PIODX vs. OPTFX

Last updated Jun 24, 2026

PIODX (Pioneer Fund) and OPTFX (Invesco Capital Appreciation Fund) are both mutual funds - PIODX is a Large Cap Blend Equities fund managed by Amundi, while OPTFX is a Large Cap Growth Equities fund managed by Invesco. Over the past 10 years, PIODX returned 16.79%/yr vs 16.30%/yr for OPTFX. Their correlation of 0.86 suggests significant overlap in exposure. PIODX charges 1.06%/yr vs 0.95%/yr for OPTFX.

Performance

PIODX vs. OPTFX - Performance Comparison

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

Returns By Period

In the year-to-date period, PIODX achieves a 10.70% return, which is significantly lower than OPTFX's 11.72% return. Both investments have delivered pretty close results over the past 10 years, with PIODX having a 16.79% annualized return and OPTFX not far behind at 16.30%.

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%

OPTFX

• 1D: -0.06%
• 1M: 3.31%
• YTD: 11.72%
• 6M: 10.04%
• 1Y: 25.19%
• 3Y*: 23.37%
• 5Y*: 11.44%
• 10Y*: 16.30%

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

PIODX vs. OPTFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIODX Pioneer Fund	10.70%	23.30%	22.62%	28.45%	-19.43%	27.40%	24.01%	31.04%	-1.48%	21.79%
OPTFX Invesco Capital Appreciation Fund	11.72%	12.84%	34.05%	35.51%	-31.10%	21.42%	36.33%	36.22%	-5.96%	26.50%

Correlation

The correlation between PIODX and OPTFX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 7, 1981	0.86

The correlation between PIODX and OPTFX has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

Return for Risk

PIODX vs. OPTFX — Risk / Return Rank

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

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

OPTFX

OPTFX Risk / Return Rank: 28
OPTFX Sharpe Ratio Rank: 31
OPTFX Sortino Ratio Rank: 29
OPTFX Omega Ratio Rank: 29
OPTFX Calmar Ratio Rank: 27
OPTFX Martin Ratio Rank: 26

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.

PIODX vs. OPTFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Fund (PIODX) and Invesco Capital Appreciation Fund (OPTFX). 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.

	PIODX	OPTFX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.47	+0.49
Sortino ratio: Return per unit of downside risk	2.61	2.06	+0.55
Omega ratio: Gain probability vs. loss probability	1.34	1.26	+0.08
Calmar ratio: Return relative to maximum drawdown	3.12	1.79	+1.33
Martin ratio: Return relative to average drawdown	12.89	5.68	+7.21

PIODX vs. OPTFX - Sharpe Ratio Comparison

The current PIODX Sharpe Ratio is 1.96, which is higher than the OPTFX Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of PIODX and OPTFX, 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

PIODX vs. OPTFX - Drawdown Comparison

The maximum PIODX drawdown since its inception was -53.40%, smaller than the maximum OPTFX drawdown of -57.95%. Use the drawdown chart below to compare losses from any high point for PIODX and OPTFX.

Drawdown Indicators

	PIODX	OPTFX	Difference
Max Drawdown Largest peak-to-trough decline	-53.40%	-57.95%	+4.55%
Max Drawdown (1Y) Largest decline over 1 year	-9.99%	-16.85%	+6.86%
Max Drawdown (3Y) Largest decline over 3 years	-21.52%	-26.46%	+4.94%
Max Drawdown (5Y) Largest decline over 5 years	-26.55%	-35.89%	+9.34%
Max Drawdown (10Y) Largest decline over 10 years	-30.14%	-35.89%	+5.75%
Current Drawdown Current decline from peak	-2.33%	-0.06%	-2.27%
Average Drawdown Average peak-to-trough decline	-8.59%	-13.98%	+5.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	5.05%	-2.64%

Volatility

PIODX vs. OPTFX - Volatility Comparison

The current volatility for Pioneer Fund (PIODX) is 6.00%, while Invesco Capital Appreciation Fund (OPTFX) has a volatility of 8.07%. This indicates that PIODX experiences smaller price fluctuations and is considered to be less risky than OPTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIODX	OPTFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.00%	8.07%	-2.07%
Volatility (6M) Calculated over the trailing 6-month period	12.22%	16.07%	-3.85%
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	20.51%	-4.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.30%	22.52%	-3.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.94%	21.59%	-2.65%

PIODX vs. OPTFX - Expense Ratio Comparison

PIODX has a 1.06% expense ratio, which is higher than OPTFX's 0.95% expense ratio.

Dividends

PIODX vs. OPTFX - Dividend Comparison

PIODX's dividend yield for the trailing twelve months is around 9.00%, less than OPTFX's 9.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OPTFX Invesco Capital Appreciation Fund	9.78%	10.93%	2.92%	0.00%	0.88%	28.43%	3.20%	23.53%	9.18%	9.34%	4.29%	13.78%
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 PIODX and OPTFX in my portfolio?

PIODX and OPTFX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIODX or OPTFX?

OPTFX has higher volatility (8.07%) compared to PIODX (6.00%). In terms of maximum drawdown, PIODX dropped -53.40% vs OPTFX's -57.95%.

Which has better risk-adjusted returns?

PIODX currently has the higher Sharpe Ratio (1.96 vs 1.47), 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.