SUBFX vs. STBNX

Last updated Jun 23, 2026

SUBFX (Carillon Reams Unconstrained Bond Fund) and STBNX (Sierra Tactical Bond Fund) are both Nontraditional Bonds funds. Over the past 5 years, SUBFX returned 3.64%/yr vs 1.58%/yr for STBNX. At a 0.47 correlation, their price movements are largely independent. SUBFX charges 0.50%/yr vs 1.63%/yr for STBNX.

Performance

SUBFX vs. STBNX - Performance Comparison

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

Returns By Period

In the year-to-date period, SUBFX achieves a 0.95% return, which is significantly lower than STBNX's 1.20% return.

SUBFX

• 1D: 0.24%
• 1M: 0.85%
• YTD: 0.95%
• 6M: 1.16%
• 1Y: 5.38%
• 3Y*: 6.61%
• 5Y*: 3.64%
• 10Y*: 3.93%

STBNX

• 1D: 0.20%
• 1M: 0.57%
• YTD: 1.20%
• 6M: 1.42%
• 1Y: 5.04%
• 3Y*: 3.84%
• 5Y*: 1.58%
• 10Y*: —

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

SUBFX vs. STBNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SUBFX Carillon Reams Unconstrained Bond Fund	0.95%	10.61%	4.22%	8.53%	-4.74%	-0.32%	11.18%	0.75%
STBNX Sierra Tactical Bond Fund	1.20%	-0.37%	6.36%	6.76%	-4.47%	1.11%	15.56%	2.41%

Correlation

The correlation between SUBFX and STBNX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019	0.47

The correlation between SUBFX and STBNX shifts across timeframes, from 0.47 (all time) to 0.66 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SUBFX vs. STBNX — Risk / Return Rank

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

SUBFX

SUBFX Risk / Return Rank: 39
SUBFX Sharpe Ratio Rank: 36
SUBFX Sortino Ratio Rank: 38
SUBFX Omega Ratio Rank: 40
SUBFX Calmar Ratio Rank: 42
SUBFX Martin Ratio Rank: 41

STBNX

STBNX Risk / Return Rank: 43
STBNX Sharpe Ratio Rank: 40
STBNX Sortino Ratio Rank: 44
STBNX Omega Ratio Rank: 43
STBNX Calmar Ratio Rank: 37
STBNX Martin Ratio Rank: 51

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. STBNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Carillon Reams Unconstrained Bond Fund (SUBFX) and Sierra Tactical Bond Fund (STBNX). 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.

	SUBFX	STBNX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.71	-0.09
Sortino ratio: Return per unit of downside risk	2.40	2.57	-0.17
Omega ratio: Gain probability vs. loss probability	1.32	1.33	-0.01
Calmar ratio: Return relative to maximum drawdown	2.35	2.16	+0.18
Martin ratio: Return relative to average drawdown	8.36	9.76	-1.40

SUBFX vs. STBNX - Sharpe Ratio Comparison

The current SUBFX Sharpe Ratio is 1.62, which is comparable to the STBNX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of SUBFX and STBNX, 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

SUBFX vs. STBNX - Drawdown Comparison

The maximum SUBFX drawdown since its inception was -11.22%, which is greater than STBNX's maximum drawdown of -8.04%. Use the drawdown chart below to compare losses from any high point for SUBFX and STBNX.

Drawdown Indicators

	SUBFX	STBNX	Difference
Max Drawdown Largest peak-to-trough decline	-11.22%	-8.04%	-3.18%
Max Drawdown (1Y) Largest decline over 1 year	-2.34%	-2.44%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-4.88%	-6.96%	+2.08%
Max Drawdown (5Y) Largest decline over 5 years	-11.17%	-8.04%	-3.13%
Max Drawdown (10Y) Largest decline over 10 years	-11.22%	—	—
Current Drawdown Current decline from peak	-0.88%	-0.81%	-0.07%
Average Drawdown Average peak-to-trough decline	-1.46%	-2.62%	+1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.54%	+0.11%

Volatility

SUBFX vs. STBNX - Volatility Comparison

Carillon Reams Unconstrained Bond Fund (SUBFX) has a higher volatility of 1.32% compared to Sierra Tactical Bond Fund (STBNX) at 0.99%. This indicates that SUBFX's price experiences larger fluctuations and is considered to be riskier than STBNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SUBFX	STBNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	0.99%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	2.89%	2.46%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	3.08%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.50%	3.98%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.30%	4.94%	+0.36%

SUBFX vs. STBNX - Expense Ratio Comparison

SUBFX has a 0.50% expense ratio, which is lower than STBNX's 1.63% expense ratio.

Dividends

SUBFX vs. STBNX - Dividend Comparison

SUBFX's dividend yield for the trailing twelve months is around 6.05%, more than STBNX's 5.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
STBNX Sierra Tactical Bond Fund	5.24%	4.98%	5.17%	4.53%	1.41%	2.74%	6.55%	0.87%	0.00%	0.00%	0.00%	0.00%
SUBFX Carillon Reams Unconstrained Bond Fund	6.05%	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 STBNX in my portfolio?

SUBFX and STBNX have a correlation of 0.66, 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 STBNX?

SUBFX has higher volatility (1.32%) compared to STBNX (0.99%). In terms of maximum drawdown, SUBFX dropped -11.22% vs STBNX's -8.04%.

Which has better risk-adjusted returns?

STBNX currently has the higher Sharpe Ratio (1.71 vs 1.62), 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.