AAANX vs. PAUIX

Last updated Jun 25, 2026

AAANX (Horizon Active Asset Allocation Fund) and PAUIX (PIMCO All Asset All Authority Fund) are both Tactical Allocation funds. Over the past 10 years, AAANX returned 10.76%/yr vs 4.84%/yr for PAUIX. At a 0.42 correlation, their price movements are largely independent. AAANX charges 1.14%/yr vs 0.21%/yr for PAUIX.

Performance

AAANX vs. PAUIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Active Asset Allocation Fund (AAANX) and PIMCO All Asset All Authority Fund (PAUIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAANX achieves a 9.13% return, which is significantly higher than PAUIX's 7.43% return. Over the past 10 years, AAANX has outperformed PAUIX with an annualized return of 10.76%, while PAUIX has yielded a comparatively lower 4.84% annualized return.

AAANX

• 1D: -2.30%
• 1M: -0.92%
• YTD: 9.13%
• 6M: 8.10%
• 1Y: 22.24%
• 3Y*: 16.62%
• 5Y*: 8.42%
• 10Y*: 10.76%

PAUIX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 7.43%
• 6M: 7.30%
• 1Y: 16.04%
• 3Y*: 8.60%
• 5Y*: 2.56%
• 10Y*: 4.84%

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

AAANX vs. PAUIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAANX Horizon Active Asset Allocation Fund	9.13%	16.58%	12.43%	17.25%	-16.99%	21.42%	14.69%	20.60%	-8.91%	22.20%
PAUIX PIMCO All Asset All Authority Fund	7.43%	14.15%	1.06%	6.35%	-15.65%	15.55%	4.58%	7.62%	-6.14%	12.05%

Correlation

The correlation between AAANX and PAUIX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jan 31, 2012	0.42

The correlation between AAANX and PAUIX shifts across timeframes, from 0.42 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AAANX vs. PAUIX — Risk / Return Rank

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

AAANX

AAANX Risk / Return Rank: 40
AAANX Sharpe Ratio Rank: 38
AAANX Sortino Ratio Rank: 35
AAANX Omega Ratio Rank: 38
AAANX Calmar Ratio Rank: 40
AAANX Martin Ratio Rank: 50

PAUIX

PAUIX Risk / Return Rank: 75
PAUIX Sharpe Ratio Rank: 86
PAUIX Sortino Ratio Rank: 83
PAUIX Omega Ratio Rank: 81
PAUIX Calmar Ratio Rank: 63
PAUIX Martin Ratio Rank: 60

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.

AAANX vs. PAUIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Active Asset Allocation Fund (AAANX) and PIMCO All Asset All Authority Fund (PAUIX). 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.

	AAANX	PAUIX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.55	-0.92
Sortino ratio: Return per unit of downside risk	2.26	3.58	-1.32
Omega ratio: Gain probability vs. loss probability	1.30	1.47	-0.18
Calmar ratio: Return relative to maximum drawdown	2.26	2.85	-0.59
Martin ratio: Return relative to average drawdown	9.55	10.97	-1.42

AAANX vs. PAUIX - Sharpe Ratio Comparison

The current AAANX Sharpe Ratio is 1.63, which is lower than the PAUIX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of AAANX and PAUIX, 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

AAANX vs. PAUIX - Drawdown Comparison

The maximum AAANX drawdown since its inception was -34.18%, which is greater than PAUIX's maximum drawdown of -26.84%. Use the drawdown chart below to compare losses from any high point for AAANX and PAUIX.

Drawdown Indicators

	AAANX	PAUIX	Difference
Max Drawdown Largest peak-to-trough decline	-34.18%	-26.84%	-7.34%
Max Drawdown (1Y) Largest decline over 1 year	-10.56%	-6.05%	-4.51%
Max Drawdown (3Y) Largest decline over 3 years	-18.84%	-8.54%	-10.30%
Max Drawdown (5Y) Largest decline over 5 years	-24.61%	-26.15%	+1.54%
Max Drawdown (10Y) Largest decline over 10 years	-34.18%	-26.84%	-7.34%
Current Drawdown Current decline from peak	-3.76%	-1.10%	-2.66%
Average Drawdown Average peak-to-trough decline	-4.99%	-5.89%	+0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	1.56%	+0.94%

Volatility

AAANX vs. PAUIX - Volatility Comparison

Horizon Active Asset Allocation Fund (AAANX) has a higher volatility of 6.36% compared to PIMCO All Asset All Authority Fund (PAUIX) at 2.07%. This indicates that AAANX's price experiences larger fluctuations and is considered to be riskier than PAUIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAANX	PAUIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.36%	2.07%	+4.29%
Volatility (6M) Calculated over the trailing 6-month period	12.39%	5.35%	+7.04%
Volatility (1Y) Calculated over the trailing 1-year period	14.65%	6.76%	+7.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.14%	9.62%	+6.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.62%	8.97%	+8.65%

AAANX vs. PAUIX - Expense Ratio Comparison

AAANX has a 1.14% expense ratio, which is higher than PAUIX's 0.21% expense ratio.

Dividends

AAANX vs. PAUIX - Dividend Comparison

AAANX's dividend yield for the trailing twelve months is around 4.08%, less than PAUIX's 8.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAANX Horizon Active Asset Allocation Fund	4.08%	4.45%	18.43%	0.78%	1.08%	15.02%	6.59%	0.67%	7.46%	12.35%	0.89%	1.36%
PAUIX PIMCO All Asset All Authority Fund	8.15%	6.10%	2.64%	3.97%	9.98%	15.46%	4.47%	2.89%	5.74%	5.28%	3.62%	5.54%

Frequently Asked Questions

Can I hold both AAANX and PAUIX in my portfolio?

AAANX and PAUIX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAANX or PAUIX?

AAANX has higher volatility (6.36%) compared to PAUIX (2.07%). In terms of maximum drawdown, AAANX dropped -34.18% vs PAUIX's -26.84%.

Which has better risk-adjusted returns?

PAUIX currently has the higher Sharpe Ratio (2.55 vs 1.63), 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.