MNNAX vs. PAGRX

Last updated Apr 2, 2026

Compare and contrast key facts about Victory Munder Multi-Cap Fund (MNNAX) and Permanent Portfolio Aggressive Growth Portfolio (PAGRX).

MNNAX is managed by Victory. It was launched on Aug 19, 1996. PAGRX is managed by Permanent Portfolio. It was launched on Jan 2, 1990.

Performance

MNNAX vs. PAGRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Munder Multi-Cap Fund (MNNAX) and Permanent Portfolio Aggressive Growth Portfolio (PAGRX). The values are adjusted to include any dividend payments, if applicable.

MNNAX vs. PAGRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MNNAX Victory Munder Multi-Cap Fund	-1.92%	21.78%	25.59%	24.59%	-19.03%	35.03%	11.18%	28.33%	-14.68%	28.41%
PAGRX Permanent Portfolio Aggressive Growth Portfolio	-0.28%	36.92%	44.52%	38.73%	-26.06%	24.84%	37.65%	40.34%	-12.41%	21.19%

Returns By Period

In the year-to-date period, MNNAX achieves a -1.92% return, which is significantly lower than PAGRX's -0.28% return. Over the past 10 years, MNNAX has underperformed PAGRX with an annualized return of 13.09%, while PAGRX has yielded a comparatively higher 19.12% annualized return.

MNNAX

• 1D: 3.45%
• 1M: -5.06%
• YTD: -1.92%
• 6M: 0.79%
• 1Y: 25.45%
• 3Y*: 20.59%
• 5Y*: 13.31%
• 10Y*: 13.09%

PAGRX

• 1D: 3.71%
• 1M: -5.53%
• YTD: -0.28%
• 6M: 4.30%
• 1Y: 43.96%
• 3Y*: 35.66%
• 5Y*: 17.52%
• 10Y*: 19.12%

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

MNNAX vs. PAGRX - Expense Ratio Comparison

MNNAX has a 1.28% expense ratio, which is higher than PAGRX's 1.21% expense ratio.

MNNAX

Victory Munder Multi-Cap Fund

PAGRX

Permanent Portfolio Aggressive Growth Portfolio

Return for Risk

MNNAX vs. PAGRX — Risk / Return Rank

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

MNNAX

MNNAX Risk / Return Rank: 78
MNNAX Sharpe Ratio Rank: 71
MNNAX Sortino Ratio Rank: 74
MNNAX Omega Ratio Rank: 71
MNNAX Calmar Ratio Rank: 83
MNNAX Martin Ratio Rank: 88

PAGRX

PAGRX Risk / Return Rank: 91
PAGRX Sharpe Ratio Rank: 87
PAGRX Sortino Ratio Rank: 89
PAGRX Omega Ratio Rank: 86
PAGRX Calmar Ratio Rank: 94
PAGRX Martin Ratio Rank: 97

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.

MNNAX vs. PAGRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Munder Multi-Cap Fund (MNNAX) and Permanent Portfolio Aggressive Growth Portfolio (PAGRX). 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.

	MNNAX	PAGRX	Difference
Sharpe ratio Return per unit of total volatility	1.35	1.74	-0.39
Sortino ratio Return per unit of downside risk	1.97	2.49	-0.52
Omega ratio Gain probability vs. loss probability	1.29	1.37	-0.08
Calmar ratio Return relative to maximum drawdown	2.19	3.21	-1.02
Martin ratio Return relative to average drawdown	10.13	16.28	-6.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MNNAX vs. PAGRX - Sharpe Ratio Comparison

The current MNNAX Sharpe Ratio is 1.35, which is comparable to the PAGRX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of MNNAX and PAGRX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MNNAX	PAGRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	1.74	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.72	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.78	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.53	-0.17

Correlation

The correlation between MNNAX and PAGRX is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MNNAX vs. PAGRX - Dividend Comparison

MNNAX's dividend yield for the trailing twelve months is around 14.66%, more than PAGRX's 0.03% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MNNAX Victory Munder Multi-Cap Fund	14.66%	14.38%	8.72%	4.65%	15.37%	10.88%	0.07%	2.76%	19.25%	5.28%	0.00%	21.54%
PAGRX Permanent Portfolio Aggressive Growth Portfolio	0.03%	0.03%	5.62%	2.72%	7.79%	6.82%	15.08%	17.51%	12.33%	8.70%	16.94%	6.31%

Drawdowns

MNNAX vs. PAGRX - Drawdown Comparison

The maximum MNNAX drawdown since its inception was -92.93%, which is greater than PAGRX's maximum drawdown of -55.87%. Use the drawdown chart below to compare losses from any high point for MNNAX and PAGRX.

Drawdown Indicators

	MNNAX	PAGRX	Difference
Max Drawdown Largest peak-to-trough decline	-92.93%	-55.87%	-37.06%
Max Drawdown (1Y) Largest decline over 1 year	-11.96%	-13.80%	+1.84%
Max Drawdown (5Y) Largest decline over 5 years	-30.29%	-36.52%	+6.23%
Max Drawdown (10Y) Largest decline over 10 years	-38.01%	-38.01%	0.00%
Current Drawdown Current decline from peak	-6.60%	-5.77%	-0.83%
Average Drawdown Average peak-to-trough decline	-51.03%	-10.09%	-40.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.73%	-0.14%

Volatility

MNNAX vs. PAGRX - Volatility Comparison

The current volatility for Victory Munder Multi-Cap Fund (MNNAX) is 6.36%, while Permanent Portfolio Aggressive Growth Portfolio (PAGRX) has a volatility of 6.77%. This indicates that MNNAX experiences smaller price fluctuations and is considered to be less risky than PAGRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNNAX	PAGRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.36%	6.77%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	11.24%	13.91%	-2.67%
Volatility (1Y) Calculated over the trailing 1-year period	19.33%	25.69%	-6.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.03%	24.53%	-4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.30%	24.49%	-4.19%