SQBIX vs. IOEZX

Last updated Jul 4, 2026

SQBIX (X-Square Balanced Fund, LLC) and IOEZX (ICON Equity Income Fund) are both Diversified Portfolio funds. Over the past 5 years, SQBIX returned 7.12%/yr vs 5.93%/yr for IOEZX. A 0.76 correlation means they provide meaningful diversification when combined. SQBIX charges 2.50%/yr vs 1.00%/yr for IOEZX.

Performance

SQBIX vs. IOEZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in X-Square Balanced Fund, LLC (SQBIX) and ICON Equity Income Fund (IOEZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQBIX achieves a 10.30% return, which is significantly lower than IOEZX's 18.31% return.

SQBIX

• 1D: 0.06%
• 1M: -1.01%
• 6M: 9.80%
• YTD: 10.30%
• 1Y: 17.20%
• 3Y*: 14.01%
• 5Y*: 7.12%
• 10Y*: —

IOEZX

• 1D: 1.13%
• 1M: 3.63%
• 6M: 16.54%
• YTD: 18.31%
• 1Y: 27.11%
• 3Y*: 13.88%
• 5Y*: 5.93%
• 10Y*: 9.00%

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

SQBIX vs. IOEZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SQBIX X-Square Balanced Fund, LLC	10.30%	11.53%	12.94%	13.93%	-10.67%	9.54%	12.34%	3.70%
IOEZX ICON Equity Income Fund	18.31%	14.29%	6.12%	3.82%	-13.56%	24.15%	3.16%	6.47%

Correlation

The correlation between SQBIX and IOEZX is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Nov 1, 2019	0.76

The correlation between SQBIX and IOEZX shifts across timeframes, from 0.61 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SQBIX vs. IOEZX — Risk / Return Rank

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

SQBIX

SQBIX Risk / Return Rank: 78
SQBIX Sharpe Ratio Rank: 74
SQBIX Sortino Ratio Rank: 72
SQBIX Omega Ratio Rank: 69
SQBIX Calmar Ratio Rank: 89
SQBIX Martin Ratio Rank: 87

IOEZX

IOEZX Risk / Return Rank: 87
IOEZX Sharpe Ratio Rank: 85
IOEZX Sortino Ratio Rank: 86
IOEZX Omega Ratio Rank: 77
IOEZX Calmar Ratio Rank: 93
IOEZX Martin Ratio Rank: 92

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.

SQBIX vs. IOEZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for X-Square Balanced Fund, LLC (SQBIX) and ICON Equity Income Fund (IOEZX). 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.

	SQBIX	IOEZX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.29	-0.37
Sortino ratio: Return per unit of downside risk	2.72	3.41	-0.69
Omega ratio: Gain probability vs. loss probability	1.35	1.38	-0.04
Calmar ratio: Return relative to maximum drawdown	3.58	4.12	-0.54
Martin ratio: Return relative to average drawdown	12.85	14.95	-2.10

SQBIX vs. IOEZX - Sharpe Ratio Comparison

The current SQBIX Sharpe Ratio is 1.92, which is comparable to the IOEZX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of SQBIX and IOEZX, 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

SQBIX vs. IOEZX - Drawdown Comparison

The maximum SQBIX drawdown since its inception was -19.70%, smaller than the maximum IOEZX drawdown of -56.15%. Use the drawdown chart below to compare losses from any high point for SQBIX and IOEZX.

Drawdown Indicators

	SQBIX	IOEZX	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-56.15%	+36.45%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	-6.77%	+1.83%
Max Drawdown (3Y) Largest decline over 3 years	-14.43%	-13.95%	-0.48%
Max Drawdown (5Y) Largest decline over 5 years	-17.70%	-21.47%	+3.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.12%	—
Current Drawdown Current decline from peak	-1.13%	0.00%	-1.13%
Average Drawdown Average peak-to-trough decline	-3.77%	-8.55%	+4.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	1.86%	-0.49%

Volatility

SQBIX vs. IOEZX - Volatility Comparison

X-Square Balanced Fund, LLC (SQBIX) and ICON Equity Income Fund (IOEZX) have volatilities of 3.81% and 3.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQBIX	IOEZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	3.68%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	7.33%	9.14%	-1.81%
Volatility (1Y) Calculated over the trailing 1-year period	9.19%	12.17%	-2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.82%	13.79%	-1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.92%	16.44%	-3.52%

SQBIX vs. IOEZX - Expense Ratio Comparison

SQBIX has a 2.50% expense ratio, which is higher than IOEZX's 1.00% expense ratio.

Dividends

SQBIX vs. IOEZX - Dividend Comparison

SQBIX's dividend yield for the trailing twelve months is around 1.62%, less than IOEZX's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IOEZX ICON Equity Income Fund	2.83%	3.56%	4.32%	3.75%	13.63%	12.92%	3.68%	4.74%	3.80%	3.13%	3.32%	4.24%
SQBIX X-Square Balanced Fund, LLC	1.62%	1.18%	1.74%	0.96%	2.17%	0.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SQBIX and IOEZX in my portfolio?

SQBIX and IOEZX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SQBIX or IOEZX?

SQBIX has higher volatility (3.81%) compared to IOEZX (3.68%). In terms of maximum drawdown, SQBIX dropped -19.70% vs IOEZX's -56.15%.

Which has better risk-adjusted returns?

IOEZX currently has the higher Sharpe Ratio (2.29 vs 1.92), 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.