PSMIX vs. ARBIX

Last updated Jun 5, 2026

PSMIX (Principal Global Multi-Strategy Fund) and ARBIX (Absolute Convertible Arbitrage Fund Institutional Shares) are both Multistrategy funds. Over the past 5 years, PSMIX returned 6.00%/yr vs 5.34%/yr for ARBIX. At a 0.39 correlation, their price movements are largely independent. PSMIX charges 1.63%/yr vs 1.47%/yr for ARBIX.

Performance

PSMIX vs. ARBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Global Multi-Strategy Fund (PSMIX) and Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSMIX achieves a 5.41% return, which is significantly higher than ARBIX's 4.60% return.

PSMIX

• 1D: -0.24%
• 1M: 1.15%
• YTD: 5.41%
• 6M: 6.23%
• 1Y: 14.49%
• 3Y*: 9.84%
• 5Y*: 6.00%
• 10Y*: 5.25%

ARBIX

• 1D: -0.08%
• 1M: 1.09%
• YTD: 4.60%
• 6M: 5.04%
• 1Y: 9.37%
• 3Y*: 7.79%
• 5Y*: 5.34%
• 10Y*: —

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

PSMIX vs. ARBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSMIX Principal Global Multi-Strategy Fund	5.41%	10.47%	8.90%	6.59%	-1.80%	5.62%	5.11%	8.18%	-4.34%	2.28%
ARBIX Absolute Convertible Arbitrage Fund Institutional Shares	4.60%	8.29%	7.53%	5.30%	-0.53%	2.95%	9.28%	6.38%	2.07%	8,411.75%

Correlation

The correlation between PSMIX and ARBIX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since Aug 8, 2017	0.39

The correlation between PSMIX and ARBIX shifts across timeframes, from 0.30 (3 years) to 0.56 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PSMIX vs. ARBIX — Risk / Return Rank

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

PSMIX

PSMIX Risk / Return Rank: 96
PSMIX Sharpe Ratio Rank: 98
PSMIX Sortino Ratio Rank: 97
PSMIX Omega Ratio Rank: 94
PSMIX Calmar Ratio Rank: 96
PSMIX Martin Ratio Rank: 96

ARBIX

ARBIX Risk / Return Rank: 100
ARBIX Sharpe Ratio Rank: 100
ARBIX Sortino Ratio Rank: 100
ARBIX Omega Ratio Rank: 99
ARBIX Calmar Ratio Rank: 100
ARBIX 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.

PSMIX vs. ARBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Global Multi-Strategy Fund (PSMIX) and Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX). 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.

	PSMIX	ARBIX	Difference
Sharpe ratio: Return per unit of total volatility	3.79	7.66	-3.87
Sortino ratio: Return per unit of downside risk	5.68	14.55	-8.87
Omega ratio: Gain probability vs. loss probability	1.76	3.70	-1.94
Calmar ratio: Return relative to maximum drawdown	6.07	18.40	-12.33
Martin ratio: Return relative to average drawdown	25.25	103.52	-78.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSMIX vs. ARBIX - Sharpe Ratio Comparison

The current PSMIX Sharpe Ratio is 3.79, which is lower than the ARBIX Sharpe Ratio of 7.66. The chart below compares the historical Sharpe Ratios of PSMIX and ARBIX, 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

	PSMIX	ARBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.79	7.66	-3.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.34	2.93	-1.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.10	+0.05

Drawdowns

PSMIX vs. ARBIX - Drawdown Comparison

The maximum PSMIX drawdown since its inception was -55.50%, which is greater than ARBIX's maximum drawdown of -4.31%. Use the drawdown chart below to compare losses from any high point for PSMIX and ARBIX.

Drawdown Indicators

	PSMIX	ARBIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.50%	-4.31%	-51.19%
Max Drawdown (1Y) Largest decline over 1 year	-2.41%	-0.51%	-1.90%
Max Drawdown (3Y) Largest decline over 3 years	-5.01%	-1.77%	-3.24%
Max Drawdown (5Y) Largest decline over 5 years	-6.39%	-4.02%	-2.37%
Max Drawdown (10Y) Largest decline over 10 years	-55.50%	—	—
Current Drawdown Current decline from peak	-24.76%	-0.08%	-24.68%
Average Drawdown Average peak-to-trough decline	-26.59%	-0.39%	-26.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	0.09%	+0.49%

Volatility

PSMIX vs. ARBIX - Volatility Comparison

Principal Global Multi-Strategy Fund (PSMIX) has a higher volatility of 1.08% compared to Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX) at 0.41%. This indicates that PSMIX's price experiences larger fluctuations and is considered to be riskier than ARBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSMIX	ARBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	0.41%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	2.92%	0.89%	+2.03%
Volatility (1Y) Calculated over the trailing 1-year period	3.87%	1.23%	+2.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.51%	1.83%	+2.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.09%	738.48%	-700.39%

PSMIX vs. ARBIX - Expense Ratio Comparison

PSMIX has a 1.63% expense ratio, which is higher than ARBIX's 1.47% expense ratio.

Dividends

PSMIX vs. ARBIX - Dividend Comparison

PSMIX's dividend yield for the trailing twelve months is around 5.24%, more than ARBIX's 5.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARBIX Absolute Convertible Arbitrage Fund Institutional Shares	5.10%	5.34%	4.87%	3.62%	3.33%	3.12%	2.92%	2.83%	1.97%	0.24%	0.00%	0.00%
PSMIX Principal Global Multi-Strategy Fund	5.24%	5.53%	1.66%	3.51%	12.10%	4.04%	1.68%	0.00%	6.52%	2.91%	0.15%	3.02%

Frequently Asked Questions

Can I hold both PSMIX and ARBIX in my portfolio?

PSMIX and ARBIX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSMIX or ARBIX?

PSMIX has higher volatility (1.08%) compared to ARBIX (0.41%). In terms of maximum drawdown, PSMIX dropped -55.50% vs ARBIX's -4.31%.

Which has better risk-adjusted returns?

ARBIX currently has the higher Sharpe Ratio (7.66 vs 3.79), 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.