PIYFX vs. WWWEX

Last updated Jul 15, 2026

PIYFX (Invesco Multi-Asset Income Fund) and WWWEX (Kinetics The Global Fund) are both Diversified Portfolio funds. Over the past 10 years, PIYFX returned 3.62%/yr vs 15.21%/yr for WWWEX. At a 0.31 correlation, their price movements are largely independent. PIYFX charges 0.59%/yr vs 1.39%/yr for WWWEX.

Performance

PIYFX vs. WWWEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Multi-Asset Income Fund (PIYFX) and Kinetics The Global Fund (WWWEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PIYFX having a 4.64% return and WWWEX slightly lower at 4.55%. Over the past 10 years, PIYFX has underperformed WWWEX with an annualized return of 3.62%, while WWWEX has yielded a comparatively higher 15.21% annualized return.

PIYFX

• 1D: -0.48%
• 1M: -0.06%
• 6M: 3.24%
• YTD: 4.64%
• 1Y: 10.77%
• 3Y*: 8.44%
• 5Y*: 3.00%
• 10Y*: 3.62%

WWWEX

• 1D: -0.06%
• 1M: 0.72%
• 6M: -1.76%
• YTD: 4.55%
• 1Y: -1.98%
• 3Y*: 28.67%
• 5Y*: 14.41%
• 10Y*: 15.21%

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

PIYFX vs. WWWEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIYFX Invesco Multi-Asset Income Fund	4.64%	10.87%	6.92%	10.87%	-16.93%	6.17%	-4.31%	16.33%	-4.96%	10.99%
WWWEX Kinetics The Global Fund	4.55%	2.89%	72.15%	11.83%	-6.45%	16.29%	25.00%	21.61%	-23.57%	48.93%

Correlation

The correlation between PIYFX and WWWEX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Dec 14, 2011	0.31

Over the past year, PIYFX and WWWEX have become more correlated (0.52) than their long-term average of 0.31, meaning their price movements have been converging.

Return for Risk

PIYFX vs. WWWEX — Risk / Return Rank

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

PIYFX

PIYFX Risk / Return Rank: 53
PIYFX Sharpe Ratio Rank: 55
PIYFX Sortino Ratio Rank: 57
PIYFX Omega Ratio Rank: 58
PIYFX Calmar Ratio Rank: 42
PIYFX Martin Ratio Rank: 52

WWWEX

WWWEX Risk / Return Rank: 3
WWWEX Sharpe Ratio Rank: 3
WWWEX Sortino Ratio Rank: 3
WWWEX Omega Ratio Rank: 3
WWWEX Calmar Ratio Rank: 3
WWWEX Martin Ratio Rank: 3

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.

PIYFX vs. WWWEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Multi-Asset Income Fund (PIYFX) and Kinetics The Global Fund (WWWEX). 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.

	PIYFX	WWWEX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	-0.11	+1.75
Sortino ratio: Return per unit of downside risk	2.35	-0.04	+2.39
Omega ratio: Gain probability vs. loss probability	1.31	1.00	+0.31
Calmar ratio: Return relative to maximum drawdown	1.96	-0.14	+2.10
Martin ratio: Return relative to average drawdown	8.37	-0.31	+8.67

PIYFX vs. WWWEX - Sharpe Ratio Comparison

The current PIYFX Sharpe Ratio is 1.64, which is higher than the WWWEX Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of PIYFX and WWWEX, 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

PIYFX vs. WWWEX - Drawdown Comparison

The maximum PIYFX drawdown since its inception was -30.39%, smaller than the maximum WWWEX drawdown of -82.60%. Use the drawdown chart below to compare losses from any high point for PIYFX and WWWEX.

Drawdown Indicators

	PIYFX	WWWEX	Difference
Max Drawdown Largest peak-to-trough decline	-30.39%	-82.60%	+52.21%
Max Drawdown (1Y) Largest decline over 1 year	-5.49%	-13.86%	+8.37%
Max Drawdown (3Y) Largest decline over 3 years	-7.30%	-17.66%	+10.36%
Max Drawdown (5Y) Largest decline over 5 years	-20.01%	-26.62%	+6.61%
Max Drawdown (10Y) Largest decline over 10 years	-30.39%	-36.00%	+5.61%
Current Drawdown Current decline from peak	-0.96%	-9.83%	+8.87%
Average Drawdown Average peak-to-trough decline	-4.06%	-41.18%	+37.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	6.29%	-5.01%

Volatility

PIYFX vs. WWWEX - Volatility Comparison

The current volatility for Invesco Multi-Asset Income Fund (PIYFX) is 2.22%, while Kinetics The Global Fund (WWWEX) has a volatility of 4.07%. This indicates that PIYFX experiences smaller price fluctuations and is considered to be less risky than WWWEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIYFX	WWWEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.22%	4.07%	-1.85%
Volatility (6M) Calculated over the trailing 6-month period	5.48%	13.55%	-8.07%
Volatility (1Y) Calculated over the trailing 1-year period	6.59%	17.27%	-10.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.13%	19.55%	-12.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.53%	19.23%	-10.70%

PIYFX vs. WWWEX - Expense Ratio Comparison

PIYFX has a 0.59% expense ratio, which is lower than WWWEX's 1.39% expense ratio.

Dividends

PIYFX vs. WWWEX - Dividend Comparison

PIYFX's dividend yield for the trailing twelve months is around 6.42%, more than WWWEX's 2.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIYFX Invesco Multi-Asset Income Fund	6.42%	6.14%	6.90%	7.07%	7.35%	6.21%	6.04%	5.13%	5.74%	5.82%	4.94%	5.37%
WWWEX Kinetics The Global Fund	2.47%	2.58%	0.98%	2.50%	1.47%	3.50%	0.00%	0.00%	0.08%	9.04%	0.40%	0.06%

Frequently Asked Questions

Can I hold both PIYFX and WWWEX in my portfolio?

PIYFX and WWWEX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIYFX or WWWEX?

WWWEX has higher volatility (4.07%) compared to PIYFX (2.22%). In terms of maximum drawdown, PIYFX dropped -30.39% vs WWWEX's -82.60%.

Which has better risk-adjusted returns?

PIYFX currently has the higher Sharpe Ratio (1.64 vs -0.11), 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.