PMAIX vs. JPST

Last updated Jun 4, 2026

PMAIX (Pioneer Multi-Asset Income Fund A) and JPST (JPMorgan Ultra-Short Income ETF) are both funds - PMAIX is a Diversified Portfolio fund managed by Amundi, while JPST is a Ultrashort Bond fund actively managed by JPMorgan. Over the past 5 years, PMAIX returned 8.01%/yr vs 3.61%/yr for JPST. At a 0.07 correlation, their price movements are largely independent. PMAIX charges 0.85%/yr vs 0.18%/yr for JPST.

Performance

PMAIX vs. JPST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Multi-Asset Income Fund A (PMAIX) and JPMorgan Ultra-Short Income ETF (JPST). 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 higher than JPST's 1.40% 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%

JPST

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.40%
• 6M: 1.74%
• 1Y: 4.31%
• 3Y*: 5.16%
• 5Y*: 3.61%
• 10Y*: —

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

PMAIX vs. JPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMAIX Pioneer Multi-Asset Income Fund A	5.84%	23.03%	6.09%	7.32%	-0.79%	12.00%	5.35%	10.88%	-6.10%	8.52%
JPST JPMorgan Ultra-Short Income ETF	1.40%	4.99%	5.58%	5.13%	1.14%	0.11%	2.18%	3.34%	2.23%	1.00%

Correlation

The correlation between PMAIX and JPST is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since May 22, 2017	0.07

The correlation between PMAIX and JPST shifts across timeframes, from 0.07 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PMAIX vs. JPST — 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

JPST

JPST Risk / Return Rank: 99
JPST Sharpe Ratio Rank: 99
JPST Sortino Ratio Rank: 99
JPST Omega Ratio Rank: 99
JPST Calmar Ratio Rank: 99
JPST Martin Ratio Rank: 99

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. JPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Multi-Asset Income Fund A (PMAIX) and JPMorgan Ultra-Short Income ETF (JPST). 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	JPST	Difference
Sharpe ratio: Return per unit of total volatility	3.12	8.09	-4.97
Sortino ratio: Return per unit of downside risk	4.80	17.60	-12.80
Omega ratio: Gain probability vs. loss probability	1.60	3.94	-2.34
Calmar ratio: Return relative to maximum drawdown	4.33	29.16	-24.83
Martin ratio: Return relative to average drawdown	15.26	144.13	-128.87
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. JPST - Sharpe Ratio Comparison

The current PMAIX Sharpe Ratio is 3.12, which is lower than the JPST Sharpe Ratio of 8.09. The chart below compares the historical Sharpe Ratios of PMAIX and JPST, 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	JPST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.12	8.09	-4.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	6.32	-5.21
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	3.20	-2.05

Drawdowns

PMAIX vs. JPST - Drawdown Comparison

The maximum PMAIX drawdown since its inception was -24.12%, which is greater than JPST's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for PMAIX and JPST.

Drawdown Indicators

	PMAIX	JPST	Difference
Max Drawdown Largest peak-to-trough decline	-24.12%	-3.28%	-20.84%
Max Drawdown (1Y) Largest decline over 1 year	-4.07%	-0.15%	-3.92%
Max Drawdown (3Y) Largest decline over 3 years	-7.99%	-0.30%	-7.69%
Max Drawdown (5Y) Largest decline over 5 years	-13.97%	-0.79%	-13.18%
Max Drawdown (10Y) Largest decline over 10 years	-24.12%	—	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-2.66%	-0.08%	-2.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	0.03%	+1.12%

Volatility

PMAIX vs. JPST - Volatility Comparison

Pioneer Multi-Asset Income Fund A (PMAIX) has a higher volatility of 1.80% compared to JPMorgan Ultra-Short Income ETF (JPST) at 0.15%. This indicates that PMAIX's price experiences larger fluctuations and is considered to be riskier than JPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMAIX	JPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	0.15%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	4.39%	0.36%	+4.03%
Volatility (1Y) Calculated over the trailing 1-year period	5.64%	0.54%	+5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.24%	0.58%	+6.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.60%	0.93%	+6.67%

PMAIX vs. JPST - Expense Ratio Comparison

PMAIX has a 0.85% expense ratio, which is higher than JPST's 0.18% expense ratio.

Dividends

PMAIX vs. JPST - Dividend Comparison

PMAIX's dividend yield for the trailing twelve months is around 6.12%, more than JPST's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPST JPMorgan Ultra-Short Income ETF	4.26%	4.43%	5.16%	4.79%	1.83%	0.73%	1.43%	2.69%	2.07%	0.96%	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 JPST in my portfolio?

PMAIX and JPST have a correlation of 0.23, 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 JPST?

PMAIX has higher volatility (1.80%) compared to JPST (0.15%). In terms of maximum drawdown, PMAIX dropped -24.12% vs JPST's -3.28%.

Which has better risk-adjusted returns?

JPST currently has the higher Sharpe Ratio (8.09 vs 3.12), 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.