PIOBX vs. PMAIX

Last updated Jun 4, 2026

PIOBX (Pioneer Bond Fund) and PMAIX (Pioneer Multi-Asset Income Fund A) are both mutual funds - PIOBX is a Intermediate Core-Plus Bond fund managed by Amundi, while PMAIX is a Diversified Portfolio fund managed by Amundi. Over the past 10 years, PIOBX returned 2.01%/yr vs 8.70%/yr for PMAIX. At a 0.10 correlation, their price movements are largely independent. PIOBX charges 0.79%/yr vs 0.85%/yr for PMAIX.

Performance

PIOBX vs. PMAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Bond Fund (PIOBX) and Pioneer Multi-Asset Income Fund A (PMAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIOBX achieves a 0.45% return, which is significantly lower than PMAIX's 5.84% return. Over the past 10 years, PIOBX has underperformed PMAIX with an annualized return of 2.01%, while PMAIX has yielded a comparatively higher 8.70% annualized return.

PIOBX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 0.45%
• 6M: 0.43%
• 1Y: 5.78%
• 3Y*: 4.18%
• 5Y*: -0.04%
• 10Y*: 2.01%

PMAIX

• 1D: 0.30%
• 1M: 1.00%
• YTD: 5.84%
• 6M: 7.30%
• 1Y: 17.14%
• 3Y*: 13.52%
• 5Y*: 8.01%
• 10Y*: 8.70%

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

PIOBX vs. PMAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIOBX Pioneer Bond Fund	0.45%	8.09%	1.22%	5.68%	-14.96%	0.36%	8.51%	8.95%	-0.87%	4.24%
PMAIX Pioneer Multi-Asset Income Fund A	5.84%	23.03%	6.09%	7.32%	-0.79%	12.00%	5.35%	10.88%	-6.10%	17.97%

Correlation

The correlation between PIOBX and PMAIX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Dec 23, 2011	0.10

Over the past year, PIOBX and PMAIX have become more correlated (0.32) than their long-term average of 0.10, meaning their price movements have been converging.

Return for Risk

PIOBX vs. PMAIX — Risk / Return Rank

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

PIOBX

PIOBX Risk / Return Rank: 25
PIOBX Sharpe Ratio Rank: 25
PIOBX Sortino Ratio Rank: 27
PIOBX Omega Ratio Rank: 25
PIOBX Calmar Ratio Rank: 25
PIOBX Martin Ratio Rank: 23

PMAIX

PMAIX Risk / Return Rank: 89
PMAIX Sharpe Ratio Rank: 92
PMAIX Sortino Ratio Rank: 94
PMAIX Omega Ratio Rank: 87
PMAIX Calmar Ratio Rank: 88
PMAIX Martin Ratio Rank: 81

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.

PIOBX vs. PMAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Bond Fund (PIOBX) and Pioneer Multi-Asset Income Fund A (PMAIX). 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.

	PIOBX	PMAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.43	3.12	-1.69
Sortino ratio: Return per unit of downside risk	2.16	4.80	-2.64
Omega ratio: Gain probability vs. loss probability	1.26	1.60	-0.35
Calmar ratio: Return relative to maximum drawdown	1.86	4.33	-2.47
Martin ratio: Return relative to average drawdown	5.83	15.26	-9.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIOBX vs. PMAIX - Sharpe Ratio Comparison

The current PIOBX Sharpe Ratio is 1.43, which is lower than the PMAIX Sharpe Ratio of 3.12. The chart below compares the historical Sharpe Ratios of PIOBX and PMAIX, 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

	PIOBX	PMAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	3.12	-1.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	1.11	-1.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	1.15	-0.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	1.15	-0.43

Drawdowns

PIOBX vs. PMAIX - Drawdown Comparison

The maximum PIOBX drawdown since its inception was -21.80%, smaller than the maximum PMAIX drawdown of -24.12%. Use the drawdown chart below to compare losses from any high point for PIOBX and PMAIX.

Drawdown Indicators

	PIOBX	PMAIX	Difference
Max Drawdown Largest peak-to-trough decline	-21.80%	-24.12%	+2.32%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-4.07%	+1.01%
Max Drawdown (3Y) Largest decline over 3 years	-7.11%	-7.99%	+0.88%
Max Drawdown (5Y) Largest decline over 5 years	-19.64%	-13.97%	-5.67%
Max Drawdown (10Y) Largest decline over 10 years	-19.64%	-24.12%	+4.48%
Current Drawdown Current decline from peak	-2.20%	0.00%	-2.20%
Average Drawdown Average peak-to-trough decline	-3.55%	-2.66%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.15%	-0.18%

Volatility

PIOBX vs. PMAIX - Volatility Comparison

The current volatility for Pioneer Bond Fund (PIOBX) is 1.46%, while Pioneer Multi-Asset Income Fund A (PMAIX) has a volatility of 1.80%. This indicates that PIOBX experiences smaller price fluctuations and is considered to be less risky than PMAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIOBX	PMAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	1.80%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	4.39%	-1.58%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	5.64%	-1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.01%	7.24%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.94%	7.60%	-2.66%

PIOBX vs. PMAIX - Expense Ratio Comparison

PIOBX has a 0.79% expense ratio, which is lower than PMAIX's 0.85% expense ratio.

Dividends

PIOBX vs. PMAIX - Dividend Comparison

PIOBX's dividend yield for the trailing twelve months is around 3.73%, less than PMAIX's 6.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIOBX Pioneer Bond Fund	3.73%	3.78%	3.31%	2.46%	1.62%	5.71%	4.62%	3.02%	3.13%	3.01%	2.97%	3.05%
PMAIX Pioneer Multi-Asset Income Fund A	6.12%	6.29%	5.30%	5.14%	4.53%	5.50%	5.39%	5.78%	5.83%	6.69%	5.53%	5.92%

Frequently Asked Questions

Can I hold both PIOBX and PMAIX in my portfolio?

PIOBX and PMAIX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIOBX or PMAIX?

PMAIX has higher volatility (1.80%) compared to PIOBX (1.46%). In terms of maximum drawdown, PIOBX dropped -21.80% vs PMAIX's -24.12%.

Which has better risk-adjusted returns?

PMAIX currently has the higher Sharpe Ratio (3.12 vs 1.43), 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.