SUBFX vs. BERCX

Last updated Jun 3, 2026

SUBFX (Carillon Reams Unconstrained Bond Fund) and BERCX (Chartwell Mid Cap Value Fund) are both mutual funds - SUBFX is a Nontraditional Bonds fund managed by Carillon Family of Funds, while BERCX is a Mid Cap Value Equities fund managed by Carillon Family of Funds. Over the past 10 years, SUBFX returned 3.93%/yr vs 8.77%/yr for BERCX. At a 0.28 correlation, their price movements are largely independent. SUBFX charges 0.50%/yr vs 0.90%/yr for BERCX.

Performance

SUBFX vs. BERCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Carillon Reams Unconstrained Bond Fund (SUBFX) and Chartwell Mid Cap Value Fund (BERCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SUBFX achieves a 0.79% return, which is significantly lower than BERCX's 8.82% return. Over the past 10 years, SUBFX has underperformed BERCX with an annualized return of 3.93%, while BERCX has yielded a comparatively higher 8.77% annualized return.

SUBFX

• 1D: -0.19%
• 1M: -0.43%
• YTD: 0.79%
• 6M: 0.69%
• 1Y: 6.13%
• 3Y*: 6.44%
• 5Y*: 3.55%
• 10Y*: 3.93%

BERCX

• 1D: -0.66%
• 1M: 0.95%
• YTD: 8.82%
• 6M: 11.23%
• 1Y: 22.73%
• 3Y*: 12.98%
• 5Y*: 6.76%
• 10Y*: 8.77%

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

SUBFX vs. BERCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SUBFX Carillon Reams Unconstrained Bond Fund	0.79%	10.61%	4.22%	8.53%	-4.74%	-0.32%	11.18%	6.52%	0.53%	2.04%
BERCX Chartwell Mid Cap Value Fund	8.82%	11.77%	11.35%	6.93%	-11.61%	27.30%	-3.83%	23.31%	-10.92%	16.98%

Correlation

The correlation between SUBFX and BERCX 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	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Oct 3, 2011	0.28

The correlation between SUBFX and BERCX shifts across timeframes, from 0.21 (10 years) to 0.34 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SUBFX vs. BERCX — Risk / Return Rank

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

SUBFX

SUBFX Risk / Return Rank: 42
SUBFX Sharpe Ratio Rank: 35
SUBFX Sortino Ratio Rank: 38
SUBFX Omega Ratio Rank: 40
SUBFX Calmar Ratio Rank: 47
SUBFX Martin Ratio Rank: 49

BERCX

BERCX Risk / Return Rank: 25
BERCX Sharpe Ratio Rank: 23
BERCX Sortino Ratio Rank: 26
BERCX Omega Ratio Rank: 24
BERCX Calmar Ratio Rank: 26
BERCX Martin Ratio Rank: 27

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.

SUBFX vs. BERCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Carillon Reams Unconstrained Bond Fund (SUBFX) and Chartwell Mid Cap Value Fund (BERCX). 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.

	SUBFX	BERCX	Difference
Sharpe ratio Return per unit of total volatility	1.74	1.40	+0.33
Sortino ratio Return per unit of downside risk	2.60	2.16	+0.44
Omega ratio Gain probability vs. loss probability	1.34	1.26	+0.08
Calmar ratio Return relative to maximum drawdown	2.64	1.95	+0.68
Martin ratio Return relative to average drawdown	10.26	6.62	+3.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SUBFX vs. BERCX - Sharpe Ratio Comparison

The current SUBFX Sharpe Ratio is 1.74, which is comparable to the BERCX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of SUBFX and BERCX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SUBFX	BERCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	1.40	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.39	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.46	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.40	+0.55

Drawdowns

SUBFX vs. BERCX - Drawdown Comparison

The maximum SUBFX drawdown since its inception was -11.22%, smaller than the maximum BERCX drawdown of -52.71%. Use the drawdown chart below to compare losses from any high point for SUBFX and BERCX.

Drawdown Indicators

	SUBFX	BERCX	Difference
Max Drawdown Largest peak-to-trough decline	-11.22%	-52.71%	+41.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.34%	-11.45%	+9.11%
Max Drawdown (3Y) Largest decline over 3 years	-4.88%	-19.57%	+14.69%
Max Drawdown (5Y) Largest decline over 5 years	-11.17%	-22.04%	+10.87%
Max Drawdown (10Y) Largest decline over 10 years	-11.22%	-42.41%	+31.19%
Current Drawdown Current decline from peak	-1.04%	-2.05%	+1.01%
Average Drawdown Average peak-to-trough decline	-1.46%	-7.53%	+6.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	3.38%	-2.78%

Volatility

SUBFX vs. BERCX - Volatility Comparison

The current volatility for Carillon Reams Unconstrained Bond Fund (SUBFX) is 1.51%, while Chartwell Mid Cap Value Fund (BERCX) has a volatility of 4.32%. This indicates that SUBFX experiences smaller price fluctuations and is considered to be less risky than BERCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SUBFX	BERCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	4.32%	-2.81%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	11.91%	-9.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.43%	16.21%	-12.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.49%	17.32%	-11.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.29%	19.23%	-13.94%

SUBFX vs. BERCX - Expense Ratio Comparison

SUBFX has a 0.50% expense ratio, which is lower than BERCX's 0.90% expense ratio.

Dividends

SUBFX vs. BERCX - Dividend Comparison

SUBFX's dividend yield for the trailing twelve months is around 6.06%, less than BERCX's 11.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BERCX Chartwell Mid Cap Value Fund	11.68%	12.71%	13.39%	3.20%	1.12%	0.60%	1.12%	2.08%	8.03%	23.00%	3.32%	0.92%
SUBFX Carillon Reams Unconstrained Bond Fund	6.06%	6.44%	4.92%	4.52%	2.16%	1.96%	3.01%	2.83%	2.06%	1.17%	1.01%	0.52%

Frequently Asked Questions

Can I hold both SUBFX and BERCX in my portfolio?

SUBFX and BERCX 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, SUBFX or BERCX?

BERCX has higher volatility (4.32%) compared to SUBFX (1.51%). In terms of maximum drawdown, SUBFX dropped -11.22% vs BERCX's -52.71%.

Which has better risk-adjusted returns?

SUBFX currently has the higher Sharpe Ratio (1.74 vs 1.40), 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.