PMAIX vs. FMSDX

Last updated Jun 4, 2026

PMAIX (Pioneer Multi-Asset Income Fund A) and FMSDX (Fidelity Multi-Asset Income Fund) are both Diversified Portfolio funds. Over the past 5 years, PMAIX returned 8.01%/yr vs 6.45%/yr for FMSDX. A 0.61 correlation means they provide meaningful diversification when combined. PMAIX charges 0.85%/yr vs 0.78%/yr for FMSDX.

Performance

PMAIX vs. FMSDX - Performance Comparison

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

Returns By Period

In the year-to-date period, PMAIX achieves a 5.84% return, which is significantly lower than FMSDX's 8.45% return.

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%

FMSDX

• 1D: -0.42%
• 1M: 0.98%
• YTD: 8.45%
• 6M: 7.69%
• 1Y: 20.98%
• 3Y*: 12.99%
• 5Y*: 6.45%
• 10Y*: —

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

PMAIX vs. FMSDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PMAIX Pioneer Multi-Asset Income Fund A	5.84%	23.03%	6.09%	7.32%	-0.79%	12.00%	5.35%	10.88%	-7.19%
FMSDX Fidelity Multi-Asset Income Fund	8.45%	14.10%	9.95%	11.75%	-13.67%	17.27%	14.56%	23.14%	-0.91%

Correlation

The correlation between PMAIX and FMSDX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Feb 27, 2018	0.61

The correlation between PMAIX and FMSDX shifts across timeframes, from 0.51 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PMAIX vs. FMSDX — Risk / Return Rank

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

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

FMSDX

FMSDX Risk / Return Rank: 58
FMSDX Sharpe Ratio Rank: 55
FMSDX Sortino Ratio Rank: 50
FMSDX Omega Ratio Rank: 51
FMSDX Calmar Ratio Rank: 74
FMSDX Martin Ratio Rank: 58

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. FMSDX - Risk-Adjusted Trends Comparison

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

	PMAIX	FMSDX	Difference
Sharpe ratio: Return per unit of total volatility	3.12	2.20	+0.92
Sortino ratio: Return per unit of downside risk	4.80	2.99	+1.82
Omega ratio: Gain probability vs. loss probability	1.60	1.39	+0.21
Calmar ratio: Return relative to maximum drawdown	4.33	3.36	+0.97
Martin ratio: Return relative to average drawdown	15.26	11.69	+3.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMAIX vs. FMSDX - Sharpe Ratio Comparison

The current PMAIX Sharpe Ratio is 3.12, which is higher than the FMSDX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of PMAIX and FMSDX, 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

	PMAIX	FMSDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.12	2.20	+0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	0.66	+0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.15	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.92	+0.23

Drawdowns

PMAIX vs. FMSDX - Drawdown Comparison

The maximum PMAIX drawdown since its inception was -24.12%, which is greater than FMSDX's maximum drawdown of -21.64%. Use the drawdown chart below to compare losses from any high point for PMAIX and FMSDX.

Drawdown Indicators

	PMAIX	FMSDX	Difference
Max Drawdown Largest peak-to-trough decline	-24.12%	-21.64%	-2.48%
Max Drawdown (1Y) Largest decline over 1 year	-4.07%	-6.47%	+2.40%
Max Drawdown (3Y) Largest decline over 3 years	-7.99%	-13.17%	+5.18%
Max Drawdown (5Y) Largest decline over 5 years	-13.97%	-18.12%	+4.15%
Max Drawdown (10Y) Largest decline over 10 years	-24.12%	—	—
Current Drawdown Current decline from peak	0.00%	-0.71%	+0.71%
Average Drawdown Average peak-to-trough decline	-2.66%	-3.81%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	1.86%	-0.71%

Volatility

PMAIX vs. FMSDX - Volatility Comparison

The current volatility for Pioneer Multi-Asset Income Fund A (PMAIX) is 1.80%, while Fidelity Multi-Asset Income Fund (FMSDX) has a volatility of 2.50%. This indicates that PMAIX experiences smaller price fluctuations and is considered to be less risky than FMSDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMAIX	FMSDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	2.50%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	4.39%	7.39%	-3.00%
Volatility (1Y) Calculated over the trailing 1-year period	5.64%	9.89%	-4.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.24%	9.80%	-2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.60%	10.60%	-3.00%

PMAIX vs. FMSDX - Expense Ratio Comparison

PMAIX has a 0.85% expense ratio, which is higher than FMSDX's 0.78% expense ratio.

Dividends

PMAIX vs. FMSDX - Dividend Comparison

PMAIX's dividend yield for the trailing twelve months is around 6.12%, more than FMSDX's 3.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMSDX Fidelity Multi-Asset Income Fund	3.47%	3.81%	3.84%	4.23%	3.74%	2.81%	1.79%	2.82%	4.36%	0.00%	0.00%	0.00%
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 PMAIX and FMSDX in my portfolio?

PMAIX and FMSDX have a correlation of 0.51, 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 FMSDX?

FMSDX has higher volatility (2.50%) compared to PMAIX (1.80%). In terms of maximum drawdown, PMAIX dropped -24.12% vs FMSDX's -21.64%.

Which has better risk-adjusted returns?

PMAIX currently has the higher Sharpe Ratio (3.12 vs 2.20), 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.