DMA vs. PMAIX
DMA (Dimensional Managed Account Fund) and PMAIX (Pioneer Multi-Asset Income Fund A) are both Diversified Portfolio funds. Over the past 3 years, DMA returned 22.10%/yr vs 13.14%/yr for PMAIX. At a 0.24 correlation, their price movements are largely independent. DMA charges 0.03%/yr vs 0.85%/yr for PMAIX.
Performance
DMA vs. PMAIX - Performance Comparison
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Returns By Period
In the year-to-date period, DMA achieves a -10.88% return, which is significantly lower than PMAIX's 4.51% return.
DMA
- 1D
- -0.64%
- 1M
- 5.07%
- YTD
- -10.88%
- 6M
- -11.28%
- 1Y
- -1.92%
- 3Y*
- 22.10%
- 5Y*
- —
- 10Y*
- —
PMAIX
- 1D
- -0.22%
- 1M
- 0.17%
- YTD
- 4.51%
- 6M
- 5.01%
- 1Y
- 14.36%
- 3Y*
- 13.14%
- 5Y*
- 7.97%
- 10Y*
- 8.79%
DMA vs. PMAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DMA Dimensional Managed Account Fund | -10.88% | 16.89% | 41.06% | -3.81% | -37.55% |
PMAIX Pioneer Multi-Asset Income Fund A | 4.51% | 23.03% | 6.09% | 7.32% | -4.09% |
Correlation
The correlation between DMA and PMAIX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2022 | 0.24 |
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Return for Risk
DMA vs. PMAIX — Risk / Return Rank
DMA
PMAIX
DMA vs. PMAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional Managed Account Fund (DMA) and Pioneer Multi-Asset Income Fund A (PMAIX). 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.
| DMA | PMAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.58 | ||
| Sortino ratioReturn per unit of downside risk | -3.77 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.45 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 3.55 | -3.65 |
| Martin ratioReturn relative to average drawdown | -0.29 | 12.34 | -12.64 |
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Drawdowns
DMA vs. PMAIX - Drawdown Comparison
The maximum DMA drawdown since its inception was -53.24%, which is greater than PMAIX's maximum drawdown of -24.12%. Use the drawdown chart below to compare losses from any high point for DMA and PMAIX.
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Drawdown Indicators
| DMA | PMAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.24% | -24.12% | -29.12% |
Max Drawdown (1Y)Largest decline over 1 year | -18.34% | -4.07% | -14.27% |
Max Drawdown (3Y)Largest decline over 3 years | -18.34% | -7.99% | -10.35% |
Max Drawdown (5Y)Largest decline over 5 years | — | -13.97% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.12% | — |
Current DrawdownCurrent decline from peak | -12.47% | -1.33% | -11.14% |
Average DrawdownAverage peak-to-trough decline | -25.67% | -2.66% | -23.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.56% | 1.17% | +5.39% |
Volatility
DMA vs. PMAIX - Volatility Comparison
Dimensional Managed Account Fund (DMA) has a higher volatility of 8.23% compared to Pioneer Multi-Asset Income Fund A (PMAIX) at 2.23%. This indicates that DMA's price experiences larger fluctuations and is considered to be riskier than PMAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DMA | PMAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.23% | 2.23% | +6.00% |
Volatility (6M)Calculated over the trailing 6-month period | 13.45% | 4.71% | +8.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.21% | 5.90% | +9.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.24% | 7.27% | +19.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.24% | 7.60% | +19.64% |
DMA vs. PMAIX - Expense Ratio Comparison
DMA has a 0.03% expense ratio, which is lower than PMAIX's 0.85% expense ratio.
Dividends
DMA vs. PMAIX - Dividend Comparison
DMA's dividend yield for the trailing twelve months is around 16.60%, more than PMAIX's 6.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DMA Dimensional Managed Account Fund | 16.60% | 9.42% | 3.83% | 5.22% | 10.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PMAIX Pioneer Multi-Asset Income Fund A | 6.19% | 6.29% | 5.30% | 5.14% | 4.53% | 5.50% | 5.39% | 5.78% | 5.83% | 6.69% | 5.53% | 5.92% |
Frequently Asked Questions
DMA and PMAIX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DMA has higher volatility (8.23%) compared to PMAIX (2.23%). In terms of maximum drawdown, DMA dropped -53.24% vs PMAIX's -24.12%.
PMAIX currently has the higher Sharpe Ratio (2.45 vs -0.13), 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.
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