PIIFX vs. IVFIX
PIIFX (Pioneer International Equity Fund) and IVFIX (Federated Hermes International Strategic Value Dividend Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, PIIFX returned 11.36%/yr vs 7.34%/yr for IVFIX. Their correlation of 0.81 suggests significant overlap in exposure. PIIFX charges 1.15%/yr vs 0.86%/yr for IVFIX.
Performance
PIIFX vs. IVFIX - Performance Comparison
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Returns By Period
In the year-to-date period, PIIFX achieves a 10.62% return, which is significantly higher than IVFIX's 5.96% return. Over the past 10 years, PIIFX has outperformed IVFIX with an annualized return of 11.36%, while IVFIX has yielded a comparatively lower 7.34% annualized return.
PIIFX
- 1D
- -0.57%
- 1M
- 1.19%
- YTD
- 10.62%
- 6M
- 10.69%
- 1Y
- 33.63%
- 3Y*
- 20.77%
- 5Y*
- 11.65%
- 10Y*
- 11.36%
IVFIX
- 1D
- 0.16%
- 1M
- -2.50%
- YTD
- 5.96%
- 6M
- 6.20%
- 1Y
- 15.78%
- 3Y*
- 13.84%
- 5Y*
- 9.20%
- 10Y*
- 7.34%
PIIFX vs. IVFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIIFX Pioneer International Equity Fund | 10.62% | 42.93% | 4.21% | 19.26% | -13.59% | 13.50% | 12.35% | 20.86% | -17.57% | 27.11% |
IVFIX Federated Hermes International Strategic Value Dividend Fund | 5.96% | 31.79% | 1.91% | 11.05% | -2.54% | 11.58% | -1.74% | 20.15% | -11.96% | 14.63% |
Correlation
The correlation between PIIFX and IVFIX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2008 | 0.81 |
Over the past year, the correlation between PIIFX and IVFIX has dropped to 0.51 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.
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Return for Risk
PIIFX vs. IVFIX — Risk / Return Rank
PIIFX
IVFIX
PIIFX vs. IVFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pioneer International Equity Fund (PIIFX) and Federated Hermes International Strategic Value Dividend Fund (IVFIX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PIIFX | IVFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.31 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 2.90 | -0.28 |
| Martin ratioReturn relative to average drawdown | 9.97 | 7.05 | +2.92 |
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Drawdowns
PIIFX vs. IVFIX - Drawdown Comparison
The maximum PIIFX drawdown since its inception was -62.36%, which is greater than IVFIX's maximum drawdown of -51.49%. Use the drawdown chart below to compare losses from any high point for PIIFX and IVFIX.
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Drawdown Indicators
| PIIFX | IVFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.36% | -51.49% | -10.87% |
Max Drawdown (1Y)Largest decline over 1 year | -13.03% | -6.97% | -6.06% |
Max Drawdown (3Y)Largest decline over 3 years | -14.98% | -10.75% | -4.23% |
Max Drawdown (5Y)Largest decline over 5 years | -29.27% | -21.29% | -7.98% |
Max Drawdown (10Y)Largest decline over 10 years | -37.30% | -33.46% | -3.84% |
Current DrawdownCurrent decline from peak | -0.57% | -5.92% | +5.35% |
Average DrawdownAverage peak-to-trough decline | -19.48% | -11.60% | -7.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.42% | 2.65% | +0.77% |
Volatility
PIIFX vs. IVFIX - Volatility Comparison
Pioneer International Equity Fund (PIIFX) has a higher volatility of 5.00% compared to Federated Hermes International Strategic Value Dividend Fund (IVFIX) at 3.00%. This indicates that PIIFX's price experiences larger fluctuations and is considered to be riskier than IVFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIIFX | IVFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.00% | 3.00% | +2.00% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 9.38% | +4.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.81% | 12.02% | +4.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.43% | 13.13% | +3.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.49% | 14.73% | +1.76% |
PIIFX vs. IVFIX - Expense Ratio Comparison
PIIFX has a 1.15% expense ratio, which is higher than IVFIX's 0.86% expense ratio.
Dividends
PIIFX vs. IVFIX - Dividend Comparison
PIIFX's dividend yield for the trailing twelve months is around 3.97%, more than IVFIX's 3.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVFIX Federated Hermes International Strategic Value Dividend Fund | 3.75% | 3.37% | 4.44% | 4.01% | 3.99% | 3.67% | 3.62% | 3.98% | 4.97% | 4.17% | 3.38% | 3.95% |
PIIFX Pioneer International Equity Fund | 3.97% | 4.39% | 1.85% | 1.69% | 3.85% | 13.21% | 0.18% | 2.16% | 6.64% | 1.82% | 0.89% | 1.64% |
Frequently Asked Questions
PIIFX and IVFIX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIIFX has higher volatility (5.00%) compared to IVFIX (3.00%). In terms of maximum drawdown, PIIFX dropped -62.36% vs IVFIX's -51.49%.
PIIFX currently has the higher Sharpe Ratio (2.04 vs 1.69), 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.
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