PQIPX vs. NMAI

Last updated Aug 4, 2026

PQIPX (PIMCO Dividend and Income Fund) and NMAI (Nuveen Multi-Asset Income Fund) are both Global Allocation funds. Over the past 3 years, PQIPX returned 13.10%/yr vs 19.60%/yr for NMAI. Their 0.64 correlation means they have sometimes moved together and sometimes differently. PQIPX charges 0.81%/yr vs 2.91%/yr for NMAI.

Performance

PQIPX vs. NMAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Dividend and Income Fund (PQIPX) and Nuveen Multi-Asset Income Fund (NMAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PQIPX achieves a 10.46% return, which is significantly lower than NMAI's 15.72% return.

PQIPX

• 1D: -0.32%
• 1M: 0.97%
• 6M: 6.61%
• YTD: 10.46%
• 1Y: 18.21%
• 3Y*: 13.10%
• 5Y*: 8.47%
• 10Y*: 8.17%
• ALL TIME*: 7.53%

NMAI

• 1D: 1.64%
• 1M: 2.70%
• 6M: 10.16%
• YTD: 15.72%
• 1Y: 28.19%
• 3Y*: 19.60%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.70%

*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)
NMAI Nuveen Multi-Asset Income Fund	$1.01M	$1.25M	$1.57M
PQIPX PIMCO Dividend and Income Fund	$0.00	$0.00	$0.00

PQIPX vs. NMAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PQIPX PIMCO Dividend and Income Fund	10.46%	17.26%	7.08%	11.93%	-6.37%	2.65%
NMAI Nuveen Multi-Asset Income Fund	15.72%	20.03%	11.65%	19.52%	-26.38%	-4.91%

Correlation

The correlation between PQIPX and NMAI is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.44
Correlation (3Y) Balances recent behavior with more history.	0.55
Correlation (All Time) Calculated using the full available price history since Nov 22, 2021	0.64

The correlation between PQIPX and NMAI shifts across timeframes, from 0.44 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PQIPX vs. NMAI — Risk / Return Rank

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

PQIPX

PQIPX Risk / Return Rank: 95
PQIPX Sharpe Ratio Rank: 97
PQIPX Sortino Ratio Rank: 96
PQIPX Omega Ratio Rank: 95
PQIPX Calmar Ratio Rank: 92
PQIPX Martin Ratio Rank: 94

NMAI

NMAI Risk / Return Rank: 77
NMAI Sharpe Ratio Rank: 84
NMAI Sortino Ratio Rank: 78
NMAI Omega Ratio Rank: 78
NMAI Calmar Ratio Rank: 69
NMAI Martin Ratio Rank: 76

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.

PQIPX vs. NMAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Dividend and Income Fund (PQIPX) and Nuveen Multi-Asset Income Fund (NMAI). 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.

	PQIPX	NMAI	Difference
Sharpe ratio: Return per unit of total volatility	2.91	2.05	+0.85
Sortino ratio: Return per unit of downside risk	4.09	2.76	+1.32
Omega ratio: Gain probability vs. loss probability	1.58	1.37	+0.21
Calmar ratio: Return relative to maximum drawdown	3.72	2.38	+1.34
Martin ratio: Return relative to average drawdown	15.42	9.77	+5.65

PQIPX vs. NMAI - Sharpe Ratio Comparison

The current PQIPX Sharpe Ratio is 2.91, which is higher than the NMAI Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of PQIPX and NMAI, 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

PQIPX vs. NMAI - Drawdown Comparison

The maximum PQIPX drawdown since its inception was -33.13%, smaller than the maximum NMAI drawdown of -37.40%. Use the drawdown chart below to compare losses from any high point for PQIPX and NMAI.

Drawdown Indicators

	PQIPX	NMAI	Difference
Max Drawdown Largest peak-to-trough decline	-33.13%	-37.40%	+4.27%
Max Drawdown (1Y) Largest decline over 1 year	-5.06%	-11.88%	+6.82%
Max Drawdown (3Y) Largest decline over 3 years	-7.69%	-13.05%	+5.36%
Max Drawdown (5Y) Largest decline over 5 years	-15.81%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.13%	—	—
Current Drawdown Current decline from peak	-0.38%	0.00%	-0.38%
Average Drawdown Average peak-to-trough decline	-4.85%	-13.64%	+8.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	2.89%	-1.67%

Volatility

PQIPX vs. NMAI - Volatility Comparison

The current volatility for PIMCO Dividend and Income Fund (PQIPX) is 1.54%, while Nuveen Multi-Asset Income Fund (NMAI) has a volatility of 4.53%. This indicates that PQIPX experiences smaller price fluctuations and is considered to be less risky than NMAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQIPX	NMAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	4.53%	-2.99%
Volatility (6M) Calculated over the trailing 6-month period	5.28%	11.96%	-6.68%
Volatility (1Y) Calculated over the trailing 1-year period	6.48%	13.82%	-7.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.40%	16.64%	-8.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.89%	16.64%	-4.75%

PQIPX vs. NMAI - Expense Ratio Comparison

PQIPX has a 0.81% expense ratio, which is lower than NMAI's 2.91% expense ratio.

Dividends

PQIPX vs. NMAI - Dividend Comparison

PQIPX's dividend yield for the trailing twelve months is around 2.76%, less than NMAI's 10.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMAI Nuveen Multi-Asset Income Fund	10.07%	9.89%	13.73%	10.57%	19.45%	1.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PQIPX PIMCO Dividend and Income Fund	2.76%	2.05%	3.02%	4.35%	5.51%	3.96%	2.69%	3.79%	3.73%	2.69%	3.46%	11.08%

Frequently Asked Questions

Can I hold both PQIPX and NMAI in my portfolio?

PQIPX and NMAI have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PQIPX or NMAI?

NMAI has higher volatility (4.53%) compared to PQIPX (1.54%). In terms of maximum drawdown, PQIPX dropped -33.13% vs NMAI's -37.40%.

Which has better risk-adjusted returns?

PQIPX currently has the higher Sharpe Ratio (2.91 vs 2.05), 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.