MAFRX vs. DFYGX

Last updated Jun 24, 2026

MAFRX (Victory Pioneer Multi-Asset Ultrashort Income Fund Class A) and DFYGX (DFA Two-Year Government Portfolio) are both Ultrashort Bond funds. Over the past 10 years, MAFRX returned 2.65%/yr vs 1.41%/yr for DFYGX. At a 0.02 correlation, their price movements are largely independent. MAFRX charges 0.58%/yr vs 0.17%/yr for DFYGX.

Performance

MAFRX vs. DFYGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Pioneer Multi-Asset Ultrashort Income Fund Class A (MAFRX) and DFA Two-Year Government Portfolio (DFYGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAFRX achieves a 1.57% return, which is significantly higher than DFYGX's 1.41% return. Over the past 10 years, MAFRX has outperformed DFYGX with an annualized return of 2.65%, while DFYGX has yielded a comparatively lower 1.41% annualized return.

MAFRX

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.57%
• 6M: 1.97%
• 1Y: 4.22%
• 3Y*: 5.10%
• 5Y*: 3.68%
• 10Y*: 2.65%

DFYGX

• 1D: 0.00%
• 1M: 0.10%
• YTD: 1.41%
• 6M: 1.52%
• 1Y: 2.42%
• 3Y*: 3.84%
• 5Y*: 1.99%
• 10Y*: 1.41%

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

MAFRX vs. DFYGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MAFRX Victory Pioneer Multi-Asset Ultrashort Income Fund Class A	1.57%	4.64%	5.96%	5.84%	0.14%	1.42%	-0.86%	3.30%	1.66%	1.57%
DFYGX DFA Two-Year Government Portfolio	1.41%	2.16%	5.15%	5.00%	-3.02%	-0.51%	0.38%	2.20%	1.42%	0.29%

Correlation

The correlation between MAFRX and DFYGX is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Apr 29, 2011	0.02

Return for Risk

MAFRX vs. DFYGX — Risk / Return Rank

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

MAFRX

MAFRX Risk / Return Rank: 99
MAFRX Sharpe Ratio Rank: 95
MAFRX Sortino Ratio Rank: 100
MAFRX Omega Ratio Rank: 99
MAFRX Calmar Ratio Rank: 100
MAFRX Martin Ratio Rank: 99

DFYGX

DFYGX Risk / Return Rank: 53
DFYGX Sharpe Ratio Rank: 49
DFYGX Sortino Ratio Rank: 33
DFYGX Omega Ratio Rank: 98
DFYGX Calmar Ratio Rank: 42
DFYGX Martin Ratio Rank: 42

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.

MAFRX vs. DFYGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Pioneer Multi-Asset Ultrashort Income Fund Class A (MAFRX) and DFA Two-Year Government Portfolio (DFYGX). 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.

	MAFRX	DFYGX	Difference
Sharpe ratio: Return per unit of total volatility	3.08	1.91	+1.17
Sortino ratio: Return per unit of downside risk	11.54	2.21	+9.33
Omega ratio: Gain probability vs. loss probability	4.32	2.20	+2.12
Calmar ratio: Return relative to maximum drawdown	20.34	2.36	+17.98
Martin ratio: Return relative to average drawdown	65.30	8.43	+56.87

MAFRX vs. DFYGX - Sharpe Ratio Comparison

The current MAFRX Sharpe Ratio is 3.08, which is higher than the DFYGX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of MAFRX and DFYGX, 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

MAFRX vs. DFYGX - Drawdown Comparison

The maximum MAFRX drawdown since its inception was -10.18%, which is greater than DFYGX's maximum drawdown of -4.46%. Use the drawdown chart below to compare losses from any high point for MAFRX and DFYGX.

Drawdown Indicators

	MAFRX	DFYGX	Difference
Max Drawdown Largest peak-to-trough decline	-10.18%	-4.46%	-5.72%
Max Drawdown (1Y) Largest decline over 1 year	-0.21%	-1.04%	+0.83%
Max Drawdown (3Y) Largest decline over 3 years	-0.52%	-1.04%	+0.52%
Max Drawdown (5Y) Largest decline over 5 years	-1.59%	-4.36%	+2.77%
Max Drawdown (10Y) Largest decline over 10 years	-10.18%	-4.46%	-5.72%
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.30%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.29%	-0.23%

Volatility

MAFRX vs. DFYGX - Volatility Comparison

Victory Pioneer Multi-Asset Ultrashort Income Fund Class A (MAFRX) and DFA Two-Year Government Portfolio (DFYGX) have volatilities of 0.35% and 0.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAFRX	DFYGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	0.35%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.92%	0.60%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	1.38%	1.29%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.45%	1.24%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.76%	1.00%	+0.76%

MAFRX vs. DFYGX - Expense Ratio Comparison

MAFRX has a 0.58% expense ratio, which is higher than DFYGX's 0.17% expense ratio.

Dividends

MAFRX vs. DFYGX - Dividend Comparison

MAFRX's dividend yield for the trailing twelve months is around 4.55%, more than DFYGX's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFYGX DFA Two-Year Government Portfolio	2.80%	2.04%	4.84%	3.07%	1.14%	0.00%	0.27%	1.87%	1.82%	1.01%	0.58%	0.49%
MAFRX Victory Pioneer Multi-Asset Ultrashort Income Fund Class A	4.55%	4.84%	5.47%	4.18%	2.24%	1.20%	1.78%	2.84%	2.47%	1.76%	1.64%	1.22%

Frequently Asked Questions

Can I hold both MAFRX and DFYGX in my portfolio?

MAFRX and DFYGX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAFRX or DFYGX?

DFYGX has higher volatility (0.35%) compared to MAFRX (0.35%). In terms of maximum drawdown, MAFRX dropped -10.18% vs DFYGX's -4.46%.

Which has better risk-adjusted returns?

MAFRX currently has the higher Sharpe Ratio (3.08 vs 1.91), 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.