RSRFX vs. PAXDX

Last updated Jun 24, 2026

RSRFX (Reaves Infrastructure Fund) and PAXDX (Pax Global Sustainable Infrastructure Fund) are both Energy Equities funds. Over the past 5 years, RSRFX returned 7.05%/yr vs 4.02%/yr for PAXDX. A 0.67 correlation means they provide meaningful diversification when combined. RSRFX charges 1.10%/yr vs 0.83%/yr for PAXDX.

Performance

RSRFX vs. PAXDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Reaves Infrastructure Fund (RSRFX) and Pax Global Sustainable Infrastructure Fund (PAXDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RSRFX achieves a 23.73% return, which is significantly higher than PAXDX's 5.11% return.

RSRFX

• 1D: 1.67%
• 1M: 1.26%
• YTD: 23.73%
• 6M: 22.71%
• 1Y: 16.05%
• 3Y*: 17.31%
• 5Y*: 7.05%
• 10Y*: 7.30%

PAXDX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 5.11%
• 6M: 5.01%
• 1Y: 6.09%
• 3Y*: 7.64%
• 5Y*: 4.02%
• 10Y*: —

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

RSRFX vs. PAXDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RSRFX Reaves Infrastructure Fund	23.73%	3.73%	20.64%	1.77%	-16.84%	14.56%	1.83%	31.48%	-7.19%	5.09%
PAXDX Pax Global Sustainable Infrastructure Fund	5.11%	18.37%	-1.55%	9.33%	-13.45%	14.24%	14.25%	25.88%	-4.25%	19.24%

Correlation

The correlation between RSRFX and PAXDX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Dec 16, 2016	0.67

Over the past year, the correlation between RSRFX and PAXDX has dropped to 0.34 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

Return for Risk

RSRFX vs. PAXDX — Risk / Return Rank

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

RSRFX

RSRFX Risk / Return Rank: 11
RSRFX Sharpe Ratio Rank: 12
RSRFX Sortino Ratio Rank: 10
RSRFX Omega Ratio Rank: 15
RSRFX Calmar Ratio Rank: 11
RSRFX Martin Ratio Rank: 10

PAXDX

PAXDX Risk / Return Rank: 18
PAXDX Sharpe Ratio Rank: 14
PAXDX Sortino Ratio Rank: 12
PAXDX Omega Ratio Rank: 18
PAXDX Calmar Ratio Rank: 24
PAXDX Martin Ratio Rank: 22

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.

RSRFX vs. PAXDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reaves Infrastructure Fund (RSRFX) and Pax Global Sustainable Infrastructure Fund (PAXDX). 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.

	RSRFX	PAXDX	Difference
Sharpe ratio: Return per unit of total volatility	0.85	0.96	-0.10
Sortino ratio: Return per unit of downside risk	1.14	1.34	-0.20
Omega ratio: Gain probability vs. loss probability	1.19	1.21	-0.02
Calmar ratio: Return relative to maximum drawdown	0.96	1.69	-0.73
Martin ratio: Return relative to average drawdown	2.61	5.03	-2.42

RSRFX vs. PAXDX - Sharpe Ratio Comparison

The current RSRFX Sharpe Ratio is 0.85, which is comparable to the PAXDX Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of RSRFX and PAXDX, 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

RSRFX vs. PAXDX - Drawdown Comparison

The maximum RSRFX drawdown since its inception was -55.96%, which is greater than PAXDX's maximum drawdown of -33.58%. Use the drawdown chart below to compare losses from any high point for RSRFX and PAXDX.

Drawdown Indicators

	RSRFX	PAXDX	Difference
Max Drawdown Largest peak-to-trough decline	-55.96%	-33.58%	-22.38%
Max Drawdown (1Y) Largest decline over 1 year	-18.72%	-4.49%	-14.23%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	-14.56%	-4.16%
Max Drawdown (5Y) Largest decline over 5 years	-27.35%	-25.04%	-2.31%
Max Drawdown (10Y) Largest decline over 10 years	-36.32%	—	—
Current Drawdown Current decline from peak	-1.38%	-0.74%	-0.64%
Average Drawdown Average peak-to-trough decline	-10.08%	-5.25%	-4.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.83%	1.47%	+5.36%

Volatility

RSRFX vs. PAXDX - Volatility Comparison

Reaves Infrastructure Fund (RSRFX) has a higher volatility of 6.46% compared to Pax Global Sustainable Infrastructure Fund (PAXDX) at 0.00%. This indicates that RSRFX's price experiences larger fluctuations and is considered to be riskier than PAXDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RSRFX	PAXDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.46%	0.00%	+6.46%
Volatility (6M) Calculated over the trailing 6-month period	14.33%	4.06%	+10.27%
Volatility (1Y) Calculated over the trailing 1-year period	21.03%	7.94%	+13.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.54%	13.16%	+4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.74%	16.48%	+1.26%

RSRFX vs. PAXDX - Expense Ratio Comparison

RSRFX has a 1.10% expense ratio, which is higher than PAXDX's 0.83% expense ratio.

Dividends

RSRFX vs. PAXDX - Dividend Comparison

RSRFX's dividend yield for the trailing twelve months is around 0.42%, less than PAXDX's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAXDX Pax Global Sustainable Infrastructure Fund	1.06%	2.17%	2.07%	2.43%	2.48%	58.94%	2.88%	4.69%	3.55%	2.13%	0.12%	0.00%
RSRFX Reaves Infrastructure Fund	0.42%	0.66%	1.50%	3.03%	12.44%	5.16%	0.56%	7.44%	10.43%	1.08%	19.57%	2.65%

Frequently Asked Questions

Can I hold both RSRFX and PAXDX in my portfolio?

RSRFX and PAXDX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RSRFX or PAXDX?

RSRFX has higher volatility (6.46%) compared to PAXDX (0.00%). In terms of maximum drawdown, RSRFX dropped -55.96% vs PAXDX's -33.58%.

Which has better risk-adjusted returns?

PAXDX currently has the higher Sharpe Ratio (0.96 vs 0.85), 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.