AVGE vs. PIODX

Last updated Jun 5, 2026

AVGE (Avantis All Equity Markets ETF) and PIODX (Pioneer Fund) are both funds - AVGE is a Global Equities fund actively managed by Avantis, while PIODX is a Large Cap Blend Equities fund managed by Amundi. Over the past 3 years, AVGE returned 22.04%/yr vs 25.61%/yr for PIODX. Their correlation of 0.89 suggests significant overlap in exposure. AVGE charges 0.23%/yr vs 1.06%/yr for PIODX.

Performance

AVGE vs. PIODX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis All Equity Markets ETF (AVGE) and Pioneer Fund (PIODX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVGE achieves a 16.15% return, which is significantly higher than PIODX's 12.16% return.

AVGE

• 1D: 0.49%
• 1M: 3.57%
• YTD: 16.15%
• 6M: 17.14%
• 1Y: 34.72%
• 3Y*: 22.04%
• 5Y*: —
• 10Y*: —

PIODX

• 1D: -1.04%
• 1M: 1.29%
• YTD: 12.16%
• 6M: 11.60%
• 1Y: 33.20%
• 3Y*: 25.61%
• 5Y*: 14.08%
• 10Y*: 16.62%

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

AVGE vs. PIODX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AVGE Avantis All Equity Markets ETF	16.15%	20.84%	13.96%	19.04%	11.18%
PIODX Pioneer Fund	12.16%	23.30%	22.62%	28.45%	6.97%

Correlation

The correlation between AVGE and PIODX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022	0.89

The correlation between AVGE and PIODX has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

Return for Risk

AVGE vs. PIODX — Risk / Return Rank

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

AVGE

AVGE Risk / Return Rank: 84
AVGE Sharpe Ratio Rank: 86
AVGE Sortino Ratio Rank: 86
AVGE Omega Ratio Rank: 84
AVGE Calmar Ratio Rank: 80
AVGE Martin Ratio Rank: 85

PIODX

PIODX Risk / Return Rank: 62
PIODX Sharpe Ratio Rank: 57
PIODX Sortino Ratio Rank: 51
PIODX Omega Ratio Rank: 49
PIODX Calmar Ratio Rank: 75
PIODX Martin Ratio Rank: 78

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.

AVGE vs. PIODX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis All Equity Markets ETF (AVGE) and Pioneer Fund (PIODX). 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.

	AVGE	PIODX	Difference
Sharpe ratio: Return per unit of total volatility	2.80	2.23	+0.57
Sortino ratio: Return per unit of downside risk	3.85	3.01	+0.84
Omega ratio: Gain probability vs. loss probability	1.51	1.38	+0.13
Calmar ratio: Return relative to maximum drawdown	4.06	3.36	+0.69
Martin ratio: Return relative to average drawdown	17.35	14.64	+2.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVGE vs. PIODX - Sharpe Ratio Comparison

The current AVGE Sharpe Ratio is 2.80, which is comparable to the PIODX Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of AVGE and PIODX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AVGE	PIODX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	2.23	+0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.50	0.53	+0.97

Drawdowns

AVGE vs. PIODX - Drawdown Comparison

The maximum AVGE drawdown since its inception was -17.13%, smaller than the maximum PIODX drawdown of -53.40%. Use the drawdown chart below to compare losses from any high point for AVGE and PIODX.

Drawdown Indicators

	AVGE	PIODX	Difference
Max Drawdown Largest peak-to-trough decline	-17.13%	-53.40%	+36.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-9.99%	+1.39%
Max Drawdown (3Y) Largest decline over 3 years	-17.13%	-21.52%	+4.39%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.55%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.14%	—
Current Drawdown Current decline from peak	-0.09%	-1.04%	+0.95%
Average Drawdown Average peak-to-trough decline	-2.41%	-8.60%	+6.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	2.29%	-0.28%

Volatility

AVGE vs. PIODX - Volatility Comparison

The current volatility for Avantis All Equity Markets ETF (AVGE) is 3.42%, while Pioneer Fund (PIODX) has a volatility of 3.89%. This indicates that AVGE experiences smaller price fluctuations and is considered to be less risky than PIODX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVGE	PIODX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	3.89%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	9.70%	11.31%	-1.61%
Volatility (1Y) Calculated over the trailing 1-year period	12.46%	15.09%	-2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.19%	19.16%	-3.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.19%	18.86%	-3.67%

AVGE vs. PIODX - Expense Ratio Comparison

AVGE has a 0.23% expense ratio, which is lower than PIODX's 1.06% expense ratio.

Dividends

AVGE vs. PIODX - Dividend Comparison

AVGE's dividend yield for the trailing twelve months is around 1.61%, less than PIODX's 8.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVGE Avantis All Equity Markets ETF	1.61%	1.67%	1.92%	1.93%	0.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PIODX Pioneer Fund	8.94%	10.04%	14.17%	2.86%	4.13%	16.18%	5.82%	9.37%	15.37%	21.35%	20.51%	14.53%

Frequently Asked Questions

Can I hold both AVGE and PIODX in my portfolio?

AVGE and PIODX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVGE or PIODX?

PIODX has higher volatility (3.89%) compared to AVGE (3.42%). In terms of maximum drawdown, AVGE dropped -17.13% vs PIODX's -53.40%.

Which has better risk-adjusted returns?

AVGE currently has the higher Sharpe Ratio (2.80 vs 2.23), 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.