FPIOX vs. RCRYX
FPIOX (Strategic Advisers Income Opportunities Fund) and RCRYX (Pioneer Corporate High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, FPIOX returned 5.33%/yr vs 4.03%/yr for RCRYX. A 0.68 correlation means they provide meaningful diversification when combined. FPIOX charges 0.49%/yr vs 0.60%/yr for RCRYX.
Performance
FPIOX vs. RCRYX - Performance Comparison
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Returns By Period
In the year-to-date period, FPIOX achieves a 1.55% return, which is significantly lower than RCRYX's 1.81% return. Over the past 10 years, FPIOX has outperformed RCRYX with an annualized return of 5.33%, while RCRYX has yielded a comparatively lower 4.03% annualized return.
FPIOX
- 1D
- 0.11%
- 1M
- 0.97%
- YTD
- 1.55%
- 6M
- 2.32%
- 1Y
- 7.00%
- 3Y*
- 8.19%
- 5Y*
- 3.75%
- 10Y*
- 5.33%
RCRYX
- 1D
- 0.00%
- 1M
- 0.23%
- YTD
- 1.81%
- 6M
- 2.29%
- 1Y
- 6.27%
- 3Y*
- 7.48%
- 5Y*
- 2.81%
- 10Y*
- 4.03%
FPIOX vs. RCRYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPIOX Strategic Advisers Income Opportunities Fund | 1.55% | 8.47% | 7.89% | 11.85% | -11.84% | 5.35% | 5.64% | 14.77% | -3.53% | 8.21% |
RCRYX Pioneer Corporate High Yield Fund | 1.81% | 7.00% | 8.07% | 8.30% | -12.08% | 5.65% | 4.25% | 9.77% | -2.08% | 5.67% |
Correlation
The correlation between FPIOX and RCRYX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012 | 0.68 |
Over the past year, the correlation between FPIOX and RCRYX has dropped to 0.36 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.
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Return for Risk
FPIOX vs. RCRYX — Risk / Return Rank
FPIOX
RCRYX
FPIOX vs. RCRYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Income Opportunities Fund (FPIOX) and Pioneer Corporate High Yield Fund (RCRYX). 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.
| FPIOX | RCRYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.59 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 1.91 | +1.21 |
| Martin ratioReturn relative to average drawdown | 14.78 | 17.74 | -2.96 |
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Drawdowns
FPIOX vs. RCRYX - Drawdown Comparison
The maximum FPIOX drawdown since its inception was -36.95%, which is greater than RCRYX's maximum drawdown of -21.13%. Use the drawdown chart below to compare losses from any high point for FPIOX and RCRYX.
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Drawdown Indicators
| FPIOX | RCRYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.95% | -21.13% | -15.82% |
Max Drawdown (1Y)Largest decline over 1 year | -2.66% | -3.23% | +0.57% |
Max Drawdown (3Y)Largest decline over 3 years | -3.92% | -3.94% | +0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -15.14% | -14.92% | -0.22% |
Max Drawdown (10Y)Largest decline over 10 years | -21.77% | -21.13% | -0.64% |
Current DrawdownCurrent decline from peak | -0.22% | -0.71% | +0.49% |
Average DrawdownAverage peak-to-trough decline | -3.64% | -2.43% | -1.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | 0.35% | +0.17% |
Volatility
FPIOX vs. RCRYX - Volatility Comparison
Strategic Advisers Income Opportunities Fund (FPIOX) has a higher volatility of 1.13% compared to Pioneer Corporate High Yield Fund (RCRYX) at 0.99%. This indicates that FPIOX's price experiences larger fluctuations and is considered to be riskier than RCRYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPIOX | RCRYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 0.99% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.71% | 4.54% | -1.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.51% | 4.80% | -1.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.10% | 4.58% | +0.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.54% | 4.69% | +0.85% |
FPIOX vs. RCRYX - Expense Ratio Comparison
FPIOX has a 0.49% expense ratio, which is lower than RCRYX's 0.60% expense ratio.
Dividends
FPIOX vs. RCRYX - Dividend Comparison
FPIOX's dividend yield for the trailing twelve months is around 4.94%, less than RCRYX's 5.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPIOX Strategic Advisers Income Opportunities Fund | 4.94% | 5.34% | 5.81% | 5.52% | 4.34% | 4.70% | 5.20% | 5.53% | 5.48% | 5.02% | 5.88% | 6.58% |
RCRYX Pioneer Corporate High Yield Fund | 5.25% | 5.39% | 5.13% | 3.95% | 4.45% | 4.71% | 4.76% | 4.51% | 4.44% | 5.01% | 6.44% | 4.43% |
Frequently Asked Questions
FPIOX and RCRYX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPIOX has higher volatility (1.13%) compared to RCRYX (0.99%). In terms of maximum drawdown, FPIOX dropped -36.95% vs RCRYX's -21.13%.
FPIOX currently has the higher Sharpe Ratio (2.36 vs 1.29), 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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