PMAIX vs. CAIBX

Last updated Jun 23, 2026

PMAIX (Pioneer Multi-Asset Income Fund A) and CAIBX (American Funds Capital Income Builder Class A) are both Diversified Portfolio funds. Over the past 10 years, PMAIX returned 8.61%/yr vs 7.88%/yr for CAIBX. A 0.71 correlation means they provide meaningful diversification when combined. PMAIX charges 0.85%/yr vs 0.59%/yr for CAIBX.

Performance

PMAIX vs. CAIBX - Performance Comparison

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

Returns By Period

In the year-to-date period, PMAIX achieves a 4.74% return, which is significantly lower than CAIBX's 7.43% return. Over the past 10 years, PMAIX has outperformed CAIBX with an annualized return of 8.61%, while CAIBX has yielded a comparatively lower 7.88% annualized return.

PMAIX

• 1D: -0.37%
• 1M: 0.40%
• YTD: 4.74%
• 6M: 5.14%
• 1Y: 14.61%
• 3Y*: 12.65%
• 5Y*: 8.09%
• 10Y*: 8.61%

CAIBX

• 1D: 0.00%
• 1M: 0.08%
• YTD: 7.43%
• 6M: 7.74%
• 1Y: 17.79%
• 3Y*: 14.33%
• 5Y*: 8.82%
• 10Y*: 7.88%

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

PMAIX vs. CAIBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMAIX Pioneer Multi-Asset Income Fund A	4.74%	23.03%	6.09%	7.32%	-0.79%	12.00%	5.35%	10.88%	-6.10%	17.97%
CAIBX American Funds Capital Income Builder Class A	7.43%	20.39%	10.24%	8.95%	-7.14%	14.99%	3.20%	17.23%	-7.28%	13.99%

Correlation

The correlation between PMAIX and CAIBX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 22, 2011	0.71

The correlation between PMAIX and CAIBX has been stable across timeframes, ranging from 0.68 to 0.71 - a consistent structural relationship.

Return for Risk

PMAIX vs. CAIBX — Risk / Return Rank

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

PMAIX

PMAIX Risk / Return Rank: 80
PMAIX Sharpe Ratio Rank: 84
PMAIX Sortino Ratio Rank: 86
PMAIX Omega Ratio Rank: 78
PMAIX Calmar Ratio Rank: 83
PMAIX Martin Ratio Rank: 70

CAIBX

CAIBX Risk / Return Rank: 60
CAIBX Sharpe Ratio Rank: 63
CAIBX Sortino Ratio Rank: 64
CAIBX Omega Ratio Rank: 63
CAIBX Calmar Ratio Rank: 55
CAIBX Martin Ratio Rank: 57

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.

PMAIX vs. CAIBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Multi-Asset Income Fund A (PMAIX) and American Funds Capital Income Builder Class A (CAIBX). 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.

	PMAIX	CAIBX	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.15	+0.37
Sortino ratio: Return per unit of downside risk	3.79	3.05	+0.74
Omega ratio: Gain probability vs. loss probability	1.47	1.40	+0.07
Calmar ratio: Return relative to maximum drawdown	3.63	2.73	+0.91
Martin ratio: Return relative to average drawdown	12.68	10.80	+1.87

PMAIX vs. CAIBX - Sharpe Ratio Comparison

The current PMAIX Sharpe Ratio is 2.51, which is comparable to the CAIBX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of PMAIX and CAIBX, 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

PMAIX vs. CAIBX - Drawdown Comparison

The maximum PMAIX drawdown since its inception was -24.12%, smaller than the maximum CAIBX drawdown of -43.68%. Use the drawdown chart below to compare losses from any high point for PMAIX and CAIBX.

Drawdown Indicators

	PMAIX	CAIBX	Difference
Max Drawdown Largest peak-to-trough decline	-24.12%	-43.68%	+19.56%
Max Drawdown (1Y) Largest decline over 1 year	-4.07%	-6.47%	+2.40%
Max Drawdown (3Y) Largest decline over 3 years	-7.99%	-8.89%	+0.90%
Max Drawdown (5Y) Largest decline over 5 years	-13.97%	-17.65%	+3.68%
Max Drawdown (10Y) Largest decline over 10 years	-24.12%	-25.28%	+1.16%
Current Drawdown Current decline from peak	-1.11%	-0.72%	-0.39%
Average Drawdown Average peak-to-trough decline	-2.66%	-3.80%	+1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	1.63%	-0.47%

Volatility

PMAIX vs. CAIBX - Volatility Comparison

The current volatility for Pioneer Multi-Asset Income Fund A (PMAIX) is 2.23%, while American Funds Capital Income Builder Class A (CAIBX) has a volatility of 2.56%. This indicates that PMAIX experiences smaller price fluctuations and is considered to be less risky than CAIBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMAIX	CAIBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.23%	2.56%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	4.70%	6.63%	-1.93%
Volatility (1Y) Calculated over the trailing 1-year period	5.88%	8.23%	-2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.26%	10.01%	-2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.60%	10.89%	-3.29%

PMAIX vs. CAIBX - Expense Ratio Comparison

PMAIX has a 0.85% expense ratio, which is higher than CAIBX's 0.59% expense ratio.

Dividends

PMAIX vs. CAIBX - Dividend Comparison

PMAIX's dividend yield for the trailing twelve months is around 6.18%, less than CAIBX's 7.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAIBX American Funds Capital Income Builder Class A	7.30%	7.71%	5.76%	3.47%	3.43%	3.14%	3.38%	4.10%	3.55%	4.44%	3.52%	3.62%
PMAIX Pioneer Multi-Asset Income Fund A	6.18%	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 PMAIX and CAIBX in my portfolio?

PMAIX and CAIBX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMAIX or CAIBX?

CAIBX has higher volatility (2.56%) compared to PMAIX (2.23%). In terms of maximum drawdown, PMAIX dropped -24.12% vs CAIBX's -43.68%.

Which has better risk-adjusted returns?

PMAIX currently has the higher Sharpe Ratio (2.51 vs 2.15), 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.