SHRIX vs. CBYYX

Last updated Jun 23, 2026

SHRIX (Stone Ridge High Yield Reinsurance Risk Premium Fund Class I) and CBYYX (Victory Pioneer Cat Bond Fund Class Y) are both mutual funds - SHRIX is a Multistrategy fund actively managed by Stone Ridge, while CBYYX is a Nontraditional Bonds fund actively managed by Victory. Both are actively managed. Over the past year, SHRIX returned 12.17% vs 11.04% for CBYYX. At a 0.30 correlation, their price movements are largely independent. SHRIX charges 1.76%/yr vs 1.46%/yr for CBYYX.

Performance

SHRIX vs. CBYYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Stone Ridge High Yield Reinsurance Risk Premium Fund Class I (SHRIX) and Victory Pioneer Cat Bond Fund Class Y (CBYYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHRIX achieves a 1.80% return, which is significantly lower than CBYYX's 2.73% return.

SHRIX

• 1D: 0.00%
• 1M: 0.55%
• YTD: 1.80%
• 6M: 2.02%
• 1Y: 12.17%
• 3Y*: 13.13%
• 5Y*: 9.10%
• 10Y*: —

CBYYX

• 1D: 0.00%
• 1M: 0.71%
• YTD: 2.73%
• 6M: 2.92%
• 1Y: 11.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SHRIX vs. CBYYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHRIX Stone Ridge High Yield Reinsurance Risk Premium Fund Class I	1.80%	10.70%	16.73%	5.45%
CBYYX Victory Pioneer Cat Bond Fund Class Y	2.73%	11.09%	15.69%	3.43%

Correlation

The correlation between SHRIX and CBYYX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Sep 6, 2023	0.30

Return for Risk

SHRIX vs. CBYYX — Risk / Return Rank

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

SHRIX

SHRIX Risk / Return Rank: 98
SHRIX Sharpe Ratio Rank: 100
SHRIX Sortino Ratio Rank: 98
SHRIX Omega Ratio Rank: 100
SHRIX Calmar Ratio Rank: 97
SHRIX Martin Ratio Rank: 97

CBYYX

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

SHRIX vs. CBYYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Stone Ridge High Yield Reinsurance Risk Premium Fund Class I (SHRIX) and Victory Pioneer Cat Bond Fund Class Y (CBYYX). 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.

	SHRIX	CBYYX	Difference
Sharpe ratio: Return per unit of total volatility	5.19	9.10	-3.91
Sortino ratio: Return per unit of downside risk	6.00	31.33	-25.34
Omega ratio: Gain probability vs. loss probability	4.97	9.36	-4.39
Calmar ratio: Return relative to maximum drawdown	6.53	122.09	-115.56
Martin ratio: Return relative to average drawdown	22.69	440.62	-417.92

SHRIX vs. CBYYX - Sharpe Ratio Comparison

The current SHRIX Sharpe Ratio is 5.19, which is lower than the CBYYX Sharpe Ratio of 9.10. The chart below compares the historical Sharpe Ratios of SHRIX and CBYYX, 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

SHRIX vs. CBYYX - Drawdown Comparison

The maximum SHRIX drawdown since its inception was -14.34%, which is greater than CBYYX's maximum drawdown of -8.72%. Use the drawdown chart below to compare losses from any high point for SHRIX and CBYYX.

Drawdown Indicators

	SHRIX	CBYYX	Difference
Max Drawdown Largest peak-to-trough decline	-14.34%	-8.72%	-5.62%
Max Drawdown (1Y) Largest decline over 1 year	-1.87%	-0.09%	-1.78%
Max Drawdown (3Y) Largest decline over 3 years	-6.91%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-12.69%	—	—
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-2.05%	-1.29%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.03%	+0.51%

Volatility

SHRIX vs. CBYYX - Volatility Comparison

Stone Ridge High Yield Reinsurance Risk Premium Fund Class I (SHRIX) has a higher volatility of 0.22% compared to Victory Pioneer Cat Bond Fund Class Y (CBYYX) at 0.20%. This indicates that SHRIX's price experiences larger fluctuations and is considered to be riskier than CBYYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHRIX	CBYYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.20%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.03%	0.61%	+1.42%
Volatility (1Y) Calculated over the trailing 1-year period	2.36%	1.22%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.26%	8.14%	-1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.28%	8.14%	-1.86%

SHRIX vs. CBYYX - Expense Ratio Comparison

SHRIX has a 1.76% expense ratio, which is higher than CBYYX's 1.46% expense ratio.

Dividends

SHRIX vs. CBYYX - Dividend Comparison

SHRIX's dividend yield for the trailing twelve months is around 8.40%, less than CBYYX's 8.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CBYYX Victory Pioneer Cat Bond Fund Class Y	8.89%	9.14%	10.33%	9.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SHRIX Stone Ridge High Yield Reinsurance Risk Premium Fund Class I	8.40%	10.92%	14.34%	12.34%	3.89%	4.61%	6.34%	5.06%	5.09%	0.35%

Frequently Asked Questions

Can I hold both SHRIX and CBYYX in my portfolio?

SHRIX and CBYYX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHRIX or CBYYX?

SHRIX has higher volatility (0.22%) compared to CBYYX (0.20%). In terms of maximum drawdown, SHRIX dropped -14.34% vs CBYYX's -8.72%.

Which has better risk-adjusted returns?

CBYYX currently has the higher Sharpe Ratio (9.10 vs 5.19), 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.