RFBAX vs. HLGAX
RFBAX (Davis Government Bond Fund) and HLGAX (JPMorgan Government Bond Fund) are both Government Bonds funds. Over the past 10 years, RFBAX returned 1.10%/yr vs 1.14%/yr for HLGAX. A 0.63 correlation means they provide meaningful diversification when combined. RFBAX charges 1.00%/yr vs 0.47%/yr for HLGAX.
Performance
RFBAX vs. HLGAX - Performance Comparison
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Returns By Period
In the year-to-date period, RFBAX achieves a 1.08% return, which is significantly higher than HLGAX's -0.07% return. Both investments have delivered pretty close results over the past 10 years, with RFBAX having a 1.10% annualized return and HLGAX not far ahead at 1.14%.
RFBAX
- 1D
- 0.19%
- 1M
- 0.45%
- YTD
- 1.08%
- 6M
- 1.34%
- 1Y
- 3.48%
- 3Y*
- 4.04%
- 5Y*
- 1.38%
- 10Y*
- 1.10%
HLGAX
- 1D
- 0.21%
- 1M
- 0.73%
- YTD
- -0.07%
- 6M
- 0.02%
- 1Y
- 3.78%
- 3Y*
- 3.39%
- 5Y*
- -0.24%
- 10Y*
- 1.14%
RFBAX vs. HLGAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RFBAX Davis Government Bond Fund | 1.08% | 4.49% | 4.33% | 3.63% | -5.29% | -1.48% | 1.69% | 3.23% | 0.42% | 0.21% |
HLGAX JPMorgan Government Bond Fund | -0.07% | 6.70% | 1.26% | 4.38% | -11.85% | -2.12% | 6.95% | 6.58% | 0.84% | 2.36% |
Correlation
The correlation between RFBAX and HLGAX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995 | 0.63 |
Over the past year, the correlation between RFBAX and HLGAX has dropped to 0.41 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.
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Return for Risk
RFBAX vs. HLGAX — Risk / Return Rank
RFBAX
HLGAX
RFBAX vs. HLGAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Davis Government Bond Fund (RFBAX) and JPMorgan Government Bond Fund (HLGAX). 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.
| RFBAX | HLGAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.19 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 4.53 | 1.18 | +3.36 |
| Martin ratioReturn relative to average drawdown | 17.80 | 3.32 | +14.48 |
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Drawdowns
RFBAX vs. HLGAX - Drawdown Comparison
The maximum RFBAX drawdown since its inception was -8.03%, smaller than the maximum HLGAX drawdown of -17.41%. Use the drawdown chart below to compare losses from any high point for RFBAX and HLGAX.
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Drawdown Indicators
| RFBAX | HLGAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.03% | -17.41% | +9.38% |
Max Drawdown (1Y)Largest decline over 1 year | -0.77% | -3.32% | +2.55% |
Max Drawdown (3Y)Largest decline over 3 years | -0.88% | -5.89% | +5.01% |
Max Drawdown (5Y)Largest decline over 5 years | -7.50% | -16.46% | +8.96% |
Max Drawdown (10Y)Largest decline over 10 years | -8.03% | -17.41% | +9.38% |
Current DrawdownCurrent decline from peak | 0.00% | -3.53% | +3.53% |
Average DrawdownAverage peak-to-trough decline | -1.18% | -2.54% | +1.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 1.17% | -0.97% |
Volatility
RFBAX vs. HLGAX - Volatility Comparison
The current volatility for Davis Government Bond Fund (RFBAX) is 0.53%, while JPMorgan Government Bond Fund (HLGAX) has a volatility of 1.15%. This indicates that RFBAX experiences smaller price fluctuations and is considered to be less risky than HLGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RFBAX | HLGAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 1.15% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 1.28% | 2.80% | -1.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.86% | 3.71% | -1.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.10% | 5.57% | -3.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.79% | 4.57% | -2.78% |
RFBAX vs. HLGAX - Expense Ratio Comparison
RFBAX has a 1.00% expense ratio, which is higher than HLGAX's 0.47% expense ratio.
Dividends
RFBAX vs. HLGAX - Dividend Comparison
RFBAX's dividend yield for the trailing twelve months is around 3.03%, less than HLGAX's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HLGAX JPMorgan Government Bond Fund | 3.11% | 2.91% | 2.86% | 2.56% | 2.12% | 1.49% | 1.80% | 2.36% | 2.45% | 2.44% | 2.78% | 3.99% |
RFBAX Davis Government Bond Fund | 3.03% | 3.01% | 3.23% | 2.15% | 0.80% | 0.57% | 0.93% | 1.67% | 1.17% | 0.59% | 0.68% | 0.75% |
Frequently Asked Questions
RFBAX and HLGAX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HLGAX has higher volatility (1.15%) compared to RFBAX (0.53%). In terms of maximum drawdown, RFBAX dropped -8.03% vs HLGAX's -17.41%.
RFBAX currently has the higher Sharpe Ratio (1.88 vs 1.05), 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.
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