MGDIX vs. PMAIX

Last updated Jun 4, 2026

MGDIX (MainStay Growth Allocation Fund) and PMAIX (Pioneer Multi-Asset Income Fund A) are both Diversified Portfolio funds. Over the past 10 years, MGDIX returned 8.66%/yr vs 8.70%/yr for PMAIX. A 0.68 correlation means they provide meaningful diversification when combined. MGDIX charges 0.10%/yr vs 0.85%/yr for PMAIX.

Performance

MGDIX vs. PMAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay Growth Allocation Fund (MGDIX) 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, MGDIX achieves a 10.42% return, which is significantly higher than PMAIX's 5.84% return. Both investments have delivered pretty close results over the past 10 years, with MGDIX having a 8.66% annualized return and PMAIX not far ahead at 8.70%.

MGDIX

• 1D: 0.28%
• 1M: 4.38%
• YTD: 10.42%
• 6M: 10.82%
• 1Y: 21.89%
• 3Y*: 14.09%
• 5Y*: 7.29%
• 10Y*: 8.66%

PMAIX

• 1D: 0.30%
• 1M: 1.00%
• YTD: 5.84%
• 6M: 7.30%
• 1Y: 17.14%
• 3Y*: 13.52%
• 5Y*: 8.01%
• 10Y*: 8.70%

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

MGDIX vs. PMAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGDIX MainStay Growth Allocation Fund	10.42%	12.70%	9.98%	14.52%	-14.25%	16.64%	13.78%	21.36%	-11.50%	15.15%
PMAIX Pioneer Multi-Asset Income Fund A	5.84%	23.03%	6.09%	7.32%	-0.79%	12.00%	5.35%	10.88%	-6.10%	17.97%

Correlation

The correlation between MGDIX and PMAIX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Dec 23, 2011	0.68

The correlation between MGDIX and PMAIX has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.

Return for Risk

MGDIX vs. PMAIX — Risk / Return Rank

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

MGDIX

MGDIX Risk / Return Rank: 58
MGDIX Sharpe Ratio Rank: 58
MGDIX Sortino Ratio Rank: 56
MGDIX Omega Ratio Rank: 55
MGDIX Calmar Ratio Rank: 56
MGDIX Martin Ratio Rank: 64

PMAIX

PMAIX Risk / Return Rank: 89
PMAIX Sharpe Ratio Rank: 92
PMAIX Sortino Ratio Rank: 94
PMAIX Omega Ratio Rank: 87
PMAIX Calmar Ratio Rank: 88
PMAIX Martin Ratio Rank: 81

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.

MGDIX vs. PMAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay Growth Allocation Fund (MGDIX) 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.

	MGDIX	PMAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	3.12	-0.88
Sortino ratio: Return per unit of downside risk	3.14	4.80	-1.66
Omega ratio: Gain probability vs. loss probability	1.41	1.60	-0.19
Calmar ratio: Return relative to maximum drawdown	2.87	4.33	-1.46
Martin ratio: Return relative to average drawdown	12.68	15.26	-2.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MGDIX vs. PMAIX - Sharpe Ratio Comparison

The current MGDIX Sharpe Ratio is 2.25, which is comparable to the PMAIX Sharpe Ratio of 3.12. The chart below compares the historical Sharpe Ratios of MGDIX 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

	MGDIX	PMAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	3.12	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	1.11	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	1.15	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	1.15	-0.66

Drawdowns

MGDIX vs. PMAIX - Drawdown Comparison

The maximum MGDIX drawdown since its inception was -46.05%, which is greater than PMAIX's maximum drawdown of -24.12%. Use the drawdown chart below to compare losses from any high point for MGDIX and PMAIX.

Drawdown Indicators

	MGDIX	PMAIX	Difference
Max Drawdown Largest peak-to-trough decline	-46.05%	-24.12%	-21.93%
Max Drawdown (1Y) Largest decline over 1 year	-7.84%	-4.07%	-3.77%
Max Drawdown (3Y) Largest decline over 3 years	-15.67%	-7.99%	-7.68%
Max Drawdown (5Y) Largest decline over 5 years	-22.24%	-13.97%	-8.27%
Max Drawdown (10Y) Largest decline over 10 years	-30.13%	-24.12%	-6.01%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.23%	-2.66%	-3.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	1.15%	+0.62%

Volatility

MGDIX vs. PMAIX - Volatility Comparison

MainStay Growth Allocation Fund (MGDIX) has a higher volatility of 2.81% compared to Pioneer Multi-Asset Income Fund A (PMAIX) at 1.80%. This indicates that MGDIX'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

	MGDIX	PMAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	1.80%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	7.85%	4.39%	+3.46%
Volatility (1Y) Calculated over the trailing 1-year period	10.01%	5.64%	+4.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.21%	7.24%	+5.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.11%	7.60%	+6.51%

MGDIX vs. PMAIX - Expense Ratio Comparison

MGDIX has a 0.10% expense ratio, which is lower than PMAIX's 0.85% expense ratio.

Dividends

MGDIX vs. PMAIX - Dividend Comparison

MGDIX's dividend yield for the trailing twelve months is around 4.63%, less than PMAIX's 6.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGDIX MainStay Growth Allocation Fund	4.63%	5.11%	8.27%	0.14%	7.62%	11.17%	5.44%	4.58%	11.08%	2.83%	2.25%	5.77%
PMAIX Pioneer Multi-Asset Income Fund A	6.12%	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 MGDIX and PMAIX in my portfolio?

MGDIX and PMAIX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGDIX or PMAIX?

MGDIX has higher volatility (2.81%) compared to PMAIX (1.80%). In terms of maximum drawdown, MGDIX dropped -46.05% vs PMAIX's -24.12%.

Which has better risk-adjusted returns?

PMAIX currently has the higher Sharpe Ratio (3.12 vs 2.25), 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.