PRTBX vs. PRVBX

Last updated Jun 5, 2026

PRTBX (Permanent Portfolio Short-Term Treasury Portfolio) and PRVBX (Permanent Portfolio Versatile Bond Portfolio) are both mutual funds - PRTBX is a Ultrashort Bond fund managed by Permanent Portfolio, while PRVBX is a Short-Term Bond fund managed by Permanent Portfolio. Over the past 10 years, PRTBX returned 1.26%/yr vs 4.34%/yr for PRVBX. At a 0.30 correlation, their price movements are largely independent. PRTBX charges 0.65%/yr vs 0.64%/yr for PRVBX.

Performance

PRTBX vs. PRVBX - Performance Comparison

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

Returns By Period

In the year-to-date period, PRTBX achieves a 0.75% return, which is significantly lower than PRVBX's 0.85% return. Over the past 10 years, PRTBX has underperformed PRVBX with an annualized return of 1.26%, while PRVBX has yielded a comparatively higher 4.34% annualized return.

PRTBX

• 1D: -0.02%
• 1M: 0.15%
• YTD: 0.75%
• 6M: 1.02%
• 1Y: 3.05%
• 3Y*: 3.85%
• 5Y*: 1.98%
• 10Y*: 1.26%

PRVBX

• 1D: -0.06%
• 1M: -0.18%
• YTD: 0.85%
• 6M: 1.14%
• 1Y: 4.95%
• 3Y*: 5.59%
• 5Y*: 2.61%
• 10Y*: 4.34%

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

PRTBX vs. PRVBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRTBX Permanent Portfolio Short-Term Treasury Portfolio	0.75%	4.19%	4.12%	3.79%	-2.28%	-0.74%	0.10%	1.76%	1.16%	0.12%
PRVBX Permanent Portfolio Versatile Bond Portfolio	0.85%	5.66%	5.78%	6.91%	-5.91%	2.93%	9.88%	9.29%	2.01%	0.69%

Correlation

The correlation between PRTBX and PRVBX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jan 3, 1992	0.30

Over the past year, PRTBX and PRVBX have become more correlated (0.51) than their long-term average of 0.30, meaning their price movements have been converging.

Return for Risk

PRTBX vs. PRVBX — 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

PRVBX

PRVBX Risk / Return Rank: 84
PRVBX Sharpe Ratio Rank: 89
PRVBX Sortino Ratio Rank: 92
PRVBX Omega Ratio Rank: 87
PRVBX Calmar Ratio Rank: 78
PRVBX Martin Ratio Rank: 73

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. PRVBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Permanent Portfolio Short-Term Treasury Portfolio (PRTBX) and Permanent Portfolio Versatile Bond Portfolio (PRVBX). 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.

	PRTBX	PRVBX	Difference
Sharpe ratio: Return per unit of total volatility	4.70	2.96	+1.74
Sortino ratio: Return per unit of downside risk	8.77	4.62	+4.14
Omega ratio: Gain probability vs. loss probability	2.25	1.62	+0.64
Calmar ratio: Return relative to maximum drawdown	9.97	3.48	+6.48
Martin ratio: Return relative to average drawdown	48.35	13.69	+34.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRTBX vs. PRVBX - Sharpe Ratio Comparison

The current PRTBX Sharpe Ratio is 4.70, which is higher than the PRVBX Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of PRTBX and PRVBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PRTBX	PRVBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.70	2.96	+1.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.65	1.11	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.46	1.00	+0.46
Sharpe Ratio (All Time) Calculated using the full available price history	3.89	1.29	+2.60

Drawdowns

PRTBX vs. PRVBX - Drawdown Comparison

The maximum PRTBX drawdown since its inception was -5.13%, smaller than the maximum PRVBX drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for PRTBX and PRVBX.

Drawdown Indicators

	PRTBX	PRVBX	Difference
Max Drawdown Largest peak-to-trough decline	-5.13%	-16.91%	+11.78%
Max Drawdown (1Y) Largest decline over 1 year	-0.32%	-1.51%	+1.19%
Max Drawdown (3Y) Largest decline over 3 years	-0.44%	-1.51%	+1.07%
Max Drawdown (5Y) Largest decline over 5 years	-3.70%	-8.22%	+4.52%
Max Drawdown (10Y) Largest decline over 10 years	-4.36%	-16.91%	+12.55%
Current Drawdown Current decline from peak	-0.03%	-0.43%	+0.40%
Average Drawdown Average peak-to-trough decline	-0.96%	-0.72%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.38%	-0.31%

Volatility

PRTBX vs. PRVBX - Volatility Comparison

The current volatility for Permanent Portfolio Short-Term Treasury Portfolio (PRTBX) is 0.15%, while Permanent Portfolio Versatile Bond Portfolio (PRVBX) has a volatility of 0.70%. This indicates that PRTBX experiences smaller price fluctuations and is considered to be less risky than PRVBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRTBX	PRVBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.70%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	0.40%	1.39%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	0.68%	1.78%	-1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.21%	2.36%	-1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.86%	4.36%	-3.50%

PRTBX vs. PRVBX - Expense Ratio Comparison

PRTBX has a 0.65% expense ratio, which is higher than PRVBX's 0.64% expense ratio.

Dividends

PRTBX vs. PRVBX - Dividend Comparison

PRTBX's dividend yield for the trailing twelve months is around 3.36%, less than PRVBX's 4.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PRVBX Permanent Portfolio Versatile Bond Portfolio	4.14%	4.18%	3.61%	3.16%	1.83%	0.85%	4.73%	2.51%	1.71%	3.30%	3.27%	5.71%

Frequently Asked Questions

Can I hold both PRTBX and PRVBX in my portfolio?

PRTBX and PRVBX have a correlation of 0.51, 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 PRVBX?

PRVBX has higher volatility (0.70%) compared to PRTBX (0.15%). In terms of maximum drawdown, PRTBX dropped -5.13% vs PRVBX's -16.91%.

Which has better risk-adjusted returns?

PRTBX currently has the higher Sharpe Ratio (4.70 vs 2.96), 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.