PMYRX vs. DRRIX

Last updated Aug 1, 2026

PMYRX (Pioneer Flexible Opportunities Fund) and DRRIX (BNY Mellon Global Real Return Fund - Class I) are both Tactical Allocation funds. Over the past 10 years, PMYRX returned 7.94%/yr vs 4.63%/yr for DRRIX. Their 0.63 correlation means they have sometimes moved together and sometimes differently. PMYRX charges 0.90%/yr vs 0.95%/yr for DRRIX.

Performance

PMYRX vs. DRRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Flexible Opportunities Fund (PMYRX) and BNY Mellon Global Real Return Fund - Class I (DRRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMYRX achieves a 7.54% return, which is significantly higher than DRRIX's 6.81% return. Over the past 10 years, PMYRX has outperformed DRRIX with an annualized return of 7.94%, while DRRIX has yielded a comparatively lower 4.63% annualized return.

PMYRX

• 1D: 0.53%
• 1M: 0.69%
• 6M: 4.92%
• YTD: 7.54%
• 1Y: 15.24%
• 3Y*: 17.51%
• 5Y*: 7.55%
• 10Y*: 7.94%
• ALL TIME*: 7.59%

DRRIX

• 1D: 1.20%
• 1M: 1.14%
• 6M: 2.07%
• YTD: 6.81%
• 1Y: 15.73%
• 3Y*: 9.99%
• 5Y*: 4.31%
• 10Y*: 4.63%
• ALL TIME*: 4.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DRRIX BNY Mellon Global Real Return Fund - Class I	$0.00	$0.00	$0.00
PMYRX Pioneer Flexible Opportunities Fund	$0.00	$0.00	$0.00

PMYRX vs. DRRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMYRX Pioneer Flexible Opportunities Fund	7.54%	18.78%	23.47%	11.75%	-18.74%	11.25%	6.86%	17.06%	-10.58%	23.68%
DRRIX BNY Mellon Global Real Return Fund - Class I	6.81%	12.60%	6.88%	2.59%	-8.47%	6.98%	9.75%	12.29%	1.12%	4.29%

Correlation

The correlation between PMYRX and DRRIX is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (10Y) Provides a long-term view across more market conditions.	0.62
Correlation (All Time) Calculated using the full available price history since May 12, 2010	0.63

The correlation between PMYRX and DRRIX has been stable across timeframes, ranging from 0.62 to 0.66 - a consistent structural relationship.

Return for Risk

PMYRX vs. DRRIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PMYRX

PMYRX Risk / Return Rank: 73
PMYRX Sharpe Ratio Rank: 74
PMYRX Sortino Ratio Rank: 75
PMYRX Omega Ratio Rank: 73
PMYRX Calmar Ratio Rank: 72
PMYRX Martin Ratio Rank: 69

DRRIX

DRRIX Risk / Return Rank: 82
DRRIX Sharpe Ratio Rank: 80
DRRIX Sortino Ratio Rank: 76
DRRIX Omega Ratio Rank: 78
DRRIX Calmar Ratio Rank: 88
DRRIX Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PMYRX vs. DRRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Flexible Opportunities Fund (PMYRX) and BNY Mellon Global Real Return Fund - Class I (DRRIX). 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.

	PMYRX	DRRIX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.90	-0.15
Sortino ratio: Return per unit of downside risk	2.58	2.58	-0.01
Omega ratio: Gain probability vs. loss probability	1.32	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	2.37	3.14	-0.77
Martin ratio: Return relative to average drawdown	8.63	10.61	-1.98

PMYRX vs. DRRIX - Sharpe Ratio Comparison

The current PMYRX Sharpe Ratio is 1.75, which is comparable to the DRRIX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of PMYRX and DRRIX, 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

PMYRX vs. DRRIX - Drawdown Comparison

The maximum PMYRX drawdown since its inception was -30.68%, which is greater than DRRIX's maximum drawdown of -15.92%. Use the drawdown chart below to compare losses from any high point for PMYRX and DRRIX.

Drawdown Indicators

	PMYRX	DRRIX	Difference
Max Drawdown Largest peak-to-trough decline	-30.68%	-15.92%	-14.76%
Max Drawdown (1Y) Largest decline over 1 year	-6.24%	-4.64%	-1.60%
Max Drawdown (3Y) Largest decline over 3 years	-15.99%	-10.55%	-5.44%
Max Drawdown (5Y) Largest decline over 5 years	-24.97%	-14.29%	-10.68%
Max Drawdown (10Y) Largest decline over 10 years	-30.68%	-15.92%	-14.76%
Current Drawdown Current decline from peak	0.00%	-0.51%	+0.51%
Average Drawdown Average peak-to-trough decline	-5.91%	-2.87%	-3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	1.37%	+0.34%

Volatility

PMYRX vs. DRRIX - Volatility Comparison

The current volatility for Pioneer Flexible Opportunities Fund (PMYRX) is 1.60%, while BNY Mellon Global Real Return Fund - Class I (DRRIX) has a volatility of 2.10%. This indicates that PMYRX experiences smaller price fluctuations and is considered to be less risky than DRRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMYRX	DRRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.60%	2.10%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	6.58%	6.07%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	8.49%	7.68%	+0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.65%	6.93%	+6.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.07%	6.75%	+6.32%

PMYRX vs. DRRIX - Expense Ratio Comparison

PMYRX has a 0.90% expense ratio, which is lower than DRRIX's 0.95% expense ratio.

Dividends

PMYRX vs. DRRIX - Dividend Comparison

PMYRX's dividend yield for the trailing twelve months is around 9.48%, more than DRRIX's 3.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DRRIX BNY Mellon Global Real Return Fund - Class I	3.67%	3.92%	4.35%	0.05%	9.59%	1.65%	1.39%	2.79%	3.62%	0.88%	2.98%	4.46%
PMYRX Pioneer Flexible Opportunities Fund	9.48%	9.83%	22.31%	1.03%	4.02%	2.12%	1.32%	2.50%	12.83%	8.93%	1.50%	7.13%

Frequently Asked Questions

Can I hold both PMYRX and DRRIX in my portfolio?

PMYRX and DRRIX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMYRX or DRRIX?

DRRIX has higher volatility (2.10%) compared to PMYRX (1.60%). In terms of maximum drawdown, PMYRX dropped -30.68% vs DRRIX's -15.92%.

Which has better risk-adjusted returns?

DRRIX currently has the higher Sharpe Ratio (1.90 vs 1.75), 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.