PMFYX vs. JAAA

Last updated Jun 4, 2026

PMFYX (Pioneer Multi-Asset Income Fund) and JAAA (Janus Henderson AAA CLO ETF) are both funds - PMFYX is a Global Allocation fund managed by Amundi, while JAAA is a CLO fund actively managed by Janus Henderson. Over the past 5 years, PMFYX returned 8.15%/yr vs 4.79%/yr for JAAA. At a 0.11 correlation, their price movements are largely independent. PMFYX charges 0.65%/yr vs 0.20%/yr for JAAA.

Performance

PMFYX vs. JAAA - Performance Comparison

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

Returns By Period

In the year-to-date period, PMFYX achieves a 5.94% return, which is significantly higher than JAAA's 1.87% return.

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%

JAAA

• 1D: -0.02%
• 1M: 0.39%
• YTD: 1.87%
• 6M: 2.45%
• 1Y: 5.06%
• 3Y*: 6.71%
• 5Y*: 4.79%
• 10Y*: —

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

PMFYX vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PMFYX Pioneer Multi-Asset Income Fund	5.94%	23.15%	6.28%	7.04%	-0.34%	12.25%	8.70%
JAAA Janus Henderson AAA CLO ETF	1.87%	5.16%	7.43%	8.59%	0.49%	1.39%	0.79%

Correlation

The correlation between PMFYX and JAAA is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020	0.11

Return for Risk

PMFYX vs. JAAA — Risk / Return Rank

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

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

JAAA

JAAA Risk / Return Rank: 98
JAAA Sharpe Ratio Rank: 98
JAAA Sortino Ratio Rank: 99
JAAA Omega Ratio Rank: 99
JAAA Calmar Ratio Rank: 98
JAAA Martin Ratio Rank: 98

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.

PMFYX vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Multi-Asset Income Fund (PMFYX) and Janus Henderson AAA CLO ETF (JAAA). 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.

	PMFYX	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	3.14	5.98	-2.84
Sortino ratio: Return per unit of downside risk	4.82	10.04	-5.23
Omega ratio: Gain probability vs. loss probability	1.61	2.69	-1.07
Calmar ratio: Return relative to maximum drawdown	4.35	13.07	-8.72
Martin ratio: Return relative to average drawdown	15.49	70.18	-54.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMFYX vs. JAAA - Sharpe Ratio Comparison

The current PMFYX Sharpe Ratio is 3.14, which is lower than the JAAA Sharpe Ratio of 5.98. The chart below compares the historical Sharpe Ratios of PMFYX and JAAA, 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

	PMFYX	JAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.14	5.98	-2.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.12	2.87	-1.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	2.77	-1.60

Drawdowns

PMFYX vs. JAAA - Drawdown Comparison

The maximum PMFYX drawdown since its inception was -24.23%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for PMFYX and JAAA.

Drawdown Indicators

	PMFYX	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-24.23%	-2.64%	-21.59%
Max Drawdown (1Y) Largest decline over 1 year	-4.08%	-0.39%	-3.69%
Max Drawdown (3Y) Largest decline over 3 years	-7.92%	-1.46%	-6.46%
Max Drawdown (5Y) Largest decline over 5 years	-13.62%	-2.64%	-10.98%
Max Drawdown (10Y) Largest decline over 10 years	-24.23%	—	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-2.60%	-0.25%	-2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	0.07%	+1.08%

Volatility

PMFYX vs. JAAA - Volatility Comparison

Pioneer Multi-Asset Income Fund (PMFYX) has a higher volatility of 1.88% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that PMFYX's price experiences larger fluctuations and is considered to be riskier than JAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMFYX	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.88%	0.13%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	4.40%	0.64%	+3.76%
Volatility (1Y) Calculated over the trailing 1-year period	5.66%	0.85%	+4.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.28%	1.68%	+5.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.62%	1.64%	+5.98%

PMFYX vs. JAAA - Expense Ratio Comparison

PMFYX has a 0.65% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

PMFYX vs. JAAA - Dividend Comparison

PMFYX's dividend yield for the trailing twelve months is around 6.30%, more than JAAA's 5.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JAAA Janus Henderson AAA CLO ETF	5.00%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%
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 PMFYX and JAAA in my portfolio?

PMFYX and JAAA have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMFYX or JAAA?

PMFYX has higher volatility (1.88%) compared to JAAA (0.13%). In terms of maximum drawdown, PMFYX dropped -24.23% vs JAAA's -2.64%.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (5.98 vs 3.14), 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.