HCYIX vs. PAAIX

Last updated Jun 4, 2026

HCYIX (Hilton Tactical Income Fund Institutional Class) and PAAIX (PIMCO All Asset Fund) are both Tactical Allocation funds. Over the past 10 years, HCYIX returned 5.61%/yr vs 7.14%/yr for PAAIX. A 0.61 correlation means they provide meaningful diversification when combined. HCYIX charges 0.87%/yr vs 1.40%/yr for PAAIX.

Performance

HCYIX vs. PAAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hilton Tactical Income Fund Institutional Class (HCYIX) and PIMCO All Asset Fund (PAAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HCYIX achieves a 2.59% return, which is significantly lower than PAAIX's 9.42% return. Over the past 10 years, HCYIX has underperformed PAAIX with an annualized return of 5.61%, while PAAIX has yielded a comparatively higher 7.14% annualized return.

HCYIX

• 1D: 0.27%
• 1M: 1.56%
• YTD: 2.59%
• 6M: 2.68%
• 1Y: 10.33%
• 3Y*: 8.95%
• 5Y*: 4.62%
• 10Y*: 5.61%

PAAIX

• 1D: 0.49%
• 1M: 1.72%
• YTD: 9.42%
• 6M: 9.86%
• 1Y: 20.09%
• 3Y*: 10.55%
• 5Y*: 4.75%
• 10Y*: 7.14%

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

HCYIX vs. PAAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HCYIX Hilton Tactical Income Fund Institutional Class	2.59%	8.62%	10.38%	7.07%	-10.69%	15.81%	-1.63%	15.59%	-2.78%	8.36%
PAAIX PIMCO All Asset Fund	9.42%	13.20%	4.12%	8.19%	-11.52%	15.61%	8.38%	12.21%	-4.97%	13.99%

Correlation

The correlation between HCYIX and PAAIX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.61

The correlation between HCYIX and PAAIX shifts across timeframes, from 0.61 (all time) to 0.74 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HCYIX vs. PAAIX — Risk / Return Rank

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

HCYIX

HCYIX Risk / Return Rank: 41
HCYIX Sharpe Ratio Rank: 45
HCYIX Sortino Ratio Rank: 46
HCYIX Omega Ratio Rank: 46
HCYIX Calmar Ratio Rank: 30
HCYIX Martin Ratio Rank: 39

PAAIX

PAAIX Risk / Return Rank: 91
PAAIX Sharpe Ratio Rank: 95
PAAIX Sortino Ratio Rank: 94
PAAIX Omega Ratio Rank: 91
PAAIX Calmar Ratio Rank: 86
PAAIX Martin Ratio Rank: 87

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.

HCYIX vs. PAAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hilton Tactical Income Fund Institutional Class (HCYIX) and PIMCO All Asset Fund (PAAIX). 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.

	HCYIX	PAAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	3.42	-1.46
Sortino ratio: Return per unit of downside risk	2.85	4.92	-2.07
Omega ratio: Gain probability vs. loss probability	1.37	1.65	-0.29
Calmar ratio: Return relative to maximum drawdown	2.04	4.16	-2.12
Martin ratio: Return relative to average drawdown	8.35	16.73	-8.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HCYIX vs. PAAIX - Sharpe Ratio Comparison

The current HCYIX Sharpe Ratio is 1.97, which is lower than the PAAIX Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of HCYIX and PAAIX, 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

	HCYIX	PAAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	3.42	-1.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.61	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.92	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.95	-0.27

Drawdowns

HCYIX vs. PAAIX - Drawdown Comparison

The maximum HCYIX drawdown since its inception was -25.70%, smaller than the maximum PAAIX drawdown of -27.59%. Use the drawdown chart below to compare losses from any high point for HCYIX and PAAIX.

Drawdown Indicators

	HCYIX	PAAIX	Difference
Max Drawdown Largest peak-to-trough decline	-25.70%	-27.59%	+1.89%
Max Drawdown (1Y) Largest decline over 1 year	-5.12%	-4.87%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-7.73%	-7.59%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-13.75%	-19.83%	+6.08%
Max Drawdown (10Y) Largest decline over 10 years	-25.70%	-22.64%	-3.06%
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-3.16%	-3.77%	+0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	1.21%	+0.04%

Volatility

HCYIX vs. PAAIX - Volatility Comparison

The current volatility for Hilton Tactical Income Fund Institutional Class (HCYIX) is 1.32%, while PIMCO All Asset Fund (PAAIX) has a volatility of 1.99%. This indicates that HCYIX experiences smaller price fluctuations and is considered to be less risky than PAAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCYIX	PAAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	1.99%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	4.16%	4.60%	-0.44%
Volatility (1Y) Calculated over the trailing 1-year period	5.31%	5.92%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.39%	7.78%	-1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.09%	7.80%	+0.29%

HCYIX vs. PAAIX - Expense Ratio Comparison

HCYIX has a 0.87% expense ratio, which is lower than PAAIX's 1.40% expense ratio.

Dividends

HCYIX vs. PAAIX - Dividend Comparison

HCYIX's dividend yield for the trailing twelve months is around 6.64%, less than PAAIX's 7.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HCYIX Hilton Tactical Income Fund Institutional Class	6.64%	6.51%	3.46%	3.05%	3.01%	2.61%	3.36%	2.87%	4.22%	2.75%	3.87%	4.54%
PAAIX PIMCO All Asset Fund	7.12%	7.12%	5.92%	3.20%	7.68%	11.90%	3.56%	3.33%	5.50%	4.48%	3.60%	3.93%

Frequently Asked Questions

Can I hold both HCYIX and PAAIX in my portfolio?

HCYIX and PAAIX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HCYIX or PAAIX?

PAAIX has higher volatility (1.99%) compared to HCYIX (1.32%). In terms of maximum drawdown, HCYIX dropped -25.70% vs PAAIX's -27.59%.

Which has better risk-adjusted returns?

PAAIX currently has the higher Sharpe Ratio (3.42 vs 1.97), 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.