USIAX vs. PRTBX

Last updated Jun 4, 2026

USIAX (UBS Ultra Short Income Fund) and PRTBX (Permanent Portfolio Short-Term Treasury Portfolio) are both Ultrashort Bond funds. Their correlation of 0.87 suggests significant overlap in exposure. USIAX charges 0.35%/yr vs 0.65%/yr for PRTBX.

Performance

USIAX vs. PRTBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS Ultra Short Income Fund (USIAX) and Permanent Portfolio Short-Term Treasury Portfolio (PRTBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

USIAX

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PRTBX

• 1D: 0.00%
• 1M: 0.18%
• YTD: 0.76%
• 6M: 1.03%
• 1Y: 3.18%
• 3Y*: 3.85%
• 5Y*: 1.98%
• 10Y*: 1.26%

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

USIAX vs. PRTBX - Yearly Performance Comparison

	2026 (YTD)
USIAX UBS Ultra Short Income Fund	0.32%
PRTBX Permanent Portfolio Short-Term Treasury Portfolio	0.03%

Correlation

The correlation between USIAX and PRTBX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.87

Return for Risk

USIAX vs. PRTBX — Risk / Return Rank

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

PRTBX

PRTBX Risk / Return Rank: 99
PRTBX Sharpe Ratio Rank: 99
PRTBX Sortino Ratio Rank: 99
PRTBX Omega Ratio Rank: 98
PRTBX Calmar Ratio Rank: 99
PRTBX Martin Ratio Rank: 99

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.

USIAX vs. PRTBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS Ultra Short Income Fund (USIAX) and Permanent Portfolio Short-Term Treasury Portfolio (PRTBX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	USIAX	PRTBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.73	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.65	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	12.88	3.89	+8.99

Drawdowns

USIAX vs. PRTBX - Drawdown Comparison

The maximum USIAX drawdown since its inception was 0.00%, smaller than the maximum PRTBX drawdown of -5.13%. Use the drawdown chart below to compare losses from any high point for USIAX and PRTBX.

Drawdown Indicators

	USIAX	PRTBX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-5.13%	+5.13%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.32%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.44%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-3.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-4.36%	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	0.00%	-0.96%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.07%	—

Volatility

Volatility by Period

	USIAX	PRTBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.40%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.98%	0.68%	+2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.98%	1.21%	+1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.98%	0.86%	+2.12%

USIAX vs. PRTBX - Expense Ratio Comparison

USIAX has a 0.35% expense ratio, which is lower than PRTBX's 0.65% expense ratio.

Dividends

USIAX vs. PRTBX - Dividend Comparison

USIAX's dividend yield for the trailing twelve months is around 0.32%, less than PRTBX's 3.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PRTBX Permanent Portfolio Short-Term Treasury Portfolio	3.36%	3.39%	2.69%	1.79%	0.00%	0.00%	0.21%	1.65%	0.83%
USIAX UBS Ultra Short Income Fund	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USIAX and PRTBX in my portfolio?

USIAX and PRTBX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.