PCGRX vs. PBMFX

Last updated Jun 4, 2026

PCGRX (Pioneer Mid Cap Value Fund) and PBMFX (Pioneer AMT Free Municipal Fund) are both mutual funds - PCGRX is a Mid Cap Value Equities fund managed by Amundi, while PBMFX is a Municipal Bonds fund managed by Amundi. Over the past 10 years, PCGRX returned 9.60%/yr vs 0.86%/yr for PBMFX. At a correlation of -0.10, they often move in opposite directions. PCGRX charges 1.05%/yr vs 0.78%/yr for PBMFX.

Performance

PCGRX vs. PBMFX - Performance Comparison

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

Returns By Period

In the year-to-date period, PCGRX achieves a 13.06% return, which is significantly higher than PBMFX's 1.61% return. Over the past 10 years, PCGRX has outperformed PBMFX with an annualized return of 9.60%, while PBMFX has yielded a comparatively lower 0.86% annualized return.

PCGRX

• 1D: 0.85%
• 1M: 2.82%
• YTD: 13.06%
• 6M: 14.01%
• 1Y: 28.05%
• 3Y*: 15.69%
• 5Y*: 9.12%
• 10Y*: 9.60%

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%

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

PCGRX vs. PBMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCGRX Pioneer Mid Cap Value Fund	13.06%	10.84%	10.44%	12.38%	-5.85%	28.94%	1.81%	28.04%	-19.52%	12.89%
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%

Correlation

The correlation between PCGRX and PBMFX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Oct 1, 1996	-0.10

The correlation between PCGRX and PBMFX shifts across timeframes, from -0.10 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PCGRX vs. PBMFX — Risk / Return Rank

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

PCGRX

PCGRX Risk / Return Rank: 61
PCGRX Sharpe Ratio Rank: 54
PCGRX Sortino Ratio Rank: 55
PCGRX Omega Ratio Rank: 49
PCGRX Calmar Ratio Rank: 80
PCGRX Martin Ratio Rank: 66

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

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.

PCGRX vs. PBMFX - Risk-Adjusted Trends Comparison

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

	PCGRX	PBMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.36	+0.82
Sortino ratio: Return per unit of downside risk	3.13	2.15	+0.98
Omega ratio: Gain probability vs. loss probability	1.38	1.34	+0.04
Calmar ratio: Return relative to maximum drawdown	3.64	1.53	+2.11
Martin ratio: Return relative to average drawdown	12.88	4.79	+8.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCGRX vs. PBMFX - Sharpe Ratio Comparison

The current PCGRX Sharpe Ratio is 2.17, which is higher than the PBMFX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of PCGRX and PBMFX, 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

	PCGRX	PBMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	1.36	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	-0.27	+0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.13	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.46	+0.10

Drawdowns

PCGRX vs. PBMFX - Drawdown Comparison

The maximum PCGRX drawdown since its inception was -53.63%, which is greater than PBMFX's maximum drawdown of -24.21%. Use the drawdown chart below to compare losses from any high point for PCGRX and PBMFX.

Drawdown Indicators

	PCGRX	PBMFX	Difference
Max Drawdown Largest peak-to-trough decline	-53.63%	-24.21%	-29.42%
Max Drawdown (1Y) Largest decline over 1 year	-7.99%	-4.33%	-3.66%
Max Drawdown (3Y) Largest decline over 3 years	-20.29%	-11.49%	-8.80%
Max Drawdown (5Y) Largest decline over 5 years	-20.29%	-24.21%	+3.92%
Max Drawdown (10Y) Largest decline over 10 years	-42.30%	-24.21%	-18.09%
Current Drawdown Current decline from peak	0.00%	-10.88%	+10.88%
Average Drawdown Average peak-to-trough decline	-7.53%	-4.70%	-2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	1.38%	+0.87%

Volatility

PCGRX vs. PBMFX - Volatility Comparison

Pioneer Mid Cap Value Fund (PCGRX) has a higher volatility of 3.19% compared to Pioneer AMT Free Municipal Fund (PBMFX) at 1.76%. This indicates that PCGRX's price experiences larger fluctuations and is considered to be riskier than PBMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCGRX	PBMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	1.76%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	9.54%	3.61%	+5.93%
Volatility (1Y) Calculated over the trailing 1-year period	13.37%	4.89%	+8.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.62%	7.42%	+10.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.52%	6.64%	+12.88%

PCGRX vs. PBMFX - Expense Ratio Comparison

PCGRX has a 1.05% expense ratio, which is higher than PBMFX's 0.78% expense ratio.

Dividends

PCGRX vs. PBMFX - Dividend Comparison

PCGRX's dividend yield for the trailing twelve months is around 6.36%, more than PBMFX's 4.94% 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%
PCGRX Pioneer Mid Cap Value Fund	6.36%	7.19%	9.50%	6.92%	12.41%	14.24%	0.71%	1.08%	12.40%	8.35%	6.59%	10.48%

Frequently Asked Questions

Can I hold both PCGRX and PBMFX in my portfolio?

PCGRX and PBMFX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCGRX or PBMFX?

PCGRX has higher volatility (3.19%) compared to PBMFX (1.76%). In terms of maximum drawdown, PCGRX dropped -53.63% vs PBMFX's -24.21%.

Which has better risk-adjusted returns?

PCGRX currently has the higher Sharpe Ratio (2.17 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.