PRTBX vs. SWCRX

Last updated Jun 24, 2026

PRTBX (Permanent Portfolio Short-Term Treasury Portfolio) and SWCRX (Schwab Target 2020 Fund) are both mutual funds - PRTBX is a Ultrashort Bond fund managed by Permanent Portfolio, while SWCRX is a Target Retirement Date fund managed by Charles Schwab. Over the past 10 years, PRTBX returned 1.25%/yr vs 6.78%/yr for SWCRX. At a 0.07 correlation, their price movements are largely independent. PRTBX charges 0.65%/yr vs 0.00%/yr for SWCRX.

Performance

PRTBX vs. SWCRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Permanent Portfolio Short-Term Treasury Portfolio (PRTBX) and Schwab Target 2020 Fund (SWCRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRTBX achieves a 0.76% return, which is significantly lower than SWCRX's 4.49% return. Over the past 10 years, PRTBX has underperformed SWCRX with an annualized return of 1.25%, while SWCRX has yielded a comparatively higher 6.78% annualized return.

PRTBX

• 1D: -0.02%
• 1M: 0.14%
• YTD: 0.76%
• 6M: 0.85%
• 1Y: 2.85%
• 3Y*: 3.83%
• 5Y*: 1.99%
• 10Y*: 1.25%

SWCRX

• 1D: -0.22%
• 1M: 0.60%
• YTD: 4.49%
• 6M: 4.29%
• 1Y: 12.31%
• 3Y*: 10.43%
• 5Y*: 4.76%
• 10Y*: 6.78%

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

PRTBX vs. SWCRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRTBX Permanent Portfolio Short-Term Treasury Portfolio	0.76%	4.19%	4.12%	3.79%	-2.28%	-0.74%	0.10%	1.76%	1.16%	0.12%
SWCRX Schwab Target 2020 Fund	4.49%	12.23%	8.32%	12.83%	-14.76%	7.86%	11.47%	16.16%	-4.46%	13.05%

Correlation

The correlation between PRTBX and SWCRX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jul 1, 2005	0.07

Over the past year, PRTBX and SWCRX have become more correlated (0.45) than their long-term average of 0.07, meaning their price movements have been converging.

Return for Risk

PRTBX vs. SWCRX — 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: 98
PRTBX Martin Ratio Rank: 99

SWCRX

SWCRX Risk / Return Rank: 56
SWCRX Sharpe Ratio Rank: 56
SWCRX Sortino Ratio Rank: 58
SWCRX Omega Ratio Rank: 58
SWCRX Calmar Ratio Rank: 50
SWCRX Martin Ratio Rank: 61

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. SWCRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Permanent Portfolio Short-Term Treasury Portfolio (PRTBX) and Schwab Target 2020 Fund (SWCRX). 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	SWCRX	Difference
Sharpe ratio: Return per unit of total volatility	4.41	2.02	+2.39
Sortino ratio: Return per unit of downside risk	7.92	2.92	+5.00
Omega ratio: Gain probability vs. loss probability	2.16	1.38	+0.78
Calmar ratio: Return relative to maximum drawdown	9.28	2.59	+6.69
Martin ratio: Return relative to average drawdown	44.99	11.32	+33.67

PRTBX vs. SWCRX - Sharpe Ratio Comparison

The current PRTBX Sharpe Ratio is 4.41, which is higher than the SWCRX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of PRTBX and SWCRX, 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. SWCRX - Drawdown Comparison

The maximum PRTBX drawdown since its inception was -5.13%, smaller than the maximum SWCRX drawdown of -42.19%. Use the drawdown chart below to compare losses from any high point for PRTBX and SWCRX.

Drawdown Indicators

	PRTBX	SWCRX	Difference
Max Drawdown Largest peak-to-trough decline	-5.13%	-42.19%	+37.06%
Max Drawdown (1Y) Largest decline over 1 year	-0.32%	-4.97%	+4.65%
Max Drawdown (3Y) Largest decline over 3 years	-0.44%	-8.01%	+7.57%
Max Drawdown (5Y) Largest decline over 5 years	-3.66%	-25.28%	+21.62%
Max Drawdown (10Y) Largest decline over 10 years	-4.36%	-25.28%	+20.92%
Current Drawdown Current decline from peak	-0.12%	-0.44%	+0.32%
Average Drawdown Average peak-to-trough decline	-0.96%	-5.80%	+4.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	1.14%	-1.07%

Volatility

PRTBX vs. SWCRX - Volatility Comparison

The current volatility for Permanent Portfolio Short-Term Treasury Portfolio (PRTBX) is 0.22%, while Schwab Target 2020 Fund (SWCRX) has a volatility of 2.40%. This indicates that PRTBX experiences smaller price fluctuations and is considered to be less risky than SWCRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRTBX	SWCRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	2.40%	-2.18%
Volatility (6M) Calculated over the trailing 6-month period	0.43%	5.23%	-4.80%
Volatility (1Y) Calculated over the trailing 1-year period	0.67%	6.37%	-5.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.21%	11.00%	-9.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.87%	9.44%	-8.57%

PRTBX vs. SWCRX - Expense Ratio Comparison

PRTBX has a 0.65% expense ratio, which is higher than SWCRX's 0.00% expense ratio.

Dividends

PRTBX vs. SWCRX - Dividend Comparison

PRTBX's dividend yield for the trailing twelve months is around 3.36%, less than SWCRX's 9.91% 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%
SWCRX Schwab Target 2020 Fund	9.91%	10.36%	9.04%	7.12%	6.14%	7.58%	3.91%	5.67%	6.04%	5.72%	5.65%	5.69%

Frequently Asked Questions

Can I hold both PRTBX and SWCRX in my portfolio?

PRTBX and SWCRX have a correlation of 0.45, 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 SWCRX?

SWCRX has higher volatility (2.40%) compared to PRTBX (0.22%). In terms of maximum drawdown, PRTBX dropped -5.13% vs SWCRX's -42.19%.

Which has better risk-adjusted returns?

PRTBX currently has the higher Sharpe Ratio (4.41 vs 2.02), 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.