PRPFX vs. IBIT
PRPFX (Permanent Portfolio Class I) and IBIT (iShares Bitcoin Trust ETF) are both funds - PRPFX is a Diversified Portfolio fund actively managed by Permanent Portfolio, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. PRPFX is actively managed, while IBIT is passively managed. Over the past year, PRPFX returned 17.85% vs -40.63% for IBIT. At a 0.32 correlation, their price movements are largely independent. PRPFX charges 0.81%/yr vs 0.25%/yr for IBIT.
Performance
PRPFX vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, PRPFX achieves a 3.05% return, which is significantly higher than IBIT's -27.41% return.
PRPFX
- 1D
- 0.64%
- 1M
- -4.22%
- YTD
- 3.05%
- 6M
- 4.38%
- 1Y
- 17.85%
- 3Y*
- 19.77%
- 5Y*
- 10.72%
- 10Y*
- 10.56%
IBIT
- 1D
- -0.03%
- 1M
- -20.12%
- YTD
- -27.41%
- 6M
- -29.61%
- 1Y
- -40.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PRPFX vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PRPFX Permanent Portfolio Class I | 3.05% | 28.78% | 20.75% |
IBIT iShares Bitcoin Trust ETF | -27.41% | -6.41% | 89.87% |
Correlation
The correlation between PRPFX and IBIT is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.32 |
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Return for Risk
PRPFX vs. IBIT — Risk / Return Rank
PRPFX
IBIT
PRPFX vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Permanent Portfolio Class I (PRPFX) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.37 | ||
| Sortino ratioReturn per unit of downside risk | +3.11 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.85 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | -0.78 | +2.99 |
| Martin ratioReturn relative to average drawdown | 5.95 | -1.37 | +7.32 |
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Drawdowns
PRPFX vs. IBIT - Drawdown Comparison
The maximum PRPFX drawdown since its inception was -27.16%, smaller than the maximum IBIT drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for PRPFX and IBIT.
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Drawdown Indicators
| PRPFX | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.16% | -52.11% | +24.95% |
Max Drawdown (1Y)Largest decline over 1 year | -8.40% | -52.11% | +43.71% |
Max Drawdown (3Y)Largest decline over 3 years | -8.40% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.49% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -20.84% | — | — |
Current DrawdownCurrent decline from peak | -7.81% | -49.45% | +41.64% |
Average DrawdownAverage peak-to-trough decline | -3.52% | -16.53% | +13.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.10% | 29.64% | -26.54% |
Volatility
PRPFX vs. IBIT - Volatility Comparison
The current volatility for Permanent Portfolio Class I (PRPFX) is 3.64%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 12.07%. This indicates that PRPFX experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRPFX | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.64% | 12.07% | -8.43% |
Volatility (6M)Calculated over the trailing 6-month period | 11.59% | 34.45% | -22.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.79% | 44.10% | -31.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.13% | 50.26% | -39.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.65% | 50.26% | -39.61% |
PRPFX vs. IBIT - Expense Ratio Comparison
PRPFX has a 0.81% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
PRPFX vs. IBIT - Dividend Comparison
PRPFX's dividend yield for the trailing twelve months is around 3.17%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 IBIT have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (12.07%) compared to PRPFX (3.64%). In terms of maximum drawdown, PRPFX dropped -27.16% vs IBIT's -52.11%.
PRPFX currently has the higher Sharpe Ratio (1.45 vs -0.92), 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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