PBFDX vs. MUHLX
PBFDX (Payson Total Return Fund) and MUHLX (Muhlenkamp Fund) are both Large Cap Blend Equities funds. Over the past 10 years, PBFDX returned 16.32%/yr vs 10.68%/yr for MUHLX. Their correlation of 0.81 means they have usually moved in the same direction. PBFDX charges 0.82%/yr vs 1.14%/yr for MUHLX.
Performance
PBFDX vs. MUHLX - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with PBFDX having a 11.33% return and MUHLX slightly higher at 11.61%. Over the past 10 years, PBFDX has outperformed MUHLX with an annualized return of 16.32%, while MUHLX has yielded a comparatively lower 10.68% annualized return.
PBFDX
- 1D
- 2.17%
- 1M
- 0.99%
- 6M
- 6.93%
- YTD
- 11.33%
- 1Y
- 25.92%
- 3Y*
- 20.81%
- 5Y*
- 13.89%
- 10Y*
- 16.32%
- ALL TIME*
- 9.22%
MUHLX
- 1D
- 0.59%
- 1M
- 2.71%
- 6M
- 4.85%
- YTD
- 11.61%
- 1Y
- 24.37%
- 3Y*
- 10.94%
- 5Y*
- 11.46%
- 10Y*
- 10.68%
- ALL TIME*
- 9.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
MUHLX Muhlenkamp Fund | $0.00 | $0.00 | $0.00 |
| $0.00 | $0.00 | $0.00 |
PBFDX vs. MUHLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBFDX Payson Total Return Fund | 11.33% | 21.20% | 21.77% | 25.65% | -14.60% | 30.84% | 20.49% | 31.67% | -1.79% | 21.76% |
MUHLX Muhlenkamp Fund | 11.61% | 17.82% | 3.38% | 13.92% | 2.89% | 28.98% | 11.96% | 14.39% | -13.29% | 18.78% |
Correlation
The correlation between PBFDX and MUHLX is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.54 |
Correlation (3Y) Balances recent behavior with more history. | 0.64 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.70 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.75 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 1991 | 0.81 |
Over the past year, the correlation between PBFDX and MUHLX has dropped to 0.54 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PBFDX vs. MUHLX — Risk / Return Rank
PBFDX
MUHLX
PBFDX vs. MUHLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Payson Total Return Fund (PBFDX) and Muhlenkamp Fund (MUHLX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PBFDX | MUHLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.27 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 2.18 | -0.02 |
| Martin ratioReturn relative to average drawdown | 8.63 | 6.46 | +2.17 |
Loading charts...
Drawdowns
PBFDX vs. MUHLX - Drawdown Comparison
The maximum PBFDX drawdown since its inception was -54.99%, smaller than the maximum MUHLX drawdown of -62.05%. Use the drawdown chart below to compare losses from any high point for PBFDX and MUHLX.
Loading charts...
Drawdown Indicators
| PBFDX | MUHLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.99% | -62.05% | +7.06% |
Max Drawdown (1Y)Largest decline over 1 year | -10.93% | -10.23% | -0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -20.83% | -18.63% | -2.20% |
Max Drawdown (5Y)Largest decline over 5 years | -22.17% | -18.63% | -3.54% |
Max Drawdown (10Y)Largest decline over 10 years | -33.02% | -40.85% | +7.83% |
Current DrawdownCurrent decline from peak | -1.74% | -3.48% | +1.74% |
Average DrawdownAverage peak-to-trough decline | -6.71% | -10.75% | +4.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.74% | 3.45% | -0.71% |
Volatility
PBFDX vs. MUHLX - Volatility Comparison
Payson Total Return Fund (PBFDX) has a higher volatility of 3.89% compared to Muhlenkamp Fund (MUHLX) at 2.72%. This indicates that PBFDX's price experiences larger fluctuations and is considered to be riskier than MUHLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PBFDX | MUHLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.89% | 2.72% | +1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 11.75% | 10.95% | +0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.64% | 14.51% | +1.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.88% | 14.49% | +3.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.01% | 17.04% | +1.97% |
PBFDX vs. MUHLX - Expense Ratio Comparison
PBFDX has a 0.82% expense ratio, which is lower than MUHLX's 1.14% expense ratio.
Dividends
PBFDX vs. MUHLX - Dividend Comparison
PBFDX's dividend yield for the trailing twelve months is around 1.70%, less than MUHLX's 2.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUHLX Muhlenkamp Fund | 2.99% | 3.34% | 0.58% | 0.89% | 6.80% | 7.77% | 10.28% | 1.26% | 14.70% | 4.30% | 0.00% | 11.02% |
PBFDX Payson Total Return Fund | 1.70% | 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
PBFDX and MUHLX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBFDX has higher volatility (3.89%) compared to MUHLX (2.72%). In terms of maximum drawdown, PBFDX dropped -54.99% vs MUHLX's -62.05%.
MUHLX currently has the higher Sharpe Ratio (1.54 vs 1.51), 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.
Find the right allocation for PBFDX and MUHLX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer