SMARX vs. PBBBX
Compare and contrast key facts about Brandes Separately Managed Account Reserve Trust (SMARX) and PIA BBB Bond Fund (PBBBX).
SMARX is managed by BlackRock. It was launched on Oct 3, 2005. PBBBX is managed by PIA Mutual Funds. It was launched on Sep 25, 2003.
Performance
SMARX vs. PBBBX - Performance Comparison
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SMARX vs. PBBBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMARX Brandes Separately Managed Account Reserve Trust | -0.18% | 6.91% | 3.73% | 9.76% | -11.77% | 0.76% | 6.55% | 7.77% | -1.13% | 4.75% |
PBBBX PIA BBB Bond Fund | -0.91% | 8.14% | 2.41% | 9.19% | -16.35% | -1.20% | 9.37% | 16.49% | -3.02% | 7.16% |
Returns By Period
In the year-to-date period, SMARX achieves a -0.18% return, which is significantly higher than PBBBX's -0.91% return. Over the past 10 years, SMARX has outperformed PBBBX with an annualized return of 3.35%, while PBBBX has yielded a comparatively lower 3.01% annualized return.
SMARX
- 1D
- 0.13%
- 1M
- -1.62%
- YTD
- -0.18%
- 6M
- 0.37%
- 1Y
- 3.86%
- 3Y*
- 5.23%
- 5Y*
- 1.94%
- 10Y*
- 3.35%
PBBBX
- 1D
- 0.35%
- 1M
- -1.95%
- YTD
- -0.91%
- 6M
- -0.40%
- 1Y
- 4.42%
- 3Y*
- 5.03%
- 5Y*
- 0.68%
- 10Y*
- 3.01%
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SMARX vs. PBBBX - Expense Ratio Comparison
SMARX has a 0.00% expense ratio, which is lower than PBBBX's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
SMARX vs. PBBBX — Risk / Return Rank
SMARX
PBBBX
SMARX vs. PBBBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Brandes Separately Managed Account Reserve Trust (SMARX) and PIA BBB Bond Fund (PBBBX). 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.
| SMARX | PBBBX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.04 | 1.06 | -0.02 |
Sortino ratioReturn per unit of downside risk | 1.48 | 1.50 | -0.02 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.20 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.79 | 1.52 | +0.26 |
Martin ratioReturn relative to average drawdown | 5.69 | 5.14 | +0.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMARX | PBBBX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.04 | 1.06 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.10 | +0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.77 | 0.50 | +0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.75 | -0.34 |
Correlation
The correlation between SMARX and PBBBX is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
SMARX vs. PBBBX - Dividend Comparison
SMARX's dividend yield for the trailing twelve months is around 4.70%, more than PBBBX's 3.77% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMARX Brandes Separately Managed Account Reserve Trust | 4.70% | 5.02% | 4.07% | 3.85% | 3.53% | 2.57% | 3.35% | 4.19% | 4.55% | 4.20% | 4.87% | 5.24% |
PBBBX PIA BBB Bond Fund | 3.77% | 4.02% | 3.82% | 3.57% | 3.24% | 2.85% | 3.16% | 3.78% | 4.20% | 3.75% | 3.95% | 4.12% |
Drawdowns
SMARX vs. PBBBX - Drawdown Comparison
The maximum SMARX drawdown since its inception was -47.07%, which is greater than PBBBX's maximum drawdown of -23.00%. Use the drawdown chart below to compare losses from any high point for SMARX and PBBBX.
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Drawdown Indicators
| SMARX | PBBBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.07% | -23.00% | -24.07% |
Max Drawdown (1Y)Largest decline over 1 year | -2.63% | -3.30% | +0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -16.20% | -23.00% | +6.80% |
Max Drawdown (10Y)Largest decline over 10 years | -16.20% | -23.00% | +6.80% |
Current DrawdownCurrent decline from peak | -1.86% | -2.51% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -7.02% | -3.50% | -3.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 0.98% | -0.15% |
Volatility
SMARX vs. PBBBX - Volatility Comparison
The current volatility for Brandes Separately Managed Account Reserve Trust (SMARX) is 1.66%, while PIA BBB Bond Fund (PBBBX) has a volatility of 1.76%. This indicates that SMARX experiences smaller price fluctuations and is considered to be less risky than PBBBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMARX | PBBBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.66% | 1.76% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.55% | 2.73% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.03% | 4.76% | -0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.12% | 6.69% | -1.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.37% | 6.02% | -1.65% |