PRPFX vs. FNARX
PRPFX (Permanent Portfolio Class I) and FNARX (Fidelity Natural Resources Fund) are both mutual funds - PRPFX is a Diversified Portfolio fund actively managed by Permanent Portfolio, while FNARX is a Energy Equities fund managed by Fidelity. Over the past 10 years, PRPFX returned 10.56%/yr vs 10.71%/yr for FNARX. A 0.64 correlation means they provide meaningful diversification when combined. PRPFX charges 0.81%/yr vs 0.82%/yr for FNARX.
Performance
PRPFX vs. FNARX - Performance Comparison
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Returns By Period
In the year-to-date period, PRPFX achieves a 3.05% return, which is significantly lower than FNARX's 21.32% return. Both investments have delivered pretty close results over the past 10 years, with PRPFX having a 10.56% annualized return and FNARX not far ahead at 10.71%.
PRPFX
- 1D
- 0.64%
- 1M
- -2.53%
- YTD
- 3.05%
- 6M
- 4.38%
- 1Y
- 17.66%
- 3Y*
- 19.77%
- 5Y*
- 10.72%
- 10Y*
- 10.56%
FNARX
- 1D
- 0.68%
- 1M
- -5.08%
- YTD
- 21.32%
- 6M
- 21.17%
- 1Y
- 36.53%
- 3Y*
- 20.60%
- 5Y*
- 19.60%
- 10Y*
- 10.71%
PRPFX vs. FNARX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRPFX Permanent Portfolio Class I | 3.05% | 28.78% | 19.36% | 11.96% | -5.48% | 10.87% | 18.80% | 19.20% | -7.02% | 11.42% |
FNARX Fidelity Natural Resources Fund | 21.32% | 28.67% | 3.76% | 6.41% | 41.01% | 39.34% | -20.86% | 19.09% | -24.28% | -0.11% |
Correlation
The correlation between PRPFX and FNARX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 1997 | 0.64 |
The correlation between PRPFX and FNARX shifts across timeframes, from 0.47 (1 year) to 0.65 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRPFX vs. FNARX — Risk / Return Rank
PRPFX
FNARX
PRPFX vs. FNARX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Permanent Portfolio Class I (PRPFX) and Fidelity Natural Resources Fund (FNARX). 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.
| PRPFX | FNARX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.38 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 5.29 | -3.09 |
| Martin ratioReturn relative to average drawdown | 5.95 | 16.81 | -10.86 |
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Drawdowns
PRPFX vs. FNARX - Drawdown Comparison
The maximum PRPFX drawdown since its inception was -27.16%, smaller than the maximum FNARX drawdown of -71.04%. Use the drawdown chart below to compare losses from any high point for PRPFX and FNARX.
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Drawdown Indicators
| PRPFX | FNARX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.16% | -71.04% | +43.88% |
Max Drawdown (1Y)Largest decline over 1 year | -8.40% | -7.57% | -0.83% |
Max Drawdown (3Y)Largest decline over 3 years | -8.40% | -20.64% | +12.24% |
Max Drawdown (5Y)Largest decline over 5 years | -15.49% | -29.93% | +14.44% |
Max Drawdown (10Y)Largest decline over 10 years | -20.84% | -64.10% | +43.26% |
Current DrawdownCurrent decline from peak | -7.81% | -6.94% | -0.87% |
Average DrawdownAverage peak-to-trough decline | -3.52% | -20.03% | +16.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.10% | 2.38% | +0.72% |
Volatility
PRPFX vs. FNARX - Volatility Comparison
The current volatility for Permanent Portfolio Class I (PRPFX) is 3.64%, while Fidelity Natural Resources Fund (FNARX) has a volatility of 5.63%. This indicates that PRPFX experiences smaller price fluctuations and is considered to be less risky than FNARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRPFX | FNARX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.64% | 5.63% | -1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 11.59% | 14.66% | -3.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.79% | 17.78% | -4.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.13% | 25.07% | -13.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.65% | 26.93% | -16.28% |
PRPFX vs. FNARX - Expense Ratio Comparison
PRPFX has a 0.81% expense ratio, which is lower than FNARX's 0.82% expense ratio.
Dividends
PRPFX vs. FNARX - Dividend Comparison
PRPFX's dividend yield for the trailing twelve months is around 3.17%, more than FNARX's 1.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNARX Fidelity Natural Resources Fund | 1.81% | 1.89% | 1.51% | 1.60% | 2.42% | 1.46% | 1.79% | 1.42% | 1.17% | 1.38% | 0.62% | 0.78% |
PRPFX Permanent Portfolio Class I | 3.17% | 3.27% | 1.86% | 1.39% | 1.58% | 2.05% | 5.38% | 4.69% | 6.90% | 2.14% | 0.95% | 7.06% |
Frequently Asked Questions
PRPFX and FNARX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNARX has higher volatility (5.63%) compared to PRPFX (3.64%). In terms of maximum drawdown, PRPFX dropped -27.16% vs FNARX's -71.04%.
FNARX currently has the higher Sharpe Ratio (2.26 vs 1.45), 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.
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