IRGMX vs. PMAIX

Last updated Jun 5, 2026

IRGMX (Voya Retirement Moderate Growth Portfolio) and PMAIX (Pioneer Multi-Asset Income Fund A) are both Diversified Portfolio funds. Over the past 10 years, IRGMX returned 8.77%/yr vs 8.63%/yr for PMAIX. A 0.63 correlation means they provide meaningful diversification when combined. IRGMX charges 0.26%/yr vs 0.85%/yr for PMAIX.

Performance

IRGMX vs. PMAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Retirement Moderate Growth Portfolio (IRGMX) 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, IRGMX achieves a 7.52% return, which is significantly higher than PMAIX's 5.14% return. Both investments have delivered pretty close results over the past 10 years, with IRGMX having a 8.77% annualized return and PMAIX not far behind at 8.63%.

IRGMX

• 1D: -0.47%
• 1M: 2.72%
• YTD: 7.52%
• 6M: 7.63%
• 1Y: 18.74%
• 3Y*: 14.45%
• 5Y*: 7.50%
• 10Y*: 8.77%

PMAIX

• 1D: -0.67%
• 1M: 0.17%
• YTD: 5.14%
• 6M: 6.50%
• 1Y: 16.17%
• 3Y*: 13.27%
• 5Y*: 7.83%
• 10Y*: 8.63%

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

IRGMX vs. PMAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IRGMX Voya Retirement Moderate Growth Portfolio	7.52%	14.26%	12.89%	15.88%	-16.04%	14.38%	13.54%	20.44%	-8.06%	15.10%
PMAIX Pioneer Multi-Asset Income Fund A	5.14%	23.03%	6.09%	7.32%	-0.79%	12.00%	5.35%	10.88%	-6.10%	17.97%

Correlation

The correlation between IRGMX and PMAIX is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Dec 23, 2011	0.63

The correlation between IRGMX and PMAIX shifts across timeframes, from 0.49 (3 years) to 0.63 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IRGMX vs. PMAIX — Risk / Return Rank

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

IRGMX

IRGMX Risk / Return Rank: 78
IRGMX Sharpe Ratio Rank: 77
IRGMX Sortino Ratio Rank: 78
IRGMX Omega Ratio Rank: 73
IRGMX Calmar Ratio Rank: 75
IRGMX Martin Ratio Rank: 87

PMAIX

PMAIX Risk / Return Rank: 84
PMAIX Sharpe Ratio Rank: 88
PMAIX Sortino Ratio Rank: 90
PMAIX Omega Ratio Rank: 82
PMAIX Calmar Ratio Rank: 85
PMAIX Martin Ratio Rank: 76

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.

IRGMX vs. PMAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Retirement Moderate Growth Portfolio (IRGMX) 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.

	IRGMX	PMAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.52	2.89	-0.38
Sortino ratio: Return per unit of downside risk	3.68	4.43	-0.75
Omega ratio: Gain probability vs. loss probability	1.47	1.55	-0.08
Calmar ratio: Return relative to maximum drawdown	3.29	4.04	-0.75
Martin ratio: Return relative to average drawdown	16.18	14.24	+1.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IRGMX vs. PMAIX - Sharpe Ratio Comparison

The current IRGMX Sharpe Ratio is 2.52, which is comparable to the PMAIX Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of IRGMX 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.

Sharpe Ratios by Period

	IRGMX	PMAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	2.89	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	1.09	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	1.14	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	1.15	-0.39

Drawdowns

IRGMX vs. PMAIX - Drawdown Comparison

The maximum IRGMX drawdown since its inception was -23.38%, roughly equal to the maximum PMAIX drawdown of -24.12%. Use the drawdown chart below to compare losses from any high point for IRGMX and PMAIX.

Drawdown Indicators

	IRGMX	PMAIX	Difference
Max Drawdown Largest peak-to-trough decline	-23.38%	-24.12%	+0.74%
Max Drawdown (1Y) Largest decline over 1 year	-6.35%	-4.07%	-2.28%
Max Drawdown (3Y) Largest decline over 3 years	-11.12%	-7.99%	-3.13%
Max Drawdown (5Y) Largest decline over 5 years	-21.53%	-13.97%	-7.56%
Max Drawdown (10Y) Largest decline over 10 years	-23.38%	-24.12%	+0.74%
Current Drawdown Current decline from peak	-0.47%	-0.67%	+0.20%
Average Drawdown Average peak-to-trough decline	-3.39%	-2.66%	-0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	1.15%	+0.10%

Volatility

IRGMX vs. PMAIX - Volatility Comparison

Voya Retirement Moderate Growth Portfolio (IRGMX) has a higher volatility of 2.39% compared to Pioneer Multi-Asset Income Fund A (PMAIX) at 1.93%. This indicates that IRGMX'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

	IRGMX	PMAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.39%	1.93%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	6.69%	4.44%	+2.25%
Volatility (1Y) Calculated over the trailing 1-year period	8.29%	5.68%	+2.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.91%	7.25%	+3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.31%	7.60%	+3.71%

IRGMX vs. PMAIX - Expense Ratio Comparison

IRGMX has a 0.26% expense ratio, which is lower than PMAIX's 0.85% expense ratio.

Dividends

IRGMX vs. PMAIX - Dividend Comparison

IRGMX's dividend yield for the trailing twelve months is around 21.38%, more than PMAIX's 6.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IRGMX Voya Retirement Moderate Growth Portfolio	21.38%	22.99%	7.83%	9.72%	17.03%	6.44%	6.69%	8.86%	8.13%	9.42%	11.83%	5.09%
PMAIX Pioneer Multi-Asset Income Fund A	6.16%	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 IRGMX and PMAIX in my portfolio?

IRGMX and PMAIX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IRGMX or PMAIX?

IRGMX has higher volatility (2.39%) compared to PMAIX (1.93%). In terms of maximum drawdown, IRGMX dropped -23.38% vs PMAIX's -24.12%.

Which has better risk-adjusted returns?

PMAIX currently has the higher Sharpe Ratio (2.89 vs 2.52), 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.