PMFKX vs. FPACX

Last updated Jun 24, 2026

PMFKX (Victory Pioneer Multi-Asset Income Class R-6) and FPACX (FPA Crescent Fund) are both Diversified Portfolio funds. Over the past 10 years, PMFKX returned 9.17%/yr vs 10.43%/yr for FPACX. A 0.65 correlation means they provide meaningful diversification when combined. PMFKX charges 0.55%/yr vs 1.00%/yr for FPACX.

Performance

PMFKX vs. FPACX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Pioneer Multi-Asset Income Class R-6 (PMFKX) and FPA Crescent Fund (FPACX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMFKX achieves a 4.57% return, which is significantly lower than FPACX's 5.01% return. Over the past 10 years, PMFKX has underperformed FPACX with an annualized return of 9.17%, while FPACX has yielded a comparatively higher 10.43% annualized return.

PMFKX

• 1D: -0.29%
• 1M: 0.13%
• YTD: 4.57%
• 6M: 5.01%
• 1Y: 14.61%
• 3Y*: 13.40%
• 5Y*: 8.07%
• 10Y*: 9.17%

FPACX

• 1D: -0.66%
• 1M: 1.00%
• YTD: 5.01%
• 6M: 4.84%
• 1Y: 16.55%
• 3Y*: 15.00%
• 5Y*: 9.18%
• 10Y*: 10.43%

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

PMFKX vs. FPACX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMFKX Victory Pioneer Multi-Asset Income Class R-6	4.57%	23.37%	6.39%	6.97%	-0.74%	12.29%	5.57%	11.23%	-4.27%	18.27%
FPACX FPA Crescent Fund	5.01%	17.69%	12.42%	20.30%	-9.20%	15.09%	12.14%	20.03%	-7.42%	10.38%

Correlation

The correlation between PMFKX and FPACX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.65

The correlation between PMFKX and FPACX has been stable across timeframes, ranging from 0.60 to 0.67 - a consistent structural relationship.

Return for Risk

PMFKX vs. FPACX — Risk / Return Rank

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

PMFKX

PMFKX Risk / Return Rank: 81
PMFKX Sharpe Ratio Rank: 84
PMFKX Sortino Ratio Rank: 87
PMFKX Omega Ratio Rank: 78
PMFKX Calmar Ratio Rank: 84
PMFKX Martin Ratio Rank: 73

FPACX

FPACX Risk / Return Rank: 47
FPACX Sharpe Ratio Rank: 49
FPACX Sortino Ratio Rank: 51
FPACX Omega Ratio Rank: 49
FPACX Calmar Ratio Rank: 41
FPACX Martin Ratio Rank: 44

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.

PMFKX vs. FPACX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Pioneer Multi-Asset Income Class R-6 (PMFKX) and FPA Crescent Fund (FPACX). 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.

	PMFKX	FPACX	Difference
Sharpe ratio: Return per unit of total volatility	2.52	1.89	+0.63
Sortino ratio: Return per unit of downside risk	3.84	2.75	+1.09
Omega ratio: Gain probability vs. loss probability	1.47	1.35	+0.12
Calmar ratio: Return relative to maximum drawdown	3.78	2.33	+1.45
Martin ratio: Return relative to average drawdown	12.94	8.76	+4.18

PMFKX vs. FPACX - Sharpe Ratio Comparison

The current PMFKX Sharpe Ratio is 2.52, which is higher than the FPACX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of PMFKX and FPACX, 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

PMFKX vs. FPACX - Drawdown Comparison

The maximum PMFKX drawdown since its inception was -24.13%, smaller than the maximum FPACX drawdown of -31.60%. Use the drawdown chart below to compare losses from any high point for PMFKX and FPACX.

Drawdown Indicators

	PMFKX	FPACX	Difference
Max Drawdown Largest peak-to-trough decline	-24.13%	-31.60%	+7.47%
Max Drawdown (1Y) Largest decline over 1 year	-3.88%	-7.37%	+3.49%
Max Drawdown (3Y) Largest decline over 3 years	-7.97%	-10.95%	+2.98%
Max Drawdown (5Y) Largest decline over 5 years	-13.99%	-18.47%	+4.48%
Max Drawdown (10Y) Largest decline over 10 years	-24.13%	-29.46%	+5.33%
Current Drawdown Current decline from peak	-1.37%	-1.44%	+0.07%
Average Drawdown Average peak-to-trough decline	-2.71%	-3.87%	+1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	1.95%	-0.82%

Volatility

PMFKX vs. FPACX - Volatility Comparison

The current volatility for Victory Pioneer Multi-Asset Income Class R-6 (PMFKX) is 2.22%, while FPA Crescent Fund (FPACX) has a volatility of 3.35%. This indicates that PMFKX experiences smaller price fluctuations and is considered to be less risky than FPACX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMFKX	FPACX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.22%	3.35%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	4.63%	7.19%	-2.56%
Volatility (1Y) Calculated over the trailing 1-year period	5.83%	9.08%	-3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.25%	11.93%	-4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.57%	13.22%	-5.65%

PMFKX vs. FPACX - Expense Ratio Comparison

PMFKX has a 0.55% expense ratio, which is lower than FPACX's 1.00% expense ratio.

Dividends

PMFKX vs. FPACX - Dividend Comparison

PMFKX's dividend yield for the trailing twelve months is around 6.45%, less than FPACX's 9.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPACX FPA Crescent Fund	9.14%	9.60%	7.95%	3.72%	0.77%	11.62%	4.80%	4.65%	8.87%	3.70%	4.98%	6.34%
PMFKX Victory Pioneer Multi-Asset Income Class R-6	6.45%	6.54%	5.52%	4.87%	4.77%	5.75%	5.64%	6.05%	6.13%	6.88%	5.74%	6.20%

Frequently Asked Questions

Can I hold both PMFKX and FPACX in my portfolio?

PMFKX and FPACX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMFKX or FPACX?

FPACX has higher volatility (3.35%) compared to PMFKX (2.22%). In terms of maximum drawdown, PMFKX dropped -24.13% vs FPACX's -31.60%.

Which has better risk-adjusted returns?

PMFKX currently has the higher Sharpe Ratio (2.52 vs 1.89), 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.