PRTBX vs. BUBIX

Last updated Jun 23, 2026

PRTBX (Permanent Portfolio Short-Term Treasury Portfolio) and BUBIX (Baird Ultra Short Bond Fund Institutional Class) are both Ultrashort Bond funds. Over the past 10 years, PRTBX returned 1.26%/yr vs 2.68%/yr for BUBIX. At a 0.22 correlation, their price movements are largely independent. PRTBX charges 0.65%/yr vs 0.15%/yr for BUBIX.

Performance

PRTBX vs. BUBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Permanent Portfolio Short-Term Treasury Portfolio (PRTBX) and Baird Ultra Short Bond Fund Institutional Class (BUBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRTBX achieves a 0.78% return, which is significantly lower than BUBIX's 1.37% return. Over the past 10 years, PRTBX has underperformed BUBIX with an annualized return of 1.26%, while BUBIX has yielded a comparatively higher 2.68% annualized return.

PRTBX

• 1D: 0.05%
• 1M: 0.15%
• YTD: 0.78%
• 6M: 0.85%
• 1Y: 2.96%
• 3Y*: 3.86%
• 5Y*: 1.99%
• 10Y*: 1.26%

BUBIX

• 1D: 0.10%
• 1M: 0.25%
• YTD: 1.37%
• 6M: 1.43%
• 1Y: 3.93%
• 3Y*: 4.96%
• 5Y*: 3.62%
• 10Y*: 2.68%

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

PRTBX vs. BUBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRTBX Permanent Portfolio Short-Term Treasury Portfolio	0.78%	4.19%	4.12%	3.79%	-2.28%	-0.74%	0.10%	1.76%	1.16%	0.12%
BUBIX Baird Ultra Short Bond Fund Institutional Class	1.37%	4.44%	5.65%	5.71%	0.96%	0.20%	1.66%	3.11%	1.95%	1.30%

Correlation

The correlation between PRTBX and BUBIX 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	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.22

The correlation between PRTBX and BUBIX shifts across timeframes, from 0.18 (1 year) to 0.33 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PRTBX vs. BUBIX — Risk / Return Rank

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

PRTBX

PRTBX Risk / Return Rank: 99
PRTBX Sharpe Ratio Rank: 99
PRTBX Sortino Ratio Rank: 99
PRTBX Omega Ratio Rank: 98
PRTBX Calmar Ratio Rank: 99
PRTBX Martin Ratio Rank: 99

BUBIX

BUBIX Risk / Return Rank: 100
BUBIX Sharpe Ratio Rank: 100
BUBIX Sortino Ratio Rank: 99
BUBIX Omega Ratio Rank: 100
BUBIX Calmar Ratio Rank: 99
BUBIX Martin Ratio Rank: 100

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.

PRTBX vs. BUBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Permanent Portfolio Short-Term Treasury Portfolio (PRTBX) and Baird Ultra Short Bond Fund Institutional Class (BUBIX). 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.

	PRTBX	BUBIX	Difference
Sharpe ratio: Return per unit of total volatility	4.52	5.48	-0.96
Sortino ratio: Return per unit of downside risk	8.14	10.71	-2.57
Omega ratio: Gain probability vs. loss probability	2.20	5.89	-3.69
Calmar ratio: Return relative to maximum drawdown	9.53	13.32	-3.79
Martin ratio: Return relative to average drawdown	46.49	94.42	-47.93

PRTBX vs. BUBIX - Sharpe Ratio Comparison

The current PRTBX Sharpe Ratio is 4.52, which is comparable to the BUBIX Sharpe Ratio of 5.48. The chart below compares the historical Sharpe Ratios of PRTBX and BUBIX, 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

PRTBX vs. BUBIX - Drawdown Comparison

The maximum PRTBX drawdown since its inception was -5.13%, which is greater than BUBIX's maximum drawdown of -1.88%. Use the drawdown chart below to compare losses from any high point for PRTBX and BUBIX.

Drawdown Indicators

	PRTBX	BUBIX	Difference
Max Drawdown Largest peak-to-trough decline	-5.13%	-1.88%	-3.25%
Max Drawdown (1Y) Largest decline over 1 year	-0.32%	-0.30%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-0.44%	-0.30%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-3.66%	-0.68%	-2.98%
Max Drawdown (10Y) Largest decline over 10 years	-4.36%	-1.88%	-2.48%
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-0.96%	-0.05%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.04%	+0.03%

Volatility

PRTBX vs. BUBIX - Volatility Comparison

The current volatility for Permanent Portfolio Short-Term Treasury Portfolio (PRTBX) is 0.22%, while Baird Ultra Short Bond Fund Institutional Class (BUBIX) has a volatility of 0.26%. This indicates that PRTBX experiences smaller price fluctuations and is considered to be less risky than BUBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRTBX	BUBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.26%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.43%	0.55%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	0.67%	0.72%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.21%	0.80%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.87%	0.71%	+0.16%

PRTBX vs. BUBIX - Expense Ratio Comparison

PRTBX has a 0.65% expense ratio, which is higher than BUBIX's 0.15% expense ratio.

Dividends

PRTBX vs. BUBIX - Dividend Comparison

PRTBX's dividend yield for the trailing twelve months is around 3.36%, less than BUBIX's 3.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUBIX Baird Ultra Short Bond Fund Institutional Class	3.95%	4.16%	5.31%	4.65%	1.56%	0.50%	1.44%	2.57%	2.13%	1.29%	1.04%	0.80%
PRTBX Permanent Portfolio Short-Term Treasury Portfolio	3.36%	3.39%	2.69%	1.79%	0.00%	0.00%	0.21%	1.65%	0.83%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PRTBX and BUBIX in my portfolio?

PRTBX and BUBIX 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, PRTBX or BUBIX?

BUBIX has higher volatility (0.26%) compared to PRTBX (0.22%). In terms of maximum drawdown, PRTBX dropped -5.13% vs BUBIX's -1.88%.

Which has better risk-adjusted returns?

BUBIX currently has the higher Sharpe Ratio (5.48 vs 4.52), 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.