FPIOX vs. XILSX

Last updated Jun 4, 2026

FPIOX (Strategic Advisers Income Opportunities Fund) and XILSX (Pioneer ILS Interval Fund) are both High Yield Bonds funds. Over the past 5 years, FPIOX returned 3.84%/yr vs 12.34%/yr for XILSX. At a 0.03 correlation, their price movements are largely independent. FPIOX charges 0.49%/yr vs 1.88%/yr for XILSX.

Performance

FPIOX vs. XILSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategic Advisers Income Opportunities Fund (FPIOX) and Pioneer ILS Interval Fund (XILSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPIOX achieves a 1.66% return, which is significantly lower than XILSX's 7.97% return.

FPIOX

• 1D: 0.11%
• 1M: 0.75%
• YTD: 1.66%
• 6M: 2.44%
• 1Y: 7.36%
• 3Y*: 8.45%
• 5Y*: 3.84%
• 10Y*: 5.35%

XILSX

• 1D: 0.00%
• 1M: 0.97%
• YTD: 7.97%
• 6M: 10.49%
• 1Y: 24.81%
• 3Y*: 19.66%
• 5Y*: 12.34%
• 10Y*: —

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

FPIOX vs. XILSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPIOX Strategic Advisers Income Opportunities Fund	1.66%	8.47%	7.89%	11.85%	-11.84%	5.35%	5.64%	14.77%	-3.53%	6.41%
XILSX Pioneer ILS Interval Fund	7.97%	18.70%	18.93%	18.65%	1.23%	-1.10%	7.37%	2.60%	-2.11%	-8.83%

Correlation

The correlation between FPIOX and XILSX is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.03

Return for Risk

FPIOX vs. XILSX — Risk / Return Rank

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

FPIOX

FPIOX Risk / Return Rank: 87
FPIOX Sharpe Ratio Rank: 84
FPIOX Sortino Ratio Rank: 94
FPIOX Omega Ratio Rank: 90
FPIOX Calmar Ratio Rank: 78
FPIOX Martin Ratio Rank: 87

XILSX

XILSX Risk / Return Rank: 100
XILSX Sharpe Ratio Rank: 100
XILSX Sortino Ratio Rank: 100
XILSX Omega Ratio Rank: 100
XILSX Calmar Ratio Rank: 100
XILSX Martin Ratio Rank: 100

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.

FPIOX vs. XILSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Income Opportunities Fund (FPIOX) and Pioneer ILS Interval Fund (XILSX). 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.

	FPIOX	XILSX	Difference
Sharpe ratio: Return per unit of total volatility	2.71	8.17	-5.46
Sortino ratio: Return per unit of downside risk	4.86	81.24	-76.38
Omega ratio: Gain probability vs. loss probability	1.64	43.21	-41.57
Calmar ratio: Return relative to maximum drawdown	3.52	117.99	-114.47
Martin ratio: Return relative to average drawdown	16.87	805.46	-788.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPIOX vs. XILSX - Sharpe Ratio Comparison

The current FPIOX Sharpe Ratio is 2.71, which is lower than the XILSX Sharpe Ratio of 8.17. The chart below compares the historical Sharpe Ratios of FPIOX and XILSX, 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

	FPIOX	XILSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	8.17	-5.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	3.29	-2.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	1.63	-0.68

Drawdowns

FPIOX vs. XILSX - Drawdown Comparison

The maximum FPIOX drawdown since its inception was -36.95%, which is greater than XILSX's maximum drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for FPIOX and XILSX.

Drawdown Indicators

	FPIOX	XILSX	Difference
Max Drawdown Largest peak-to-trough decline	-36.95%	-14.53%	-22.42%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-0.21%	-2.45%
Max Drawdown (3Y) Largest decline over 3 years	-3.92%	-2.36%	-1.56%
Max Drawdown (5Y) Largest decline over 5 years	-15.14%	-6.27%	-8.87%
Max Drawdown (10Y) Largest decline over 10 years	-21.77%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.65%	-4.91%	+1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.03%	+0.56%

Volatility

FPIOX vs. XILSX - Volatility Comparison

Strategic Advisers Income Opportunities Fund (FPIOX) has a higher volatility of 1.22% compared to Pioneer ILS Interval Fund (XILSX) at 0.43%. This indicates that FPIOX's price experiences larger fluctuations and is considered to be riskier than XILSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPIOX	XILSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	0.43%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	2.67%	2.11%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	3.45%	3.08%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.09%	3.77%	+1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.54%	3.93%	+1.61%

FPIOX vs. XILSX - Expense Ratio Comparison

FPIOX has a 0.49% expense ratio, which is lower than XILSX's 1.88% expense ratio.

Dividends

FPIOX vs. XILSX - Dividend Comparison

FPIOX's dividend yield for the trailing twelve months is around 4.94%, less than XILSX's 8.81% 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%
XILSX Pioneer ILS Interval Fund	8.81%	9.51%	13.06%	12.82%	2.68%	2.04%	5.20%	6.63%	6.40%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPIOX and XILSX in my portfolio?

FPIOX and XILSX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPIOX or XILSX?

FPIOX has higher volatility (1.22%) compared to XILSX (0.43%). In terms of maximum drawdown, FPIOX dropped -36.95% vs XILSX's -14.53%.

Which has better risk-adjusted returns?

XILSX currently has the higher Sharpe Ratio (8.17 vs 2.71), 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.