FSAAX vs. PMAIX

Last updated Jun 24, 2026

FSAAX (Fidelity Advisor Asset Manager 60% Fund Class A) and PMAIX (Pioneer Multi-Asset Income Fund A) are both Diversified Portfolio funds. Over the past 10 years, FSAAX returned 8.80%/yr vs 8.79%/yr for PMAIX. A 0.65 correlation means they provide meaningful diversification when combined. FSAAX charges 1.00%/yr vs 0.85%/yr for PMAIX.

Performance

FSAAX vs. PMAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Asset Manager 60% Fund Class A (FSAAX) and Pioneer Multi-Asset Income Fund A (PMAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSAAX achieves a 10.19% return, which is significantly higher than PMAIX's 4.51% return. Both investments have delivered pretty close results over the past 10 years, with FSAAX having a 8.80% annualized return and PMAIX not far behind at 8.79%.

FSAAX

• 1D: -0.11%
• 1M: 1.85%
• YTD: 10.19%
• 6M: 9.90%
• 1Y: 21.76%
• 3Y*: 14.23%
• 5Y*: 6.81%
• 10Y*: 8.80%

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%

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

FSAAX vs. PMAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSAAX Fidelity Advisor Asset Manager 60% Fund Class A	10.19%	16.24%	9.13%	14.38%	-16.42%	11.48%	15.71%	20.23%	-6.88%	14.98%
PMAIX Pioneer Multi-Asset Income Fund A	4.51%	23.03%	6.09%	7.32%	-0.79%	12.00%	5.35%	10.88%	-6.10%	17.97%

Correlation

The correlation between FSAAX and PMAIX is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Dec 22, 2011	0.65

The correlation between FSAAX and PMAIX shifts across timeframes, from 0.54 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSAAX vs. PMAIX — Risk / Return Rank

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

FSAAX

FSAAX Risk / Return Rank: 74
FSAAX Sharpe Ratio Rank: 74
FSAAX Sortino Ratio Rank: 72
FSAAX Omega Ratio Rank: 74
FSAAX Calmar Ratio Rank: 72
FSAAX Martin Ratio Rank: 77

PMAIX

PMAIX Risk / Return Rank: 78
PMAIX Sharpe Ratio Rank: 81
PMAIX Sortino Ratio Rank: 85
PMAIX Omega Ratio Rank: 77
PMAIX Calmar Ratio Rank: 82
PMAIX Martin Ratio Rank: 68

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.

FSAAX vs. PMAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Asset Manager 60% Fund Class A (FSAAX) 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.

	FSAAX	PMAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.45	-0.15
Sortino ratio: Return per unit of downside risk	3.22	3.70	-0.48
Omega ratio: Gain probability vs. loss probability	1.44	1.45	-0.02
Calmar ratio: Return relative to maximum drawdown	3.16	3.55	-0.39
Martin ratio: Return relative to average drawdown	13.54	12.34	+1.20

FSAAX vs. PMAIX - Sharpe Ratio Comparison

The current FSAAX Sharpe Ratio is 2.30, which is comparable to the PMAIX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of FSAAX and PMAIX, 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

FSAAX vs. PMAIX - Drawdown Comparison

The maximum FSAAX drawdown since its inception was -41.63%, which is greater than PMAIX's maximum drawdown of -24.12%. Use the drawdown chart below to compare losses from any high point for FSAAX and PMAIX.

Drawdown Indicators

	FSAAX	PMAIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.63%	-24.12%	-17.51%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-4.07%	-3.06%
Max Drawdown (3Y) Largest decline over 3 years	-10.99%	-7.99%	-3.00%
Max Drawdown (5Y) Largest decline over 5 years	-22.62%	-13.97%	-8.65%
Max Drawdown (10Y) Largest decline over 10 years	-24.38%	-24.12%	-0.26%
Current Drawdown Current decline from peak	-0.11%	-1.33%	+1.22%
Average Drawdown Average peak-to-trough decline	-5.56%	-2.66%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	1.17%	+0.49%

Volatility

FSAAX vs. PMAIX - Volatility Comparison

Fidelity Advisor Asset Manager 60% Fund Class A (FSAAX) has a higher volatility of 4.04% compared to Pioneer Multi-Asset Income Fund A (PMAIX) at 2.23%. This indicates that FSAAX'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.

Volatility by Period

	FSAAX	PMAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	2.23%	+1.81%
Volatility (6M) Calculated over the trailing 6-month period	8.25%	4.71%	+3.54%
Volatility (1Y) Calculated over the trailing 1-year period	9.80%	5.90%	+3.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.90%	7.27%	+3.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.03%	7.60%	+3.43%

FSAAX vs. PMAIX - Expense Ratio Comparison

FSAAX has a 1.00% expense ratio, which is higher than PMAIX's 0.85% expense ratio.

Dividends

FSAAX vs. PMAIX - Dividend Comparison

FSAAX's dividend yield for the trailing twelve months is around 5.06%, less than PMAIX's 6.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSAAX Fidelity Advisor Asset Manager 60% Fund Class A	5.06%	5.57%	2.99%	1.64%	4.12%	2.27%	1.60%	3.83%	4.15%	1.78%	0.20%	3.80%
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

Can I hold both FSAAX and PMAIX in my portfolio?

FSAAX and PMAIX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSAAX or PMAIX?

FSAAX has higher volatility (4.04%) compared to PMAIX (2.23%). In terms of maximum drawdown, FSAAX dropped -41.63% vs PMAIX's -24.12%.

Which has better risk-adjusted returns?

PMAIX currently has the higher Sharpe Ratio (2.45 vs 2.30), 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.