PRVBX vs. TUA

Last updated Jun 24, 2026

PRVBX (Permanent Portfolio Versatile Bond Portfolio) and TUA (Simplify Short Term Treasury Futures Strategy ETF) are both funds - PRVBX is a Short-Term Bond fund managed by Permanent Portfolio, while TUA is a Intermediate Core Bond fund actively managed by Simplify. Over the past 3 years, PRVBX returned 5.63%/yr vs -0.18%/yr for TUA. A 0.63 correlation means they provide meaningful diversification when combined. PRVBX charges 0.64%/yr vs 0.16%/yr for TUA.

Performance

PRVBX vs. TUA - Performance Comparison

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

Returns By Period

In the year-to-date period, PRVBX achieves a 1.00% return, which is significantly higher than TUA's -6.11% return.

PRVBX

• 1D: -0.23%
• 1M: 0.35%
• YTD: 1.00%
• 6M: 1.13%
• 1Y: 4.65%
• 3Y*: 5.63%
• 5Y*: 2.61%
• 10Y*: 4.29%

TUA

• 1D: 0.49%
• 1M: -0.44%
• YTD: -6.11%
• 6M: -5.54%
• 1Y: -3.80%
• 3Y*: -0.18%
• 5Y*: —
• 10Y*: —

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

PRVBX vs. TUA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PRVBX Permanent Portfolio Versatile Bond Portfolio	1.00%	5.66%	5.78%	6.91%	0.28%
TUA Simplify Short Term Treasury Futures Strategy ETF	-6.11%	7.27%	-3.59%	-2.04%	-0.83%

Correlation

The correlation between PRVBX and TUA is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Nov 15, 2022	0.63

The correlation between PRVBX and TUA has been stable across timeframes, ranging from 0.54 to 0.63 - a consistent structural relationship.

Return for Risk

PRVBX vs. TUA — Risk / Return Rank

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

PRVBX

PRVBX Risk / Return Rank: 79
PRVBX Sharpe Ratio Rank: 86
PRVBX Sortino Ratio Rank: 89
PRVBX Omega Ratio Rank: 84
PRVBX Calmar Ratio Rank: 71
PRVBX Martin Ratio Rank: 65

TUA

TUA Risk / Return Rank: 4
TUA Sharpe Ratio Rank: 5
TUA Sortino Ratio Rank: 4
TUA Omega Ratio Rank: 4
TUA Calmar Ratio Rank: 5
TUA Martin Ratio Rank: 2

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.

PRVBX vs. TUA - Risk-Adjusted Trends Comparison

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

	PRVBX	TUA	Difference
Sharpe ratio: Return per unit of total volatility	2.60	-0.54	+3.14
Sortino ratio: Return per unit of downside risk	3.99	-0.72	+4.72
Omega ratio: Gain probability vs. loss probability	1.53	0.92	+0.61
Calmar ratio: Return relative to maximum drawdown	3.10	-0.52	+3.61
Martin ratio: Return relative to average drawdown	11.97	-1.30	+13.26

PRVBX vs. TUA - Sharpe Ratio Comparison

The current PRVBX Sharpe Ratio is 2.60, which is higher than the TUA Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of PRVBX and TUA, 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

PRVBX vs. TUA - Drawdown Comparison

The maximum PRVBX drawdown since its inception was -16.91%, which is greater than TUA's maximum drawdown of -15.85%. Use the drawdown chart below to compare losses from any high point for PRVBX and TUA.

Drawdown Indicators

	PRVBX	TUA	Difference
Max Drawdown Largest peak-to-trough decline	-16.91%	-15.85%	-1.06%
Max Drawdown (1Y) Largest decline over 1 year	-1.51%	-7.37%	+5.86%
Max Drawdown (3Y) Largest decline over 3 years	-1.51%	-9.14%	+7.63%
Max Drawdown (5Y) Largest decline over 5 years	-8.22%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-16.91%	—	—
Current Drawdown Current decline from peak	-0.32%	-10.75%	+10.43%
Average Drawdown Average peak-to-trough decline	-0.72%	-8.39%	+7.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	2.93%	-2.54%

Volatility

PRVBX vs. TUA - Volatility Comparison

The current volatility for Permanent Portfolio Versatile Bond Portfolio (PRVBX) is 0.66%, while Simplify Short Term Treasury Futures Strategy ETF (TUA) has a volatility of 2.72%. This indicates that PRVBX experiences smaller price fluctuations and is considered to be less risky than TUA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRVBX	TUA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	2.72%	-2.06%
Volatility (6M) Calculated over the trailing 6-month period	1.45%	5.28%	-3.83%
Volatility (1Y) Calculated over the trailing 1-year period	1.80%	7.03%	-5.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.36%	10.75%	-8.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.36%	10.75%	-6.39%

PRVBX vs. TUA - Expense Ratio Comparison

PRVBX has a 0.64% expense ratio, which is higher than TUA's 0.16% expense ratio.

Dividends

PRVBX vs. TUA - Dividend Comparison

PRVBX's dividend yield for the trailing twelve months is around 4.14%, more than TUA's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TUA Simplify Short Term Treasury Futures Strategy ETF	3.58%	3.84%	5.19%	4.83%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PRVBX and TUA in my portfolio?

PRVBX and TUA have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRVBX or TUA?

TUA has higher volatility (2.72%) compared to PRVBX (0.66%). In terms of maximum drawdown, PRVBX dropped -16.91% vs TUA's -15.85%.

Which has better risk-adjusted returns?

PRVBX currently has the higher Sharpe Ratio (2.60 vs -0.54), 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.