PMAIX vs. PMFYX

Last updated Jun 4, 2026

PMAIX (Pioneer Multi-Asset Income Fund A) and PMFYX (Pioneer Multi-Asset Income Fund) are both mutual funds - PMAIX is a Diversified Portfolio fund managed by Amundi, while PMFYX is a Global Allocation fund managed by Amundi. Over the past 10 years, PMAIX returned 8.70%/yr vs 8.87%/yr for PMFYX. With a 0.99 correlation, they move nearly in lockstep. PMAIX charges 0.85%/yr vs 0.65%/yr for PMFYX.

Performance

PMAIX vs. PMFYX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with PMAIX having a 5.84% return and PMFYX slightly higher at 5.94%. Both investments have delivered pretty close results over the past 10 years, with PMAIX having a 8.70% annualized return and PMFYX not far ahead at 8.87%.

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%

PMFYX

• 1D: 0.22%
• 1M: 1.01%
• YTD: 5.94%
• 6M: 7.34%
• 1Y: 17.41%
• 3Y*: 13.69%
• 5Y*: 8.15%
• 10Y*: 8.87%

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

PMAIX vs. PMFYX - 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%	17.97%
PMFYX Pioneer Multi-Asset Income Fund	5.94%	23.15%	6.28%	7.04%	-0.34%	12.25%	5.38%	11.13%	-5.91%	18.23%

Correlation

The correlation between PMAIX and PMFYX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Dec 23, 2011	0.99

The correlation between PMAIX and PMFYX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

PMAIX vs. PMFYX — 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

PMFYX

PMFYX Risk / Return Rank: 89
PMFYX Sharpe Ratio Rank: 93
PMFYX Sortino Ratio Rank: 94
PMFYX Omega Ratio Rank: 88
PMFYX Calmar Ratio Rank: 88
PMFYX Martin Ratio Rank: 82

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. PMFYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Multi-Asset Income Fund A (PMAIX) and Pioneer Multi-Asset Income Fund (PMFYX). 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	PMFYX	Difference
Sharpe ratio: Return per unit of total volatility	3.12	3.14	-0.02
Sortino ratio: Return per unit of downside risk	4.80	4.82	-0.01
Omega ratio: Gain probability vs. loss probability	1.60	1.61	-0.01
Calmar ratio: Return relative to maximum drawdown	4.33	4.35	-0.03
Martin ratio: Return relative to average drawdown	15.26	15.49	-0.23
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. PMFYX - Sharpe Ratio Comparison

The current PMAIX Sharpe Ratio is 3.12, which is comparable to the PMFYX Sharpe Ratio of 3.14. The chart below compares the historical Sharpe Ratios of PMAIX and PMFYX, 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	PMFYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.12	3.14	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	1.12	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.15	1.17	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	1.17	-0.02

Drawdowns

PMAIX vs. PMFYX - Drawdown Comparison

The maximum PMAIX drawdown since its inception was -24.12%, roughly equal to the maximum PMFYX drawdown of -24.23%. Use the drawdown chart below to compare losses from any high point for PMAIX and PMFYX.

Drawdown Indicators

	PMAIX	PMFYX	Difference
Max Drawdown Largest peak-to-trough decline	-24.12%	-24.23%	+0.11%
Max Drawdown (1Y) Largest decline over 1 year	-4.07%	-4.08%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-7.99%	-7.92%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-13.97%	-13.62%	-0.35%
Max Drawdown (10Y) Largest decline over 10 years	-24.12%	-24.23%	+0.11%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.66%	-2.60%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	1.15%	0.00%

Volatility

PMAIX vs. PMFYX - Volatility Comparison

Pioneer Multi-Asset Income Fund A (PMAIX) and Pioneer Multi-Asset Income Fund (PMFYX) have volatilities of 1.80% and 1.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMAIX	PMFYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	1.88%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	4.39%	4.40%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	5.64%	5.66%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.24%	7.28%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.60%	7.62%	-0.02%

PMAIX vs. PMFYX - Expense Ratio Comparison

PMAIX has a 0.85% expense ratio, which is higher than PMFYX's 0.65% expense ratio.

Dividends

PMAIX vs. PMFYX - Dividend Comparison

PMAIX's dividend yield for the trailing twelve months is around 6.12%, less than PMFYX's 6.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PMFYX Pioneer Multi-Asset Income Fund	6.30%	6.48%	5.48%	4.87%	5.00%	5.70%	5.58%	6.00%	6.07%	6.88%	5.72%	6.14%

Frequently Asked Questions

Can I hold both PMAIX and PMFYX in my portfolio?

With a correlation of 0.99, PMAIX and PMFYX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PMAIX or PMFYX?

PMFYX has higher volatility (1.88%) compared to PMAIX (1.80%). In terms of maximum drawdown, PMAIX dropped -24.12% vs PMFYX's -24.23%.

Which has better risk-adjusted returns?

PMFYX currently has the higher Sharpe Ratio (3.14 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.