CVFCX vs. PIOTX

Last updated Jun 24, 2026

CVFCX (Pioneer Disciplined Value Fund) and PIOTX (Pioneer Core Equity Fund) are both mutual funds - CVFCX is a Large Cap Value Equities fund managed by Amundi, while PIOTX is a Large Cap Blend Equities fund managed by Amundi. Over the past 10 years, CVFCX returned 11.37%/yr vs 13.91%/yr for PIOTX. Their correlation of 0.91 suggests significant overlap in exposure. CVFCX charges 0.91%/yr vs 0.88%/yr for PIOTX.

Performance

CVFCX vs. PIOTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Disciplined Value Fund (CVFCX) and Pioneer Core Equity Fund (PIOTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVFCX achieves a 7.31% return, which is significantly lower than PIOTX's 9.15% return. Over the past 10 years, CVFCX has underperformed PIOTX with an annualized return of 11.37%, while PIOTX has yielded a comparatively higher 13.91% annualized return.

CVFCX

• 1D: 0.52%
• 1M: 0.40%
• YTD: 7.31%
• 6M: 6.72%
• 1Y: 21.09%
• 3Y*: 14.64%
• 5Y*: 8.97%
• 10Y*: 11.37%

PIOTX

• 1D: 0.45%
• 1M: 0.34%
• YTD: 9.15%
• 6M: 8.35%
• 1Y: 22.25%
• 3Y*: 16.37%
• 5Y*: 9.59%
• 10Y*: 13.91%

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

CVFCX vs. PIOTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVFCX Pioneer Disciplined Value Fund	7.31%	17.37%	12.11%	8.19%	-9.69%	27.72%	5.64%	29.54%	-13.17%	21.67%
PIOTX Pioneer Core Equity Fund	9.15%	16.94%	14.35%	18.18%	-17.27%	25.81%	20.98%	31.42%	-8.32%	24.89%

Correlation

The correlation between CVFCX and PIOTX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jul 24, 2001	0.91

The correlation between CVFCX and PIOTX has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

Return for Risk

CVFCX vs. PIOTX — Risk / Return Rank

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

CVFCX

CVFCX Risk / Return Rank: 49
CVFCX Sharpe Ratio Rank: 50
CVFCX Sortino Ratio Rank: 50
CVFCX Omega Ratio Rank: 44
CVFCX Calmar Ratio Rank: 56
CVFCX Martin Ratio Rank: 43

PIOTX

PIOTX Risk / Return Rank: 49
PIOTX Sharpe Ratio Rank: 49
PIOTX Sortino Ratio Rank: 44
PIOTX Omega Ratio Rank: 46
PIOTX Calmar Ratio Rank: 59
PIOTX Martin Ratio Rank: 47

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.

CVFCX vs. PIOTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Disciplined Value Fund (CVFCX) and Pioneer Core Equity Fund (PIOTX). 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.

	CVFCX	PIOTX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.91	0.00
Sortino ratio: Return per unit of downside risk	2.76	2.59	+0.17
Omega ratio: Gain probability vs. loss probability	1.33	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	2.76	2.81	-0.05
Martin ratio: Return relative to average drawdown	8.63	9.29	-0.66

CVFCX vs. PIOTX - Sharpe Ratio Comparison

The current CVFCX Sharpe Ratio is 1.92, which is comparable to the PIOTX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of CVFCX and PIOTX, 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

CVFCX vs. PIOTX - Drawdown Comparison

The maximum CVFCX drawdown since its inception was -55.99%, smaller than the maximum PIOTX drawdown of -66.24%. Use the drawdown chart below to compare losses from any high point for CVFCX and PIOTX.

Drawdown Indicators

	CVFCX	PIOTX	Difference
Max Drawdown Largest peak-to-trough decline	-55.99%	-66.24%	+10.25%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-8.35%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-16.88%	-20.40%	+3.52%
Max Drawdown (5Y) Largest decline over 5 years	-24.19%	-26.49%	+2.30%
Max Drawdown (10Y) Largest decline over 10 years	-35.32%	-31.79%	-3.53%
Current Drawdown Current decline from peak	-1.30%	-2.28%	+0.98%
Average Drawdown Average peak-to-trough decline	-10.61%	-20.12%	+9.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.52%	+0.07%

Volatility

CVFCX vs. PIOTX - Volatility Comparison

The current volatility for Pioneer Disciplined Value Fund (CVFCX) is 3.36%, while Pioneer Core Equity Fund (PIOTX) has a volatility of 4.26%. This indicates that CVFCX experiences smaller price fluctuations and is considered to be less risky than PIOTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVFCX	PIOTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	4.26%	-0.90%
Volatility (6M) Calculated over the trailing 6-month period	8.37%	8.84%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	11.70%	12.29%	-0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.90%	16.96%	-1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.84%	18.01%	-0.17%

CVFCX vs. PIOTX - Expense Ratio Comparison

CVFCX has a 0.91% expense ratio, which is higher than PIOTX's 0.88% expense ratio.

Dividends

CVFCX vs. PIOTX - Dividend Comparison

CVFCX's dividend yield for the trailing twelve months is around 5.45%, less than PIOTX's 6.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVFCX Pioneer Disciplined Value Fund	5.45%	5.85%	4.65%	2.14%	12.02%	23.77%	1.25%	1.20%	18.94%	15.22%	0.95%	25.02%
PIOTX Pioneer Core Equity Fund	6.90%	7.53%	5.87%	2.83%	7.10%	20.38%	8.56%	3.06%	19.73%	9.04%	1.13%	0.74%

Frequently Asked Questions

Can I hold both CVFCX and PIOTX in my portfolio?

With a correlation of 0.91, CVFCX and PIOTX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CVFCX or PIOTX?

PIOTX has higher volatility (4.26%) compared to CVFCX (3.36%). In terms of maximum drawdown, CVFCX dropped -55.99% vs PIOTX's -66.24%.

Which has better risk-adjusted returns?

CVFCX currently has the higher Sharpe Ratio (1.92 vs 1.91), 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.