MAFRX vs. PAIPX

Last updated Jun 3, 2026

MAFRX (Victory Pioneer Multi-Asset Ultrashort Income Fund Class A) and PAIPX (PIMCO Short Asset Investment Fund) are both Ultrashort Bond funds. Over the past 10 years, MAFRX returned 2.64%/yr vs 2.51%/yr for PAIPX. At a 0.35 correlation, their price movements are largely independent. MAFRX charges 0.58%/yr vs 0.45%/yr for PAIPX.

Performance

MAFRX vs. PAIPX - 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 PIMCO Short Asset Investment Fund (PAIPX). 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 lower than PAIPX's 1.80% return. Both investments have delivered pretty close results over the past 10 years, with MAFRX having a 2.64% annualized return and PAIPX not far behind at 2.51%.

MAFRX

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.57%
• 6M: 1.97%
• 1Y: 4.22%
• 3Y*: 5.17%
• 5Y*: 3.66%
• 10Y*: 2.64%

PAIPX

• 1D: 0.00%
• 1M: 0.41%
• YTD: 1.80%
• 6M: 2.25%
• 1Y: 4.65%
• 3Y*: 5.16%
• 5Y*: 3.36%
• 10Y*: 2.51%

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

MAFRX vs. PAIPX - 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%
PAIPX PIMCO Short Asset Investment Fund	1.80%	4.83%	5.93%	4.55%	-0.00%	-0.19%	1.12%	2.56%	1.90%	1.82%

Correlation

The correlation between MAFRX and PAIPX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jun 4, 2012	0.35

The correlation between MAFRX and PAIPX shifts across timeframes, from 0.31 (5 years) to 0.51 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MAFRX vs. PAIPX — Risk / Return Rank

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

MAFRX

MAFRX Risk / Return Rank: 98
MAFRX Sharpe Ratio Rank: 91
MAFRX Sortino Ratio Rank: 100
MAFRX Omega Ratio Rank: 99
MAFRX Calmar Ratio Rank: 100
MAFRX Martin Ratio Rank: 99

PAIPX

PAIPX Risk / Return Rank: 100
PAIPX Sharpe Ratio Rank: 98
PAIPX Sortino Ratio Rank: 100
PAIPX Omega Ratio Rank: 100
PAIPX Calmar Ratio Rank: 100
PAIPX 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.

MAFRX vs. PAIPX - 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 PIMCO Short Asset Investment Fund (PAIPX). 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.

	MAFRX	PAIPX	Difference
Sharpe ratio Return per unit of total volatility	3.08	3.93	-0.86
Sortino ratio Return per unit of downside risk	11.54	26.36	-14.82
Omega ratio Gain probability vs. loss probability	4.32	16.16	-11.83
Calmar ratio Return relative to maximum drawdown	22.31	46.81	-24.49
Martin ratio Return relative to average drawdown	71.76	185.02	-113.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAFRX vs. PAIPX - Sharpe Ratio Comparison

The current MAFRX Sharpe Ratio is 3.08, which is comparable to the PAIPX Sharpe Ratio of 3.93. The chart below compares the historical Sharpe Ratios of MAFRX and PAIPX, 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

	MAFRX	PAIPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.08	3.93	-0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.54	2.02	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.50	1.87	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	1.42	1.75	-0.33

Drawdowns

MAFRX vs. PAIPX - Drawdown Comparison

The maximum MAFRX drawdown since its inception was -10.18%, which is greater than PAIPX's maximum drawdown of -3.49%. Use the drawdown chart below to compare losses from any high point for MAFRX and PAIPX.

Drawdown Indicators

	MAFRX	PAIPX	Difference
Max Drawdown Largest peak-to-trough decline	-10.18%	-3.49%	-6.69%
Max Drawdown (1Y) Largest decline over 1 year	-0.21%	-0.10%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-0.52%	-1.20%	+0.68%
Max Drawdown (5Y) Largest decline over 5 years	-1.59%	-1.64%	+0.05%
Max Drawdown (10Y) Largest decline over 10 years	-10.18%	-3.49%	-6.69%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.15%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.03%	+0.03%

Volatility

MAFRX vs. PAIPX - Volatility Comparison

Victory Pioneer Multi-Asset Ultrashort Income Fund Class A (MAFRX) has a higher volatility of 0.38% compared to PIMCO Short Asset Investment Fund (PAIPX) at 0.32%. This indicates that MAFRX's price experiences larger fluctuations and is considered to be riskier than PAIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAFRX	PAIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	0.32%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	0.99%	0.85%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	1.38%	1.19%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.45%	1.67%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.76%	1.35%	+0.41%

MAFRX vs. PAIPX - Expense Ratio Comparison

MAFRX has a 0.58% expense ratio, which is higher than PAIPX's 0.45% expense ratio.

Dividends

MAFRX vs. PAIPX - Dividend Comparison

MAFRX's dividend yield for the trailing twelve months is around 4.55%, more than PAIPX's 3.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PAIPX PIMCO Short Asset Investment Fund	3.93%	4.29%	5.04%	4.04%	1.21%	0.31%	1.00%	2.53%	2.28%	1.81%	1.21%	0.78%

Frequently Asked Questions

Can I hold both MAFRX and PAIPX in my portfolio?

MAFRX and PAIPX have a correlation of 0.51, 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 PAIPX?

MAFRX has higher volatility (0.38%) compared to PAIPX (0.32%). In terms of maximum drawdown, MAFRX dropped -10.18% vs PAIPX's -3.49%.

Which has better risk-adjusted returns?

PAIPX currently has the higher Sharpe Ratio (3.93 vs 3.08), 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.