PIIFX vs. PIODX

Last updated Jun 24, 2026

PIIFX (Pioneer International Equity Fund) and PIODX (Pioneer Fund) are both mutual funds - PIIFX is a Foreign Large Cap Equities fund managed by Amundi, while PIODX is a Large Cap Blend Equities fund managed by Amundi. Over the past 10 years, PIIFX returned 11.36%/yr vs 16.79%/yr for PIODX. A 0.65 correlation means they provide meaningful diversification when combined. PIIFX charges 1.15%/yr vs 1.06%/yr for PIODX.

Performance

PIIFX vs. PIODX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with PIIFX having a 10.62% return and PIODX slightly higher at 10.70%. Over the past 10 years, PIIFX has underperformed PIODX with an annualized return of 11.36%, while PIODX has yielded a comparatively higher 16.79% 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%

PIODX

• 1D: 0.08%
• 1M: -0.63%
• YTD: 10.70%
• 6M: 9.23%
• 1Y: 29.63%
• 3Y*: 24.80%
• 5Y*: 13.73%
• 10Y*: 16.79%

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

PIIFX vs. PIODX - 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%
PIODX Pioneer Fund	10.70%	23.30%	22.62%	28.45%	-19.43%	27.40%	24.01%	31.04%	-1.48%	21.79%

Correlation

The correlation between PIIFX and PIODX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Mar 25, 1993	0.65

The correlation between PIIFX and PIODX shifts across timeframes, from 0.65 (all time) to 0.77 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PIIFX vs. PIODX — Risk / Return Rank

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

PIIFX

PIIFX Risk / Return Rank: 53
PIIFX Sharpe Ratio Rank: 56
PIIFX Sortino Ratio Rank: 52
PIIFX Omega Ratio Rank: 53
PIIFX Calmar Ratio Rank: 51
PIIFX Martin Ratio Rank: 51

PIODX

PIODX Risk / Return Rank: 57
PIODX Sharpe Ratio Rank: 52
PIODX Sortino Ratio Rank: 45
PIODX Omega Ratio Rank: 46
PIODX Calmar Ratio Rank: 71
PIODX Martin Ratio Rank: 72

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.

PIIFX vs. PIODX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer International Equity Fund (PIIFX) 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.

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	PIODX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.96	+0.08
Sortino ratio: Return per unit of downside risk	2.78	2.61	+0.16
Omega ratio: Gain probability vs. loss probability	1.37	1.34	+0.03
Calmar ratio: Return relative to maximum drawdown	2.62	3.12	-0.50
Martin ratio: Return relative to average drawdown	9.97	12.89	-2.93

PIIFX vs. PIODX - Sharpe Ratio Comparison

The current PIIFX Sharpe Ratio is 2.04, which is comparable to the PIODX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of PIIFX 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.

Drawdowns

PIIFX vs. PIODX - Drawdown Comparison

The maximum PIIFX drawdown since its inception was -62.36%, which is greater than PIODX's maximum drawdown of -53.40%. Use the drawdown chart below to compare losses from any high point for PIIFX and PIODX.

Drawdown Indicators

	PIIFX	PIODX	Difference
Max Drawdown Largest peak-to-trough decline	-62.36%	-53.40%	-8.96%
Max Drawdown (1Y) Largest decline over 1 year	-13.03%	-9.99%	-3.04%
Max Drawdown (3Y) Largest decline over 3 years	-14.98%	-21.52%	+6.54%
Max Drawdown (5Y) Largest decline over 5 years	-29.27%	-26.55%	-2.72%
Max Drawdown (10Y) Largest decline over 10 years	-37.30%	-30.14%	-7.16%
Current Drawdown Current decline from peak	-0.57%	-2.33%	+1.76%
Average Drawdown Average peak-to-trough decline	-19.48%	-8.59%	-10.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	2.41%	+1.01%

Volatility

PIIFX vs. PIODX - Volatility Comparison

The current volatility for Pioneer International Equity Fund (PIIFX) is 5.00%, while Pioneer Fund (PIODX) has a volatility of 6.00%. This indicates that PIIFX 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

	PIIFX	PIODX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.00%	6.00%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	14.05%	12.22%	+1.83%
Volatility (1Y) Calculated over the trailing 1-year period	16.81%	15.92%	+0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.43%	19.30%	-2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.49%	18.94%	-2.45%

PIIFX vs. PIODX - Expense Ratio Comparison

PIIFX has a 1.15% expense ratio, which is higher than PIODX's 1.06% expense ratio.

Dividends

PIIFX vs. PIODX - Dividend Comparison

PIIFX's dividend yield for the trailing twelve months is around 3.97%, less than PIODX's 9.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PIODX Pioneer Fund	9.00%	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 PIIFX and PIODX in my portfolio?

PIIFX and PIODX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIIFX or PIODX?

PIODX has higher volatility (6.00%) compared to PIIFX (5.00%). In terms of maximum drawdown, PIIFX dropped -62.36% vs PIODX's -53.40%.

Which has better risk-adjusted returns?

PIIFX currently has the higher Sharpe Ratio (2.04 vs 1.96), 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.