PBXIX vs. RFXIX

Last updated Jun 3, 2026

PBXIX (Rational/Pier 88 Convertible Securities Fund) and RFXIX (Rational Special Situations Income Fund) are both mutual funds - PBXIX is a Convertible Bonds fund managed by Rational Funds, while RFXIX is a Multisector Bonds fund managed by Rational Funds. Over the past 5 years, PBXIX returned 3.23%/yr vs 4.26%/yr for RFXIX. At a 0.12 correlation, their price movements are largely independent. PBXIX charges 0.99%/yr vs 1.76%/yr for RFXIX.

Performance

PBXIX vs. RFXIX - Performance Comparison

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

Returns By Period

In the year-to-date period, PBXIX achieves a 8.38% return, which is significantly higher than RFXIX's 1.79% return.

PBXIX

• 1D: 0.35%
• 1M: 2.56%
• YTD: 8.38%
• 6M: 8.28%
• 1Y: 11.85%
• 3Y*: 8.50%
• 5Y*: 3.23%
• 10Y*: —

RFXIX

• 1D: 0.00%
• 1M: 0.18%
• YTD: 1.79%
• 6M: 1.70%
• 1Y: 5.05%
• 3Y*: 5.71%
• 5Y*: 4.26%
• 10Y*: —

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

PBXIX vs. RFXIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PBXIX Rational/Pier 88 Convertible Securities Fund	8.38%	2.12%	8.23%	3.28%	-10.82%	10.23%	17.09%	1.70%
RFXIX Rational Special Situations Income Fund	1.79%	4.73%	8.95%	4.08%	-0.85%	5.30%	2.84%	0.45%

Correlation

The correlation between PBXIX and RFXIX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Dec 9, 2019	0.12

Return for Risk

PBXIX vs. RFXIX — Risk / Return Rank

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

PBXIX

PBXIX Risk / Return Rank: 36
PBXIX Sharpe Ratio Rank: 35
PBXIX Sortino Ratio Rank: 35
PBXIX Omega Ratio Rank: 34
PBXIX Calmar Ratio Rank: 37
PBXIX Martin Ratio Rank: 41

RFXIX

RFXIX Risk / Return Rank: 97
RFXIX Sharpe Ratio Rank: 97
RFXIX Sortino Ratio Rank: 96
RFXIX Omega Ratio Rank: 97
RFXIX Calmar Ratio Rank: 97
RFXIX Martin Ratio Rank: 97

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.

PBXIX vs. RFXIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rational/Pier 88 Convertible Securities Fund (PBXIX) and Rational Special Situations Income Fund (RFXIX). 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.

	PBXIX	RFXIX	Difference
Sharpe ratio Return per unit of total volatility	1.72	3.56	-1.84
Sortino ratio Return per unit of downside risk	2.48	5.31	-2.82
Omega ratio Gain probability vs. loss probability	1.31	2.07	-0.76
Calmar ratio Return relative to maximum drawdown	2.33	6.92	-4.59
Martin ratio Return relative to average drawdown	8.98	28.30	-19.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBXIX vs. RFXIX - Sharpe Ratio Comparison

The current PBXIX Sharpe Ratio is 1.72, which is lower than the RFXIX Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of PBXIX and RFXIX, 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

	PBXIX	RFXIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	3.56	-1.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	2.19	-1.82
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	1.41	-0.90

Drawdowns

PBXIX vs. RFXIX - Drawdown Comparison

The maximum PBXIX drawdown since its inception was -24.03%, which is greater than RFXIX's maximum drawdown of -12.91%. Use the drawdown chart below to compare losses from any high point for PBXIX and RFXIX.

Drawdown Indicators

	PBXIX	RFXIX	Difference
Max Drawdown Largest peak-to-trough decline	-24.03%	-12.91%	-11.12%
Max Drawdown (1Y) Largest decline over 1 year	-5.16%	-0.72%	-4.44%
Max Drawdown (3Y) Largest decline over 3 years	-10.71%	-1.05%	-9.66%
Max Drawdown (5Y) Largest decline over 5 years	-15.57%	-4.93%	-10.64%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.52%	-0.87%	-4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	0.18%	+1.16%

Volatility

PBXIX vs. RFXIX - Volatility Comparison

Rational/Pier 88 Convertible Securities Fund (PBXIX) has a higher volatility of 2.29% compared to Rational Special Situations Income Fund (RFXIX) at 0.32%. This indicates that PBXIX's price experiences larger fluctuations and is considered to be riskier than RFXIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBXIX	RFXIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.29%	0.32%	+1.97%
Volatility (6M) Calculated over the trailing 6-month period	5.05%	0.77%	+4.28%
Volatility (1Y) Calculated over the trailing 1-year period	6.97%	1.41%	+5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.61%	1.95%	+6.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.50%	2.95%	+8.55%

PBXIX vs. RFXIX - Expense Ratio Comparison

PBXIX has a 0.99% expense ratio, which is lower than RFXIX's 1.76% expense ratio.

Dividends

PBXIX vs. RFXIX - Dividend Comparison

PBXIX's dividend yield for the trailing twelve months is around 5.42%, which matches RFXIX's 5.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
PBXIX Rational/Pier 88 Convertible Securities Fund	5.42%	3.48%	2.14%	2.22%	2.25%	7.56%	1.77%	0.00%
RFXIX Rational Special Situations Income Fund	5.40%	5.02%	6.69%	7.85%	6.08%	5.04%	4.99%	1.39%

Frequently Asked Questions

Can I hold both PBXIX and RFXIX in my portfolio?

PBXIX and RFXIX have a correlation of 0.18, 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 RFXIX?

PBXIX has higher volatility (2.29%) compared to RFXIX (0.32%). In terms of maximum drawdown, PBXIX dropped -24.03% vs RFXIX's -12.91%.

Which has better risk-adjusted returns?

RFXIX currently has the higher Sharpe Ratio (3.56 vs 1.72), 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.