ABRZX vs. UTMAX

Last updated Aug 4, 2026

ABRZX (Invesco Balanced-Risk Allocation Fund Class A) and UTMAX (Victory Target Managed Allocation Fund) are both Tactical Allocation funds. Over the past 10 years, ABRZX returned 4.36%/yr vs 8.74%/yr for UTMAX. Their 0.58 correlation means they have sometimes moved together and sometimes differently. ABRZX charges 1.41%/yr vs 0.69%/yr for UTMAX.

Performance

ABRZX vs. UTMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Balanced-Risk Allocation Fund Class A (ABRZX) and Victory Target Managed Allocation Fund (UTMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ABRZX achieves a 17.77% return, which is significantly higher than UTMAX's 8.43% return. Over the past 10 years, ABRZX has underperformed UTMAX with an annualized return of 4.36%, while UTMAX has yielded a comparatively higher 8.74% annualized return.

ABRZX

• 1D: -0.21%
• 1M: 1.37%
• 6M: 13.19%
• YTD: 17.77%
• 1Y: 24.70%
• 3Y*: 9.84%
• 5Y*: 3.64%
• 10Y*: 4.36%
• ALL TIME*: 5.70%

UTMAX

• 1D: 0.24%
• 1M: 0.48%
• 6M: 5.76%
• YTD: 8.43%
• 1Y: 22.11%
• 3Y*: 14.29%
• 5Y*: 6.79%
• 10Y*: 8.74%
• ALL TIME*: 8.42%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ABRZX Invesco Balanced-Risk Allocation Fund Class A	$0.00	$0.00	$0.00
UTMAX Victory Target Managed Allocation Fund	$0.00	$0.00	$0.00

ABRZX vs. UTMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ABRZX Invesco Balanced-Risk Allocation Fund Class A	17.77%	8.20%	3.14%	5.97%	-14.96%	9.36%	9.20%	9.43%	-7.01%	9.80%
UTMAX Victory Target Managed Allocation Fund	8.43%	15.25%	13.81%	14.40%	-20.44%	21.52%	13.42%	22.64%	-9.01%	13.54%

Correlation

The correlation between ABRZX and UTMAX is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.56
Correlation (5Y) Shows whether the relationship held over a longer period.	0.56
Correlation (10Y) Provides a long-term view across more market conditions.	0.57
Correlation (All Time) Calculated using the full available price history since Sep 17, 2015	0.58

The correlation between ABRZX and UTMAX has been stable across timeframes, ranging from 0.56 to 0.59 - a consistent structural relationship.

Return for Risk

ABRZX vs. UTMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ABRZX

ABRZX Risk / Return Rank: 92
ABRZX Sharpe Ratio Rank: 94
ABRZX Sortino Ratio Rank: 89
ABRZX Omega Ratio Rank: 88
ABRZX Calmar Ratio Rank: 97
ABRZX Martin Ratio Rank: 93

UTMAX

UTMAX Risk / Return Rank: 58
UTMAX Sharpe Ratio Rank: 56
UTMAX Sortino Ratio Rank: 51
UTMAX Omega Ratio Rank: 51
UTMAX Calmar Ratio Rank: 61
UTMAX Martin Ratio Rank: 69

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ABRZX vs. UTMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Balanced-Risk Allocation Fund Class A (ABRZX) and Victory Target Managed Allocation Fund (UTMAX). 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.

	ABRZX	UTMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.55	+0.92
Sortino ratio: Return per unit of downside risk	3.32	2.15	+1.17
Omega ratio: Gain probability vs. loss probability	1.46	1.28	+0.18
Calmar ratio: Return relative to maximum drawdown	5.34	2.24	+3.10
Martin ratio: Return relative to average drawdown	14.56	9.28	+5.27

ABRZX vs. UTMAX - Sharpe Ratio Comparison

The current ABRZX Sharpe Ratio is 2.48, which is higher than the UTMAX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of ABRZX and UTMAX, 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

ABRZX vs. UTMAX - Drawdown Comparison

The maximum ABRZX drawdown since its inception was -26.62%, smaller than the maximum UTMAX drawdown of -40.49%. Use the drawdown chart below to compare losses from any high point for ABRZX and UTMAX.

Drawdown Indicators

	ABRZX	UTMAX	Difference
Max Drawdown Largest peak-to-trough decline	-26.62%	-40.49%	+13.87%
Max Drawdown (1Y) Largest decline over 1 year	-4.55%	-9.41%	+4.86%
Max Drawdown (3Y) Largest decline over 3 years	-18.28%	-17.43%	-0.85%
Max Drawdown (5Y) Largest decline over 5 years	-19.33%	-40.49%	+21.16%
Max Drawdown (10Y) Largest decline over 10 years	-26.62%	-40.49%	+13.87%
Current Drawdown Current decline from peak	-2.83%	-0.95%	-1.88%
Average Drawdown Average peak-to-trough decline	-4.73%	-10.78%	+6.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	2.27%	-0.61%

Volatility

ABRZX vs. UTMAX - Volatility Comparison

The current volatility for Invesco Balanced-Risk Allocation Fund Class A (ABRZX) is 2.85%, while Victory Target Managed Allocation Fund (UTMAX) has a volatility of 3.30%. This indicates that ABRZX experiences smaller price fluctuations and is considered to be less risky than UTMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ABRZX	UTMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	3.30%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	8.40%	10.89%	-2.49%
Volatility (1Y) Calculated over the trailing 1-year period	9.81%	13.59%	-3.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.30%	22.46%	-10.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.94%	19.36%	-8.42%

ABRZX vs. UTMAX - Expense Ratio Comparison

ABRZX has a 1.41% expense ratio, which is higher than UTMAX's 0.69% expense ratio.

Dividends

ABRZX vs. UTMAX - Dividend Comparison

ABRZX's dividend yield for the trailing twelve months is around 2.87%, less than UTMAX's 6.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ABRZX Invesco Balanced-Risk Allocation Fund Class A	2.87%	3.38%	13.28%	2.21%	0.00%	26.02%	1.18%	6.49%	0.00%	6.43%	4.41%	6.91%
UTMAX Victory Target Managed Allocation Fund	6.33%	6.87%	1.59%	1.41%	4.47%	27.44%	5.94%	4.84%	11.05%	1.13%	1.36%	1.23%

Frequently Asked Questions

Can I hold both ABRZX and UTMAX in my portfolio?

ABRZX and UTMAX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ABRZX or UTMAX?

UTMAX has higher volatility (3.30%) compared to ABRZX (2.85%). In terms of maximum drawdown, ABRZX dropped -26.62% vs UTMAX's -40.49%.

Which has better risk-adjusted returns?

ABRZX currently has the higher Sharpe Ratio (2.48 vs 1.55), 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.