- 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
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Performance
PIAMX Performance Chart
PIA High Yield (MACS) Fund (PIAMX) is up 0.9% 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 $1,224.
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Returns By Period
PIA High Yield (MACS) Fund (PIAMX) has returned 0.92% so far this year and 3.83% over the past 12 months.
PIA High Yield (MACS) Fund
- 1D
- 0.12%
- 1M
- 0.58%
- YTD
- 0.92%
- 6M
- 1.36%
- 1Y
- 3.83%
- 3Y*
- 7.53%
- 5Y*
- 4.13%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -2.64%
- 1M
- 0.25%
- YTD
- 7.86%
- 6M
- 7.47%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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, 66% of months were positive and 34% 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% | -0.12% | 0.92% | ||||||
| 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 0.27%, beta of 0.15, and R2 of 0.31 versus S&P 500 Index. Calculated based on daily prices since January 30, 2018.
- This fund participated in 36.09% of S&P 500 Index downside but only 16.93% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.15 may look defensive, but with R2 of 0.31 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 0.31 means the benchmark explains less than half of this fund's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 0.27%
- Beta
- 0.15
- R²
- 0.31
- Upside Capture
- 16.93%
- Downside Capture
- 36.09%
Expense Ratio
PIAMX has an expense ratio of 0.20%, which is considered low.
Return for Risk
Risk / Return Rank
PIAMX ranks 17 for risk / return — in the bottom 17% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
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.
| PIAMX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.25 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.03 | — | — |
| Martin ratioReturn relative to average drawdown | 3.07 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
PIA High Yield (MACS) Fund provided a 7.89% 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 | 7.89% | 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 | $0.00 | $0.19 | ||||||
| 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.
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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.
The current PIA High Yield (MACS) Fund drawdown is 0.43%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -18.15%Mar 2020 | 28d | 5mo 26d | 6mo 24dFeb 2020 - Sep 2020 |
Bear market2022 | -13.92%Jul 2022 | 6mo 3d | 1y 4mo | 1y 10moJan 2022 - Nov 2023 |
2025 selloff2025 | -6.17%Apr 2025 | 1mo 20d | 2mo 17d | 4mo 7dFeb 2025 - Jun 2025 |
Rate-hike selloffLate 2018 | -4.94%Dec 2018 | 2mo 24d | 1mo 28d | 4mo 22dOct 2018 - Feb 2019 |
2026 pullback2026 | -3.75%Mar 2026 | 2mo 3d | — | 4mo 14dJan 2026 - now |
Drawdown Indicators
| PIAMX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.15% | -9.10% | -9.05% |
Max Drawdown (1Y)Largest decline over 1 year | -3.75% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -6.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -13.92% | — | — |
Current DrawdownCurrent decline from peak | -0.43% | -2.97% | +2.54% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -1.13% | -1.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | — | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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