.61%	0.77%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PBFDX Payson Total Return Fund	1.69%	1.95%	10.67%	4.68%	2.34%	13.07%	7.59%	0.61%	0.67%	4.98%	1.15%	4.81%

Frequently Asked Questions

Can I hold both PBFDX and FEQHX in my portfolio?

With a correlation of 0.93, PBFDX and FEQHX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PBFDX or FEQHX?

PBFDX has higher volatility (3.19%) compared to FEQHX (2.68%). In terms of maximum drawdown, PBFDX dropped -54.99% vs FEQHX's -10.42%.

Which has better risk-adjusted returns?

FEQHX currently has the higher Sharpe Ratio (2.52 vs 2.49), 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.