PBMFX vs. PIODX

Last updated Jun 4, 2026

PBMFX (Pioneer AMT Free Municipal Fund) and PIODX (Pioneer Fund) are both mutual funds - PBMFX is a Municipal Bonds fund managed by Amundi, while PIODX is a Large Cap Blend Equities fund managed by Amundi. Over the past 10 years, PBMFX returned 0.86%/yr vs 16.75%/yr for PIODX. At a correlation of -0.08, they often move in opposite directions. PBMFX charges 0.78%/yr vs 1.06%/yr for PIODX.

Performance

PBMFX vs. PIODX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer AMT Free Municipal Fund (PBMFX) and Pioneer Fund (PIODX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBMFX achieves a 1.61% return, which is significantly lower than PIODX's 13.34% return. Over the past 10 years, PBMFX has underperformed PIODX with an annualized return of 0.86%, while PIODX has yielded a comparatively higher 16.75% annualized return.

PBMFX

• 1D: 0.41%
• 1M: 0.64%
• YTD: 1.61%
• 6M: 1.32%
• 1Y: 6.56%
• 3Y*: 1.58%
• 5Y*: -1.98%
• 10Y*: 0.86%

PIODX

• 1D: 0.59%
• 1M: 3.28%
• YTD: 13.34%
• 6M: 13.16%
• 1Y: 34.84%
• 3Y*: 26.05%
• 5Y*: 14.48%
• 10Y*: 16.75%

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

PBMFX vs. PIODX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBMFX Pioneer AMT Free Municipal Fund	1.61%	-1.43%	0.80%	7.15%	-17.35%	1.54%	6.75%	9.82%	0.11%	6.57%
PIODX Pioneer Fund	13.34%	23.30%	22.62%	28.45%	-19.43%	27.40%	24.01%	31.04%	-1.48%	21.79%

Correlation

The correlation between PBMFX and PIODX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Oct 1, 1996	-0.08

The correlation between PBMFX and PIODX shifts across timeframes, from -0.08 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PBMFX vs. PIODX — Risk / Return Rank

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

PBMFX

PBMFX Risk / Return Rank: 25
PBMFX Sharpe Ratio Rank: 23
PBMFX Sortino Ratio Rank: 27
PBMFX Omega Ratio Rank: 40
PBMFX Calmar Ratio Rank: 18
PBMFX Martin Ratio Rank: 17

PIODX

PIODX Risk / Return Rank: 69
PIODX Sharpe Ratio Rank: 68
PIODX Sortino Ratio Rank: 58
PIODX Omega Ratio Rank: 55
PIODX Calmar Ratio Rank: 79
PIODX Martin Ratio Rank: 83

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.

PBMFX vs. PIODX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer AMT Free Municipal Fund (PBMFX) and Pioneer Fund (PIODX). 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.

	PBMFX	PIODX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.41	-1.05
Sortino ratio: Return per unit of downside risk	2.15	3.22	-1.07
Omega ratio: Gain probability vs. loss probability	1.34	1.41	-0.07
Calmar ratio: Return relative to maximum drawdown	1.53	3.62	-2.09
Martin ratio: Return relative to average drawdown	4.79	15.78	-10.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBMFX vs. PIODX - Sharpe Ratio Comparison

The current PBMFX Sharpe Ratio is 1.36, which is lower than the PIODX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of PBMFX and PIODX, 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

	PBMFX	PIODX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	2.41	-1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	0.76	-1.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.89	-0.76
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.53	-0.07

Drawdowns

PBMFX vs. PIODX - Drawdown Comparison

The maximum PBMFX drawdown since its inception was -24.21%, smaller than the maximum PIODX drawdown of -53.40%. Use the drawdown chart below to compare losses from any high point for PBMFX and PIODX.

Drawdown Indicators

	PBMFX	PIODX	Difference
Max Drawdown Largest peak-to-trough decline	-24.21%	-53.40%	+29.19%
Max Drawdown (1Y) Largest decline over 1 year	-4.33%	-9.99%	+5.66%
Max Drawdown (3Y) Largest decline over 3 years	-11.49%	-21.52%	+10.03%
Max Drawdown (5Y) Largest decline over 5 years	-24.21%	-26.55%	+2.34%
Max Drawdown (10Y) Largest decline over 10 years	-24.21%	-30.14%	+5.93%
Current Drawdown Current decline from peak	-10.88%	0.00%	-10.88%
Average Drawdown Average peak-to-trough decline	-4.70%	-8.60%	+3.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	2.29%	-0.91%

Volatility

PBMFX vs. PIODX - Volatility Comparison

The current volatility for Pioneer AMT Free Municipal Fund (PBMFX) is 1.76%, while Pioneer Fund (PIODX) has a volatility of 3.75%. This indicates that PBMFX experiences smaller price fluctuations and is considered to be less risky than PIODX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBMFX	PIODX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.76%	3.75%	-1.99%
Volatility (6M) Calculated over the trailing 6-month period	3.61%	11.28%	-7.67%
Volatility (1Y) Calculated over the trailing 1-year period	4.89%	15.05%	-10.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.42%	19.15%	-11.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.64%	18.86%	-12.22%

PBMFX vs. PIODX - Expense Ratio Comparison

PBMFX has a 0.78% expense ratio, which is lower than PIODX's 1.06% expense ratio.

Dividends

PBMFX vs. PIODX - Dividend Comparison

PBMFX's dividend yield for the trailing twelve months is around 4.94%, less than PIODX's 8.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBMFX Pioneer AMT Free Municipal Fund	4.94%	4.82%	2.32%	2.15%	2.01%	1.97%	3.06%	2.91%	2.94%	2.70%	2.97%	3.62%
PIODX Pioneer Fund	8.85%	10.04%	14.17%	2.86%	4.13%	16.18%	5.82%	9.37%	15.37%	21.35%	20.51%	14.53%

Frequently Asked Questions

Can I hold both PBMFX and PIODX in my portfolio?

PBMFX and PIODX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBMFX or PIODX?

PIODX has higher volatility (3.75%) compared to PBMFX (1.76%). In terms of maximum drawdown, PBMFX dropped -24.21% vs PIODX's -53.40%.

Which has better risk-adjusted returns?

PIODX currently has the higher Sharpe Ratio (2.41 vs 1.36), 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.