PAFGX vs. IPIRX

Last updated Jun 4, 2026

PAFGX (T. Rowe Price Global Allocation Fund) and IPIRX (Voya Global Perspectives Portfolio) are both Global Allocation funds. Over the past 10 years, PAFGX returned 7.94%/yr vs 6.45%/yr for IPIRX. Their correlation of 0.91 suggests significant overlap in exposure. PAFGX charges 1.02%/yr vs 0.20%/yr for IPIRX.

Performance

PAFGX vs. IPIRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Global Allocation Fund (PAFGX) and Voya Global Perspectives Portfolio (IPIRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAFGX achieves a 7.43% return, which is significantly higher than IPIRX's 6.84% return. Over the past 10 years, PAFGX has outperformed IPIRX with an annualized return of 7.94%, while IPIRX has yielded a comparatively lower 6.45% annualized return.

PAFGX

• 1D: 0.35%
• 1M: 2.77%
• YTD: 7.43%
• 6M: 8.26%
• 1Y: 17.85%
• 3Y*: 13.17%
• 5Y*: 5.81%
• 10Y*: 7.94%

IPIRX

• 1D: 0.00%
• 1M: 2.01%
• YTD: 6.84%
• 6M: 7.17%
• 1Y: 16.10%
• 3Y*: 11.74%
• 5Y*: 4.43%
• 10Y*: 6.45%

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

PAFGX vs. IPIRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAFGX T. Rowe Price Global Allocation Fund	7.43%	14.75%	9.43%	13.48%	-14.80%	8.83%	14.45%	19.91%	-7.15%	15.77%
IPIRX Voya Global Perspectives Portfolio	6.84%	14.21%	7.31%	10.65%	-17.52%	6.06%	16.10%	18.35%	-9.87%	15.00%

Correlation

The correlation between PAFGX and IPIRX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.91

The correlation between PAFGX and IPIRX shifts across timeframes, from 0.80 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PAFGX vs. IPIRX — Risk / Return Rank

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

PAFGX

PAFGX Risk / Return Rank: 60
PAFGX Sharpe Ratio Rank: 63
PAFGX Sortino Ratio Rank: 62
PAFGX Omega Ratio Rank: 67
PAFGX Calmar Ratio Rank: 49
PAFGX Martin Ratio Rank: 57

IPIRX

IPIRX Risk / Return Rank: 54
IPIRX Sharpe Ratio Rank: 54
IPIRX Sortino Ratio Rank: 61
IPIRX Omega Ratio Rank: 57
IPIRX Calmar Ratio Rank: 43
IPIRX Martin Ratio Rank: 56

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.

PAFGX vs. IPIRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Global Allocation Fund (PAFGX) and Voya Global Perspectives Portfolio (IPIRX). 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.

	PAFGX	IPIRX	Difference
Sharpe ratio Return per unit of total volatility	2.34	2.18	+0.16
Sortino ratio Return per unit of downside risk	3.32	3.27	+0.05
Omega ratio Gain probability vs. loss probability	1.46	1.42	+0.04
Calmar ratio Return relative to maximum drawdown	2.66	2.48	+0.18
Martin ratio Return relative to average drawdown	11.57	11.31	+0.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAFGX vs. IPIRX - Sharpe Ratio Comparison

The current PAFGX Sharpe Ratio is 2.34, which is comparable to the IPIRX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of PAFGX and IPIRX, 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

	PAFGX	IPIRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.18	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.42	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.67	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.60	+0.13

Drawdowns

PAFGX vs. IPIRX - Drawdown Comparison

The maximum PAFGX drawdown since its inception was -24.45%, roughly equal to the maximum IPIRX drawdown of -24.97%. Use the drawdown chart below to compare losses from any high point for PAFGX and IPIRX.

Drawdown Indicators

	PAFGX	IPIRX	Difference
Max Drawdown Largest peak-to-trough decline	-24.45%	-24.97%	+0.52%
Max Drawdown (1Y) Largest decline over 1 year	-6.79%	-7.88%	+1.09%
Max Drawdown (3Y) Largest decline over 3 years	-9.63%	-10.54%	+0.91%
Max Drawdown (5Y) Largest decline over 5 years	-22.00%	-24.97%	+2.97%
Max Drawdown (10Y) Largest decline over 10 years	-24.45%	-24.97%	+0.52%
Current Drawdown Current decline from peak	0.00%	-0.19%	+0.19%
Average Drawdown Average peak-to-trough decline	-3.79%	-4.85%	+1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.67%	-0.11%

Volatility

PAFGX vs. IPIRX - Volatility Comparison

T. Rowe Price Global Allocation Fund (PAFGX) and Voya Global Perspectives Portfolio (IPIRX) have volatilities of 2.46% and 2.53%, 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

	PAFGX	IPIRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	2.53%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	6.38%	7.32%	-0.94%
Volatility (1Y) Calculated over the trailing 1-year period	7.74%	9.11%	-1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.47%	10.82%	-1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.24%	9.78%	+0.46%

PAFGX vs. IPIRX - Expense Ratio Comparison

PAFGX has a 1.02% expense ratio, which is higher than IPIRX's 0.20% expense ratio.

Dividends

PAFGX vs. IPIRX - Dividend Comparison

PAFGX's dividend yield for the trailing twelve months is around 6.28%, less than IPIRX's 44.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPIRX Voya Global Perspectives Portfolio	44.20%	5.64%	3.25%	14.65%	13.55%	6.34%	6.25%	7.80%	1.30%	2.78%	2.78%	7.16%
PAFGX T. Rowe Price Global Allocation Fund	6.28%	6.75%	5.00%	2.32%	2.74%	7.14%	0.79%	2.92%	2.26%	0.75%	0.36%	1.62%

Frequently Asked Questions

Can I hold both PAFGX and IPIRX in my portfolio?

PAFGX and IPIRX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAFGX or IPIRX?

IPIRX has higher volatility (2.53%) compared to PAFGX (2.46%). In terms of maximum drawdown, PAFGX dropped -24.45% vs IPIRX's -24.97%.

Which has better risk-adjusted returns?

PAFGX currently has the higher Sharpe Ratio (2.34 vs 2.17), 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.