SBFAX vs. ICFSX

Last updated Jun 23, 2026

SBFAX (1919 Financial Services Fund) and ICFSX (ICON Consumer Select Fund) are both Financials Equities funds. Over the past 10 years, SBFAX returned 8.86%/yr vs 10.76%/yr for ICFSX. Their correlation of 0.88 suggests significant overlap in exposure. SBFAX charges 1.36%/yr vs 1.32%/yr for ICFSX.

Performance

SBFAX vs. ICFSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 1919 Financial Services Fund (SBFAX) and ICON Consumer Select Fund (ICFSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBFAX achieves a -2.27% return, which is significantly higher than ICFSX's -3.68% return. Over the past 10 years, SBFAX has underperformed ICFSX with an annualized return of 8.86%, while ICFSX has yielded a comparatively higher 10.76% annualized return.

SBFAX

• 1D: -0.54%
• 1M: 1.85%
• YTD: -2.27%
• 6M: -3.73%
• 1Y: 2.24%
• 3Y*: 13.48%
• 5Y*: 4.20%
• 10Y*: 8.86%

ICFSX

• 1D: -0.56%
• 1M: -0.45%
• YTD: -3.68%
• 6M: -5.01%
• 1Y: 5.09%
• 3Y*: 14.54%
• 5Y*: 9.61%
• 10Y*: 10.76%

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

SBFAX vs. ICFSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBFAX 1919 Financial Services Fund	-2.27%	4.29%	24.86%	1.50%	-13.99%	30.74%	0.14%	29.11%	-14.94%	14.65%
ICFSX ICON Consumer Select Fund	-3.68%	5.96%	35.19%	18.16%	-10.30%	22.79%	-7.47%	36.93%	-18.04%	20.03%

Correlation

The correlation between SBFAX and ICFSX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999	0.88

The correlation between SBFAX and ICFSX has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

Return for Risk

SBFAX vs. ICFSX — Risk / Return Rank

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

SBFAX

SBFAX Risk / Return Rank: 4
SBFAX Sharpe Ratio Rank: 4
SBFAX Sortino Ratio Rank: 4
SBFAX Omega Ratio Rank: 4
SBFAX Calmar Ratio Rank: 4
SBFAX Martin Ratio Rank: 4

ICFSX

ICFSX Risk / Return Rank: 5
ICFSX Sharpe Ratio Rank: 6
ICFSX Sortino Ratio Rank: 6
ICFSX Omega Ratio Rank: 5
ICFSX Calmar Ratio Rank: 5
ICFSX Martin Ratio Rank: 5

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.

SBFAX vs. ICFSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 1919 Financial Services Fund (SBFAX) and ICON Consumer Select Fund (ICFSX). 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.

	SBFAX	ICFSX	Difference
Sharpe ratio: Return per unit of total volatility	0.18	0.38	-0.19
Sortino ratio: Return per unit of downside risk	0.36	0.65	-0.29
Omega ratio: Gain probability vs. loss probability	1.04	1.07	-0.03
Calmar ratio: Return relative to maximum drawdown	0.24	0.42	-0.18
Martin ratio: Return relative to average drawdown	0.55	1.10	-0.55

SBFAX vs. ICFSX - Sharpe Ratio Comparison

The current SBFAX Sharpe Ratio is 0.18, which is lower than the ICFSX Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of SBFAX and ICFSX, 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

SBFAX vs. ICFSX - Drawdown Comparison

The maximum SBFAX drawdown since its inception was -49.33%, smaller than the maximum ICFSX drawdown of -77.40%. Use the drawdown chart below to compare losses from any high point for SBFAX and ICFSX.

Drawdown Indicators

	SBFAX	ICFSX	Difference
Max Drawdown Largest peak-to-trough decline	-49.33%	-77.40%	+28.07%
Max Drawdown (1Y) Largest decline over 1 year	-11.03%	-12.67%	+1.64%
Max Drawdown (3Y) Largest decline over 3 years	-16.41%	-20.61%	+4.20%
Max Drawdown (5Y) Largest decline over 5 years	-33.94%	-23.27%	-10.67%
Max Drawdown (10Y) Largest decline over 10 years	-43.58%	-48.50%	+4.92%
Current Drawdown Current decline from peak	-5.23%	-6.81%	+1.58%
Average Drawdown Average peak-to-trough decline	-9.51%	-21.34%	+11.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.85%	4.82%	+0.03%

Volatility

SBFAX vs. ICFSX - Volatility Comparison

1919 Financial Services Fund (SBFAX) has a higher volatility of 4.49% compared to ICON Consumer Select Fund (ICFSX) at 3.81%. This indicates that SBFAX's price experiences larger fluctuations and is considered to be riskier than ICFSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBFAX	ICFSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	3.81%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	10.51%	10.50%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	14.49%	14.07%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.31%	20.43%	-1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.84%	23.75%	-0.91%

SBFAX vs. ICFSX - Expense Ratio Comparison

SBFAX has a 1.36% expense ratio, which is higher than ICFSX's 1.32% expense ratio.

Dividends

SBFAX vs. ICFSX - Dividend Comparison

SBFAX's dividend yield for the trailing twelve months is around 14.84%, more than ICFSX's 11.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICFSX ICON Consumer Select Fund	11.68%	11.25%	34.59%	7.32%	17.71%	10.98%	0.00%	1.94%	0.75%	0.21%	0.97%	0.59%
SBFAX 1919 Financial Services Fund	14.84%	14.51%	10.60%	10.93%	2.40%	4.83%	5.09%	3.84%	1.58%	0.00%	2.93%	7.25%

Frequently Asked Questions

Can I hold both SBFAX and ICFSX in my portfolio?

SBFAX and ICFSX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBFAX or ICFSX?

SBFAX has higher volatility (4.49%) compared to ICFSX (3.81%). In terms of maximum drawdown, SBFAX dropped -49.33% vs ICFSX's -77.40%.

Which has better risk-adjusted returns?

ICFSX currently has the higher Sharpe Ratio (0.38 vs 0.18), 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.