PMEFX vs. FRGAX

Last updated Jul 31, 2026

PMEFX (Penn Mutual AM 1847 Income Fund) and FRGAX (Fidelity 70% Allocation Fund) are both Diversified Portfolio funds. Over the past 3 years, PMEFX returned 4.63%/yr vs 13.40%/yr for FRGAX. Their 0.69 correlation means they have sometimes moved together and sometimes differently. PMEFX charges 0.65%/yr vs 0.02%/yr for FRGAX.

Performance

PMEFX vs. FRGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Penn Mutual AM 1847 Income Fund (PMEFX) and Fidelity 70% Allocation Fund (FRGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PMEFX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: -3.78%
• 3Y*: 4.63%
• 5Y*: 2.89%
• 10Y*: —
• ALL TIME*: 5.31%

FRGAX

• 1D: -0.97%
• 1M: -2.36%
• 6M: 3.35%
• YTD: 6.17%
• 1Y: 13.85%
• 3Y*: 13.40%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.06%

*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)
FRGAX Fidelity 70% Allocation Fund	$0.00	$0.00	$0.00
PMEFX Penn Mutual AM 1847 Income Fund	$0.00	$0.00	$0.00

PMEFX vs. FRGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PMEFX Penn Mutual AM 1847 Income Fund	0.00%	1.11%	9.80%	9.80%	-0.17%
FRGAX Fidelity 70% Allocation Fund	6.17%	17.10%	12.91%	17.57%	-1.63%

Correlation

The correlation between PMEFX and FRGAX is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (All Time) Calculated using the full available price history since Nov 22, 2022	0.69

Over the past year, the correlation between PMEFX and FRGAX has dropped to 0.29 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

Return for Risk

PMEFX vs. FRGAX — Risk / Return Rank

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

PMEFX

PMEFX Risk / Return Rank: 1
PMEFX Sharpe Ratio Rank: 1
PMEFX Sortino Ratio Rank: 1
PMEFX Omega Ratio Rank: 0
PMEFX Calmar Ratio Rank: 0
PMEFX Martin Ratio Rank: 2

FRGAX

FRGAX Risk / Return Rank: 52
FRGAX Sharpe Ratio Rank: 50
FRGAX Sortino Ratio Rank: 50
FRGAX Omega Ratio Rank: 49
FRGAX Calmar Ratio Rank: 51
FRGAX Martin Ratio Rank: 61

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.

PMEFX vs. FRGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Penn Mutual AM 1847 Income Fund (PMEFX) and Fidelity 70% Allocation Fund (FRGAX). 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.

	PMEFX	FRGAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.64	1.39	-2.03
Sortino ratio: Return per unit of downside risk	-0.65	1.99	-2.64
Omega ratio: Gain probability vs. loss probability	0.68	1.25	-0.57
Calmar ratio: Return relative to maximum drawdown	-0.67	1.93	-2.60
Martin ratio: Return relative to average drawdown	-0.83	8.11	-8.94

PMEFX vs. FRGAX - Sharpe Ratio Comparison

The current PMEFX Sharpe Ratio is -0.64, which is lower than the FRGAX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of PMEFX and FRGAX, 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

PMEFX vs. FRGAX - Drawdown Comparison

The maximum PMEFX drawdown since its inception was -13.27%, which is greater than FRGAX's maximum drawdown of -11.77%. Use the drawdown chart below to compare losses from any high point for PMEFX and FRGAX.

Drawdown Indicators

	PMEFX	FRGAX	Difference
Max Drawdown Largest peak-to-trough decline	-13.27%	-11.77%	-1.50%
Max Drawdown (1Y) Largest decline over 1 year	-7.19%	-7.03%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-10.04%	-11.77%	+1.73%
Max Drawdown (5Y) Largest decline over 5 years	-12.12%	—	—
Current Drawdown Current decline from peak	-7.19%	-2.93%	-4.26%
Average Drawdown Average peak-to-trough decline	-3.19%	-1.57%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.30%	1.67%	+3.63%

Volatility

PMEFX vs. FRGAX - Volatility Comparison

The current volatility for Penn Mutual AM 1847 Income Fund (PMEFX) is 0.00%, while Fidelity 70% Allocation Fund (FRGAX) has a volatility of 2.38%. This indicates that PMEFX experiences smaller price fluctuations and is considered to be less risky than FRGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMEFX	FRGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	2.38%	-2.38%
Volatility (6M) Calculated over the trailing 6-month period	0.00%	8.06%	-8.06%
Volatility (1Y) Calculated over the trailing 1-year period	7.48%	9.79%	-2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.83%	10.36%	-2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.61%	10.36%	-2.75%

PMEFX vs. FRGAX - Expense Ratio Comparison

PMEFX has a 0.65% expense ratio, which is higher than FRGAX's 0.02% expense ratio.

Dividends

PMEFX vs. FRGAX - Dividend Comparison

PMEFX's dividend yield for the trailing twelve months is around 5.89%, more than FRGAX's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FRGAX Fidelity 70% Allocation Fund	1.89%	2.00%	2.01%	1.77%	1.71%	0.00%	0.00%
PMEFX Penn Mutual AM 1847 Income Fund	5.89%	8.73%	6.16%	4.41%	3.25%	13.55%	1.00%

Frequently Asked Questions

Can I hold both PMEFX and FRGAX in my portfolio?

PMEFX and FRGAX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMEFX or FRGAX?

FRGAX has higher volatility (2.38%) compared to PMEFX (0.00%). In terms of maximum drawdown, PMEFX dropped -13.27% vs FRGAX's -11.77%.

Which has better risk-adjusted returns?

FRGAX currently has the higher Sharpe Ratio (1.39 vs -0.64), 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.