PRPDX vs. VTMFX

Last updated Jun 24, 2026

PRPDX (Permanent Portfolio Fund Class A) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both Diversified Portfolio funds. PRPDX is actively managed, while VTMFX is passively managed. Over the past 5 years, PRPDX returned 10.82%/yr vs 7.01%/yr for VTMFX. A 0.69 correlation means they provide meaningful diversification when combined. PRPDX charges 1.06%/yr vs 0.05%/yr for VTMFX.

Performance

PRPDX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Permanent Portfolio Fund Class A (PRPDX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRPDX achieves a 2.79% return, which is significantly lower than VTMFX's 5.23% return.

PRPDX

• 1D: -0.48%
• 1M: -2.97%
• YTD: 2.79%
• 6M: 1.35%
• 1Y: 17.66%
• 3Y*: 19.78%
• 5Y*: 10.82%
• 10Y*: —

VTMFX

• 1D: -0.19%
• 1M: 0.76%
• YTD: 5.23%
• 6M: 4.83%
• 1Y: 14.99%
• 3Y*: 12.08%
• 5Y*: 7.01%
• 10Y*: 8.70%

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

PRPDX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRPDX Permanent Portfolio Fund Class A	2.79%	28.45%	19.06%	11.69%	-5.71%	10.58%	18.51%	18.92%	-6.45%	10.35%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	5.23%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between PRPDX and VTMFX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.69

The correlation between PRPDX and VTMFX shifts across timeframes, from 0.57 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PRPDX vs. VTMFX — Risk / Return Rank

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

PRPDX

PRPDX Risk / Return Rank: 29
PRPDX Sharpe Ratio Rank: 28
PRPDX Sortino Ratio Rank: 21
PRPDX Omega Ratio Rank: 33
PRPDX Calmar Ratio Rank: 36
PRPDX Martin Ratio Rank: 25

VTMFX

VTMFX Risk / Return Rank: 76
VTMFX Sharpe Ratio Rank: 80
VTMFX Sortino Ratio Rank: 78
VTMFX Omega Ratio Rank: 78
VTMFX Calmar Ratio Rank: 63
VTMFX Martin Ratio Rank: 78

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.

PRPDX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Permanent Portfolio Fund Class A (PRPDX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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.

	PRPDX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	2.43	-1.03
Sortino ratio: Return per unit of downside risk	1.76	3.42	-1.66
Omega ratio: Gain probability vs. loss probability	1.28	1.46	-0.18
Calmar ratio: Return relative to maximum drawdown	2.13	2.91	-0.78
Martin ratio: Return relative to average drawdown	5.46	13.60	-8.14

PRPDX vs. VTMFX - Sharpe Ratio Comparison

The current PRPDX Sharpe Ratio is 1.40, which is lower than the VTMFX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of PRPDX and VTMFX, 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

PRPDX vs. VTMFX - Drawdown Comparison

The maximum PRPDX drawdown since its inception was -20.87%, smaller than the maximum VTMFX drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for PRPDX and VTMFX.

Drawdown Indicators

	PRPDX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-20.87%	-28.49%	+7.62%
Max Drawdown (1Y) Largest decline over 1 year	-8.48%	-5.38%	-3.10%
Max Drawdown (3Y) Largest decline over 3 years	-8.48%	-10.61%	+2.13%
Max Drawdown (5Y) Largest decline over 5 years	-15.67%	-17.40%	+1.73%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.87%	—
Current Drawdown Current decline from peak	-8.03%	-0.75%	-7.28%
Average Drawdown Average peak-to-trough decline	-2.83%	-3.54%	+0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	1.15%	+2.16%

Volatility

PRPDX vs. VTMFX - Volatility Comparison

Permanent Portfolio Fund Class A (PRPDX) has a higher volatility of 3.66% compared to Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) at 2.45%. This indicates that PRPDX's price experiences larger fluctuations and is considered to be riskier than VTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRPDX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	2.45%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	11.63%	5.18%	+6.45%
Volatility (1Y) Calculated over the trailing 1-year period	12.92%	6.46%	+6.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.10%	8.57%	+2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.82%	9.15%	+1.67%

PRPDX vs. VTMFX - Expense Ratio Comparison

PRPDX has a 1.06% expense ratio, which is higher than VTMFX's 0.05% expense ratio.

Dividends

PRPDX vs. VTMFX - Dividend Comparison

PRPDX's dividend yield for the trailing twelve months is around 3.01%, more than VTMFX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRPDX Permanent Portfolio Fund Class A	3.01%	3.10%	1.61%	1.20%	1.30%	1.86%	5.26%	4.49%	7.57%	1.97%	0.00%	0.00%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.12%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%

Frequently Asked Questions

Can I hold both PRPDX and VTMFX in my portfolio?

PRPDX and VTMFX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRPDX or VTMFX?

PRPDX has higher volatility (3.66%) compared to VTMFX (2.45%). In terms of maximum drawdown, PRPDX dropped -20.87% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.43 vs 1.40), 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.