- Issuer
- Victory
- Inception Date
- Jan 27, 2023
- Category
- Nontraditional Bonds
- Min. Investment
- $1,000,000
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
CBYYX Performance Chart
Victory Pioneer Cat Bond Fund Class Y (CBYYX) is up 2.7% since the beginning of the year. CBYYX is currently trading at $11 per share.
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Returns By Period
Victory Pioneer Cat Bond Fund Class Y (CBYYX) has returned 2.73% so far this year and 11.04% over the past 12 months.
Victory Pioneer Cat Bond Fund Class Y
- 1D
- 0.00%
- 1M
- 0.71%
- YTD
- 2.73%
- 6M
- 2.92%
- 1Y
- 11.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
CBYYX Monthly Returns History
Based on dividend-adjusted daily data since Sep 6, 2023, CBYYX's average daily return is +0.05%, while the average monthly return is +0.92%. At this rate, an investment would double in approximately 6.3 years.
Historically, 97% of months were positive and 3% were negative. The best month was Sep 2024 with a return of +2.7%, while the worst month was May 2024 at -1.3%. The longest winning streak lasted 25 consecutive months, and the longest losing streak was 1 months.
On a daily basis, CBYYX closed higher 44% of trading days. The best single day was Dec 7, 2023 with a return of +9.6%, while the worst single day was Dec 8, 2023 at -8.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.45% | 0.45% | 0.36% | 0.36% | 0.54% | 0.53% | 2.73% | ||||||
| 2025 | 0.46% | 0.55% | 0.55% | 0.36% | 0.36% | 0.90% | 1.35% | 1.95% | 2.08% | 1.02% | 0.51% | 0.49% | 11.09% |
| 2024 | 1.75% | 1.53% | 0.94% | 0.47% | -1.30% | 1.13% | 1.86% | 2.37% | 2.67% | 0.78% | 1.38% | 1.17% | 15.69% |
| 2023 | 0.73% | 1.36% | 0.72% | 0.57% | 3.43% |
Benchmark Metrics
Victory Pioneer Cat Bond Fund Class Y has an annualized alpha of 12.23%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since September 06, 2023.
- This fund captured 24.39% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -31.17%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.00 may look defensive, but with R2 of 0.00 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.00 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 12.23%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 24.39%
- Downside Capture
- -31.17%
Expense Ratio
CBYYX has a high expense ratio of 1.46%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
CBYYX ranks 100 for risk / return — in the top 100% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Victory Pioneer Cat Bond Fund Class Y (CBYYX) and compare them to S&P 500 Index.
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.
| CBYYX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +7.07 | ||
| Sortino ratioReturn per unit of downside risk | +28.58 | ||
| Omega ratioGain probability vs. loss probability | 9.36 | 1.37 | +7.99 |
| Calmar ratioReturn relative to maximum drawdown | 122.09 | 2.78 | +119.31 |
| Martin ratioReturn relative to average drawdown | 440.62 | 12.44 | +428.18 |
Dividends
Dividend History
Victory Pioneer Cat Bond Fund Class Y provided a 8.89% dividend yield over the last twelve months, with an annual payout of $1.00 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $1.00 | $1.00 | $1.12 | $0.97 |
Dividend yield | 8.89% | 9.14% | 10.33% | 9.41% |
Monthly Dividends
The table displays the monthly dividend distributions for Victory Pioneer Cat Bond Fund Class Y. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.00 | $1.00 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.12 | $1.12 |
| 2023 | $0.97 | $0.97 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Victory Pioneer Cat Bond Fund Class Y. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Victory Pioneer Cat Bond Fund Class Y was 8.72%, occurring on Dec 8, 2023. Recovery took 182 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 pullback2023 | -8.72%Dec 2023 | 0s | 8mo 26d | 8mo 26dDec 2023 - Aug 2024 |
2024 pullback2024 | -2.85%Oct 2024 | 1d | 12d | 13dOct 2024 - Oct 2024 |
2024 pullback2024 | -0.28%Dec 2024 | 0s | 3d | 3dDec 2024 - Dec 2024 |
2023 pullback2023 | -0.18%Sep 2023 | 4d | 10d | 14dSep 2023 - Sep 2023 |
2025 selloff2025 | -0.18%May 2025 | 7d | 5d | 12dApr 2025 - May 2025 |
Drawdown Indicators
| CBYYX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.72% | -56.78% | +48.06% |
Max Drawdown (1Y)Largest decline over 1 year | -0.09% | -9.10% | +9.01% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -1.29% | -10.71% | +9.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 2.03% | -2.00% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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