- ISIN
- US00770X3787
- Issuer
- PIA Mutual Funds
- Inception Date
- Dec 26, 2017
- Category
- High Yield Bonds
- Min. Investment
- $1,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
PIAMX Performance Chart
PIA High Yield (MACS) Fund (PIAMX) is up 2.0% since the beginning of the year. PIAMX is currently trading at $8 per share. Investors who bought $1,000 worth of PIAMX shares 5 years ago would now be looking at an investment worth $1,220.
Loading charts...
Returns By Period
PIA High Yield (MACS) Fund (PIAMX) has returned 1.98% so far this year and 3.58% over the past 12 months.
PIA High Yield (MACS) Fund
- 1D
- 0.25%
- 1M
- 0.55%
- 6M
- 1.11%
- YTD
- 1.98%
- 1Y
- 3.58%
- 3Y*
- 7.18%
- 5Y*
- 4.05%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.38%
- 1M
- 0.24%
- 6M
- 9.32%
- YTD
- 10.62%
- 1Y
- 21.28%
- 3Y*
- 18.90%
- 5Y*
- 11.84%
- 10Y*
- 13.36%
PIAMX Monthly Returns History
Based on dividend-adjusted daily data since Jan 29, 2018, PIAMX's average daily return is +0.02%, while the average monthly return is +0.44%. At this rate, an investment would double in approximately 13.2 years.
Historically, 67% of months were positive and 33% were negative. The best month was May 2020 with a return of +5.6%, while the worst month was Mar 2020 at -12.7%. The longest winning streak lasted 18 consecutive months, and the longest losing streak was 6 months.
On a daily basis, PIAMX closed higher 45% of trading days. The best single day was Apr 9, 2020 with a return of +1.7%, while the worst single day was Mar 16, 2020 at -2.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.77% | -0.60% | -1.99% | 2.07% | 0.83% | 0.55% | 0.37% | 1.98% | |||||
| 2025 | 0.78% | -0.16% | -2.05% | -1.50% | 1.98% | 2.02% | 0.68% | 0.89% | 0.48% | -1.32% | 0.05% | 0.56% | 2.34% |
| 2024 | 0.58% | 0.55% | 1.74% | -0.01% | 0.90% | 1.12% | 1.26% | 1.41% | 1.37% | 0.11% | 1.42% | 0.26% | 11.23% |
| 2023 | 3.90% | 0.01% | 1.31% | 1.86% | -0.82% | 2.20% | 1.77% | 0.62% | -0.66% | -1.47% | 3.55% | 3.17% | 16.38% |
| 2022 | -1.51% | -1.20% | -0.74% | -2.53% | -1.89% | -6.60% | 4.13% | -0.24% | -3.64% | 2.18% | 1.20% | -0.27% | -10.93% |
| 2021 | 0.80% | 1.15% | 0.91% | 1.18% | 0.44% | 1.33% | 0.26% | 0.55% | 0.38% | -0.27% | -0.89% | 1.75% | 7.82% |
Benchmark Metrics
PIA High Yield (MACS) Fund has an annualized alpha of 3.95%, beta of 0.10, and R2 of 0.21 versus S&P 500 Index. Calculated based on daily prices since January 29, 2018.
- This fund participated in 32.48% of S&P 500 Index downside but only 29.23% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.10 may look defensive, but with R2 of 0.21 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 0.21 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
- 3.95%
- Beta
- 0.10
- R²
- 0.21
- Upside Capture
- 29.23%
- Downside Capture
- 32.48%
Expense Ratio
PIAMX has an expense ratio of 0.20%, which is considered low.
Return for Risk
Risk / Return Rank
PIAMX ranks 23 for risk / return — below 23% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for PIA High Yield (MACS) Fund (PIAMX) 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.
| PIAMX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.31 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | 2.35 | -1.42 |
| Martin ratioReturn relative to average drawdown | 2.77 | 10.19 | -7.42 |
Dividends
Dividend History
PIA High Yield (MACS) Fund provided a 7.82% dividend yield over the last twelve months, with an annual payout of $0.63 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.63 | $0.74 | $0.74 | $0.69 | $0.64 | $0.83 | $0.64 | $0.67 | $0.66 |
Dividend yield | 7.82% | 9.12% | 8.49% | 8.12% | 7.99% | 8.64% | 6.63% | 6.96% | 7.14% |
Monthly Dividends
The table displays the monthly dividend distributions for PIA High Yield (MACS) Fund. 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 | $0.05 | $0.05 | $0.00 | $0.04 | $0.05 | $0.05 | $0.00 | $0.25 | |||||
| 2025 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.07 | $0.05 | $0.06 | $0.07 | $0.05 | $0.08 | $0.74 |
| 2024 | $0.06 | $0.06 | $0.06 | $0.06 | $0.07 | $0.06 | $0.07 | $0.06 | $0.06 | $0.07 | $0.05 | $0.07 | $0.74 |
| 2023 | $0.05 | $0.05 | $0.07 | $0.05 | $0.06 | $0.06 | $0.06 | $0.06 | $0.05 | $0.06 | $0.06 | $0.06 | $0.69 |
| 2022 | $0.05 | $0.05 | $0.06 | $0.05 | $0.05 | $0.00 | $0.05 | $0.11 | $0.05 | $0.05 | $0.06 | $0.06 | $0.64 |
| 2021 | $0.05 | $0.05 | $0.07 | $0.06 | $0.05 | $0.06 | $0.06 | $0.05 | $0.06 | $0.05 | $0.05 | $0.22 | $0.83 |
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.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the PIA High Yield (MACS) Fund. 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 PIA High Yield (MACS) Fund was 18.15%, occurring on Mar 23, 2020. Recovery took 122 trading sessions.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-18.15%Mar 2020 | 28d | 5mo 26d | 6mo 24dFeb 2020 - Sep 2020 | COVID crash2020 |
-13.92%Jul 2022 | 6mo 3d | 1y 4mo | 1y 10moJan 2022 - Nov 2023 | Bear market2022 |
-6.17%Apr 2025 | 1mo 20d | 2mo 17d | 4mo 7dFeb 2025 - Jun 2025 | 2025 selloff2025 |
-4.94%Dec 2018 | 2mo 24d | 1mo 28d | 4mo 22dOct 2018 - Feb 2019 | Rate-hike selloffLate 2018 |
-3.75%Mar 2026 | 2mo 3d | 2mo 20d | 4mo 23dJan 2026 - Jun 2026 | — |
Drawdown Indicators
| PIAMX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.15% | -56.78% | +38.63% |
Max Drawdown (1Y)Largest decline over 1 year | -3.75% | -9.10% | +5.35% |
Max Drawdown (3Y)Largest decline over 3 years | -6.17% | -18.90% | +12.73% |
Max Drawdown (5Y)Largest decline over 5 years | -13.92% | -25.43% | +11.51% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.49% | +0.49% |
Average DrawdownAverage peak-to-trough decline | -2.31% | -10.70% | +8.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 2.09% | -0.84% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with PIAMX
Add PIA High Yield (MACS) Fund to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with PIAMX