PIOTX vs. PBMFX

Last updated Jun 4, 2026

PIOTX (Pioneer Core Equity Fund) and PBMFX (Pioneer AMT Free Municipal Fund) are both mutual funds - PIOTX is a Large Cap Blend Equities fund managed by Amundi, while PBMFX is a Municipal Bonds fund managed by Amundi. Over the past 10 years, PIOTX returned 13.79%/yr vs 0.86%/yr for PBMFX. At a correlation of -0.09, they often move in opposite directions. PIOTX charges 0.88%/yr vs 0.78%/yr for PBMFX.

Performance

PIOTX vs. PBMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Core Equity Fund (PIOTX) and Pioneer AMT Free Municipal Fund (PBMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIOTX achieves a 11.49% return, which is significantly higher than PBMFX's 1.61% return. Over the past 10 years, PIOTX has outperformed PBMFX with an annualized return of 13.79%, while PBMFX has yielded a comparatively lower 0.86% annualized return.

PIOTX

• 1D: 0.52%
• 1M: 7.35%
• YTD: 11.49%
• 6M: 11.23%
• 1Y: 27.82%
• 3Y*: 17.73%
• 5Y*: 10.16%
• 10Y*: 13.79%

PBMFX

• 1D: 0.41%
• 1M: 0.64%
• YTD: 1.61%
• 6M: 1.32%
• 1Y: 6.56%
• 3Y*: 1.58%
• 5Y*: -1.98%
• 10Y*: 0.86%

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

PIOTX vs. PBMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIOTX Pioneer Core Equity Fund	11.49%	16.94%	14.35%	18.18%	-17.27%	25.81%	20.98%	31.42%	-8.32%	24.89%
PBMFX Pioneer AMT Free Municipal Fund	1.61%	-1.43%	0.80%	7.15%	-17.35%	1.54%	6.75%	9.82%	0.11%	6.57%

Correlation

The correlation between PIOTX and PBMFX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Oct 1, 1996	-0.09

The correlation between PIOTX and PBMFX shifts across timeframes, from -0.09 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PIOTX vs. PBMFX — Risk / Return Rank

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

PIOTX

PIOTX Risk / Return Rank: 64
PIOTX Sharpe Ratio Rank: 68
PIOTX Sortino Ratio Rank: 60
PIOTX Omega Ratio Rank: 60
PIOTX Calmar Ratio Rank: 76
PIOTX Martin Ratio Rank: 58

PBMFX

PBMFX Risk / Return Rank: 25
PBMFX Sharpe Ratio Rank: 23
PBMFX Sortino Ratio Rank: 27
PBMFX Omega Ratio Rank: 40
PBMFX Calmar Ratio Rank: 18
PBMFX Martin Ratio Rank: 17

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.

PIOTX vs. PBMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Core Equity Fund (PIOTX) and Pioneer AMT Free Municipal Fund (PBMFX). 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.

	PIOTX	PBMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.36	+1.05
Sortino ratio: Return per unit of downside risk	3.26	2.15	+1.11
Omega ratio: Gain probability vs. loss probability	1.43	1.34	+0.09
Calmar ratio: Return relative to maximum drawdown	3.45	1.53	+1.92
Martin ratio: Return relative to average drawdown	11.56	4.79	+6.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIOTX vs. PBMFX - Sharpe Ratio Comparison

The current PIOTX Sharpe Ratio is 2.40, which is higher than the PBMFX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of PIOTX and PBMFX, 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

	PIOTX	PBMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	1.36	+1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	-0.27	+0.87
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.13	+0.64
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.46	-0.33

Drawdowns

PIOTX vs. PBMFX - Drawdown Comparison

The maximum PIOTX drawdown since its inception was -66.24%, which is greater than PBMFX's maximum drawdown of -24.21%. Use the drawdown chart below to compare losses from any high point for PIOTX and PBMFX.

Drawdown Indicators

	PIOTX	PBMFX	Difference
Max Drawdown Largest peak-to-trough decline	-66.24%	-24.21%	-42.03%
Max Drawdown (1Y) Largest decline over 1 year	-8.35%	-4.33%	-4.02%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-11.49%	-8.91%
Max Drawdown (5Y) Largest decline over 5 years	-26.49%	-24.21%	-2.28%
Max Drawdown (10Y) Largest decline over 10 years	-31.79%	-24.21%	-7.58%
Current Drawdown Current decline from peak	0.00%	-10.88%	+10.88%
Average Drawdown Average peak-to-trough decline	-20.15%	-4.70%	-15.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	1.38%	+1.11%

Volatility

PIOTX vs. PBMFX - Volatility Comparison

Pioneer Core Equity Fund (PIOTX) has a higher volatility of 3.03% compared to Pioneer AMT Free Municipal Fund (PBMFX) at 1.76%. This indicates that PIOTX's price experiences larger fluctuations and is considered to be riskier than PBMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIOTX	PBMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	1.76%	+1.27%
Volatility (6M) Calculated over the trailing 6-month period	8.31%	3.61%	+4.70%
Volatility (1Y) Calculated over the trailing 1-year period	11.98%	4.89%	+7.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	7.42%	+9.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.98%	6.64%	+11.34%

PIOTX vs. PBMFX - Expense Ratio Comparison

PIOTX has a 0.88% expense ratio, which is higher than PBMFX's 0.78% expense ratio.

Dividends

PIOTX vs. PBMFX - Dividend Comparison

PIOTX's dividend yield for the trailing twelve months is around 6.76%, more than PBMFX's 4.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBMFX Pioneer AMT Free Municipal Fund	4.94%	4.82%	2.32%	2.15%	2.01%	1.97%	3.06%	2.91%	2.94%	2.70%	2.97%	3.62%
PIOTX Pioneer Core Equity Fund	6.76%	7.53%	5.87%	2.83%	7.10%	20.38%	8.56%	3.06%	19.73%	9.04%	1.13%	0.74%

Frequently Asked Questions

Can I hold both PIOTX and PBMFX in my portfolio?

PIOTX and PBMFX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIOTX or PBMFX?

PIOTX has higher volatility (3.03%) compared to PBMFX (1.76%). In terms of maximum drawdown, PIOTX dropped -66.24% vs PBMFX's -24.21%.

Which has better risk-adjusted returns?

PIOTX currently has the higher Sharpe Ratio (2.40 vs 1.36), 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.