PRTBX vs. USIAX

Last updated Aug 1, 2026

PRTBX (Permanent Portfolio Short-Term Treasury Portfolio) and USIAX (UBS Ultra Short Income Fund) are both Ultrashort Bond funds. Their 0.33 correlation means their historical movements had little consistent relationship. PRTBX charges 0.65%/yr vs 0.35%/yr for USIAX.

Performance

PRTBX vs. USIAX - Performance Comparison

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

Returns By Period

PRTBX

• 1D: 0.02%
• 1M: 0.18%
• 6M: 0.90%
• YTD: 1.11%
• 1Y: 2.68%
• 3Y*: 3.87%
• 5Y*: 2.07%
• 10Y*: 1.29%
• ALL TIME*: 2.19%

USIAX

• 1D: 0.00%
• 1M: -0.10%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PRTBX Permanent Portfolio Short-Term Treasury Portfolio	$0.00	$0.00	$0.00
USIAX UBS Ultra Short Income Fund	$0.00	$0.00	$0.00

PRTBX vs. USIAX - Yearly Performance Comparison

	2026 (YTD)
PRTBX Permanent Portfolio Short-Term Treasury Portfolio	0.39%
USIAX UBS Ultra Short Income Fund	0.54%

Correlation

The correlation between PRTBX and USIAX is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.33

Return for Risk

PRTBX vs. USIAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PRTBX

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

USIAX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PRTBX vs. USIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Permanent Portfolio Short-Term Treasury Portfolio (PRTBX) and UBS Ultra Short Income Fund (USIAX). 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	USIAX	Difference
Sharpe ratio: Return per unit of total volatility	4.65	—	—
Sortino ratio: Return per unit of downside risk	8.61	—	—
Omega ratio: Gain probability vs. loss probability	2.28	—	—
Calmar ratio: Return relative to maximum drawdown	9.43	—	—
Martin ratio: Return relative to average drawdown	47.23	—	—

Drawdowns

PRTBX vs. USIAX - Drawdown Comparison

The maximum PRTBX drawdown since its inception was -5.13%, which is greater than USIAX's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for PRTBX and USIAX.

Drawdown Indicators

	PRTBX	USIAX	Difference
Max Drawdown Largest peak-to-trough decline	-5.13%	-0.10%	-5.03%
Max Drawdown (1Y) Largest decline over 1 year	-0.32%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.44%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-3.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-4.36%	—	—
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.95%	-0.06%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	—	—

Volatility

Volatility by Period

	PRTBX	USIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.45%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.65%	1.17%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.21%	1.17%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.87%	1.17%	-0.30%

PRTBX vs. USIAX - Expense Ratio Comparison

PRTBX has a 0.65% expense ratio, which is higher than USIAX's 0.35% expense ratio.

Dividends

PRTBX vs. USIAX - Dividend Comparison

PRTBX's dividend yield for the trailing twelve months is around 3.35%, more than USIAX's 0.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PRTBX Permanent Portfolio Short-Term Treasury Portfolio	3.35%	3.39%	2.69%	1.79%	0.00%	0.00%	0.21%	1.65%	0.83%
USIAX UBS Ultra Short Income Fund	0.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PRTBX and USIAX in my portfolio?

PRTBX and USIAX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.