PBXIX vs. ARBIX

Last updated Aug 1, 2026

PBXIX (Rational/Pier 88 Convertible Securities Fund) and ARBIX (Absolute Convertible Arbitrage Fund Institutional Shares) are both mutual funds - PBXIX is a Convertible Bonds fund managed by Rational Funds, while ARBIX is a Multistrategy fund actively managed by Absolute Investment Advisers. Over the past 5 years, PBXIX returned 3.06%/yr vs 5.39%/yr for ARBIX. Their 0.44 correlation means their historical movements had little consistent relationship. PBXIX charges 0.99%/yr vs 1.47%/yr for ARBIX.

Performance

PBXIX vs. ARBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rational/Pier 88 Convertible Securities Fund (PBXIX) and Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBXIX achieves a 10.10% return, which is significantly higher than ARBIX's 5.14% return.

PBXIX

• 1D: 0.69%
• 1M: -0.34%
• 6M: 8.72%
• YTD: 10.10%
• 1Y: 10.85%
• 3Y*: 8.26%
• 5Y*: 3.06%
• 10Y*: —
• ALL TIME*: 5.98%

ARBIX

• 1D: 0.08%
• 1M: 0.08%
• 6M: 3.78%
• YTD: 5.14%
• 1Y: 8.83%
• 3Y*: 7.59%
• 5Y*: 5.39%
• 10Y*: —
• ALL TIME*: 72.46%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARBIX Absolute Convertible Arbitrage Fund Institutional Shares	$0.00	$0.00	$0.00
PBXIX Rational/Pier 88 Convertible Securities Fund	$0.00	$0.00	$0.00

PBXIX vs. ARBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PBXIX Rational/Pier 88 Convertible Securities Fund	10.10%	2.12%	8.23%	3.28%	-10.82%	10.23%	17.09%	1.70%
ARBIX Absolute Convertible Arbitrage Fund Institutional Shares	5.14%	8.29%	7.53%	5.30%	-0.53%	2.95%	9.28%	0.49%

Correlation

The correlation between PBXIX and ARBIX is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.35
Correlation (5Y) Shows whether the relationship held over a longer period.	0.44
Correlation (All Time) Calculated using the full available price history since Dec 6, 2019	0.44

The correlation between PBXIX and ARBIX shifts across timeframes, from 0.35 (3 years) to 0.48 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PBXIX vs. ARBIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PBXIX

PBXIX Risk / Return Rank: 50
PBXIX Sharpe Ratio Rank: 50
PBXIX Sortino Ratio Rank: 51
PBXIX Omega Ratio Rank: 46
PBXIX Calmar Ratio Rank: 52
PBXIX Martin Ratio Rank: 53

ARBIX

ARBIX Risk / Return Rank: 100
ARBIX Sharpe Ratio Rank: 100
ARBIX Sortino Ratio Rank: 100
ARBIX Omega Ratio Rank: 99
ARBIX Calmar Ratio Rank: 100
ARBIX Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PBXIX vs. ARBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rational/Pier 88 Convertible Securities Fund (PBXIX) and Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX). 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.

	PBXIX	ARBIX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	7.02	-5.66
Sortino ratio: Return per unit of downside risk	1.96	12.67	-10.71
Omega ratio: Gain probability vs. loss probability	1.24	3.26	-2.02
Calmar ratio: Return relative to maximum drawdown	1.90	17.16	-15.26
Martin ratio: Return relative to average drawdown	7.25	91.84	-84.59

PBXIX vs. ARBIX - Sharpe Ratio Comparison

The current PBXIX Sharpe Ratio is 1.36, which is lower than the ARBIX Sharpe Ratio of 7.02. The chart below compares the historical Sharpe Ratios of PBXIX and ARBIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PBXIX vs. ARBIX - Drawdown Comparison

The maximum PBXIX drawdown since its inception was -24.03%, which is greater than ARBIX's maximum drawdown of -4.31%. Use the drawdown chart below to compare losses from any high point for PBXIX and ARBIX.

Drawdown Indicators

	PBXIX	ARBIX	Difference
Max Drawdown Largest peak-to-trough decline	-24.03%	-4.31%	-19.72%
Max Drawdown (1Y) Largest decline over 1 year	-5.16%	-0.51%	-4.65%
Max Drawdown (3Y) Largest decline over 3 years	-10.71%	-1.77%	-8.94%
Max Drawdown (5Y) Largest decline over 5 years	-15.57%	-4.02%	-11.55%
Current Drawdown Current decline from peak	-0.68%	-0.25%	-0.43%
Average Drawdown Average peak-to-trough decline	-5.39%	-0.39%	-5.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	0.10%	+1.25%

Volatility

PBXIX vs. ARBIX - Volatility Comparison

Rational/Pier 88 Convertible Securities Fund (PBXIX) has a higher volatility of 1.55% compared to Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX) at 0.36%. This indicates that PBXIX's price experiences larger fluctuations and is considered to be riskier than ARBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBXIX	ARBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	0.36%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	5.36%	0.96%	+4.40%
Volatility (1Y) Calculated over the trailing 1-year period	7.20%	1.25%	+5.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.64%	1.83%	+6.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.41%	731.89%	-720.48%

PBXIX vs. ARBIX - Expense Ratio Comparison

PBXIX has a 0.99% expense ratio, which is lower than ARBIX's 1.47% expense ratio.

Dividends

PBXIX vs. ARBIX - Dividend Comparison

PBXIX's dividend yield for the trailing twelve months is around 4.97%, less than ARBIX's 5.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARBIX Absolute Convertible Arbitrage Fund Institutional Shares	5.42%	5.34%	4.87%	3.62%	3.33%	3.12%	2.92%	2.83%	1.97%	0.24%
PBXIX Rational/Pier 88 Convertible Securities Fund	4.97%	3.48%	2.14%	2.22%	2.25%	7.56%	1.77%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBXIX and ARBIX in my portfolio?

PBXIX and ARBIX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBXIX or ARBIX?

PBXIX has higher volatility (1.55%) compared to ARBIX (0.36%). In terms of maximum drawdown, PBXIX dropped -24.03% vs ARBIX's -4.31%.

Which has better risk-adjusted returns?

ARBIX currently has the higher Sharpe Ratio (7.02 vs 1.36), 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.