PIALX vs. GBFFX

Last updated Jun 4, 2026

PIALX (Pioneer Solutions - Balanced Fund) and GBFFX (GMO Benchmark-Free Fund) are both Global Allocation funds. Over the past 10 years, PIALX returned 7.96%/yr vs 7.17%/yr for GBFFX. Their correlation of 0.83 suggests significant overlap in exposure. PIALX charges 0.44%/yr vs 0.35%/yr for GBFFX.

Performance

PIALX vs. GBFFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Solutions - Balanced Fund (PIALX) and GMO Benchmark-Free Fund (GBFFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIALX achieves a 7.59% return, which is significantly lower than GBFFX's 12.11% return. Over the past 10 years, PIALX has outperformed GBFFX with an annualized return of 7.96%, while GBFFX has yielded a comparatively lower 7.17% annualized return.

PIALX

• 1D: 0.28%
• 1M: 2.38%
• YTD: 7.59%
• 6M: 8.84%
• 1Y: 21.32%
• 3Y*: 15.57%
• 5Y*: 8.20%
• 10Y*: 7.96%

GBFFX

• 1D: 0.37%
• 1M: 4.16%
• YTD: 12.11%
• 6M: 14.18%
• 1Y: 29.53%
• 3Y*: 15.78%
• 5Y*: 8.08%
• 10Y*: 7.17%

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

PIALX vs. GBFFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIALX Pioneer Solutions - Balanced Fund	7.59%	23.78%	8.23%	11.73%	-8.89%	12.66%	9.75%	15.45%	-10.08%	12.88%
GBFFX GMO Benchmark-Free Fund	12.11%	24.07%	0.40%	15.24%	-3.36%	4.38%	-3.35%	13.79%	-7.12%	17.06%

Correlation

The correlation between PIALX and GBFFX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jul 13, 2015	0.83

The correlation between PIALX and GBFFX has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

Return for Risk

PIALX vs. GBFFX — Risk / Return Rank

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

PIALX

PIALX Risk / Return Rank: 86
PIALX Sharpe Ratio Rank: 92
PIALX Sortino Ratio Rank: 90
PIALX Omega Ratio Rank: 87
PIALX Calmar Ratio Rank: 83
PIALX Martin Ratio Rank: 81

GBFFX

GBFFX Risk / Return Rank: 96
GBFFX Sharpe Ratio Rank: 99
GBFFX Sortino Ratio Rank: 98
GBFFX Omega Ratio Rank: 96
GBFFX Calmar Ratio Rank: 93
GBFFX Martin Ratio Rank: 93

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.

PIALX vs. GBFFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Solutions - Balanced Fund (PIALX) and GMO Benchmark-Free Fund (GBFFX). 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.

	PIALX	GBFFX	Difference
Sharpe ratio: Return per unit of total volatility	3.12	4.24	-1.11
Sortino ratio: Return per unit of downside risk	4.44	6.10	-1.66
Omega ratio: Gain probability vs. loss probability	1.60	1.86	-0.26
Calmar ratio: Return relative to maximum drawdown	3.88	5.22	-1.34
Martin ratio: Return relative to average drawdown	15.12	20.07	-4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIALX vs. GBFFX - Sharpe Ratio Comparison

The current PIALX Sharpe Ratio is 3.12, which is comparable to the GBFFX Sharpe Ratio of 4.24. The chart below compares the historical Sharpe Ratios of PIALX and GBFFX, 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

	PIALX	GBFFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.12	4.24	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	1.01	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.79	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.70	-0.12

Drawdowns

PIALX vs. GBFFX - Drawdown Comparison

The maximum PIALX drawdown since its inception was -43.04%, which is greater than GBFFX's maximum drawdown of -26.62%. Use the drawdown chart below to compare losses from any high point for PIALX and GBFFX.

Drawdown Indicators

	PIALX	GBFFX	Difference
Max Drawdown Largest peak-to-trough decline	-43.04%	-26.62%	-16.42%
Max Drawdown (1Y) Largest decline over 1 year	-5.57%	-5.67%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-8.85%	-10.18%	+1.33%
Max Drawdown (5Y) Largest decline over 5 years	-18.19%	-15.91%	-2.28%
Max Drawdown (10Y) Largest decline over 10 years	-26.28%	-26.62%	+0.34%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.15%	-4.37%	-0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.43%	1.47%	-0.04%

Volatility

PIALX vs. GBFFX - Volatility Comparison

The current volatility for Pioneer Solutions - Balanced Fund (PIALX) is 2.10%, while GMO Benchmark-Free Fund (GBFFX) has a volatility of 2.35%. This indicates that PIALX experiences smaller price fluctuations and is considered to be less risky than GBFFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIALX	GBFFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.10%	2.35%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	5.46%	5.39%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	6.93%	6.99%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.75%	8.07%	+0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.55%	9.09%	+0.46%

PIALX vs. GBFFX - Expense Ratio Comparison

PIALX has a 0.44% expense ratio, which is higher than GBFFX's 0.35% expense ratio.

Dividends

PIALX vs. GBFFX - Dividend Comparison

PIALX's dividend yield for the trailing twelve months is around 5.34%, more than GBFFX's 4.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBFFX GMO Benchmark-Free Fund	4.56%	5.11%	1.81%	5.72%	5.48%	4.60%	3.32%	4.00%	3.92%	2.90%	2.72%	6.67%
PIALX Pioneer Solutions - Balanced Fund	5.34%	5.74%	5.07%	3.97%	14.16%	6.30%	2.79%	6.44%	5.91%	1.81%	2.18%	10.28%

Frequently Asked Questions

Can I hold both PIALX and GBFFX in my portfolio?

PIALX and GBFFX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIALX or GBFFX?

GBFFX has higher volatility (2.35%) compared to PIALX (2.10%). In terms of maximum drawdown, PIALX dropped -43.04% vs GBFFX's -26.62%.

Which has better risk-adjusted returns?

GBFFX currently has the higher Sharpe Ratio (4.24 vs 3.12), 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.