PYEQX vs. ADVGX

Last updated Jul 18, 2026

PYEQX (Pioneer Equity Income Y) and ADVGX (North Square Advisory Research Small Cap Value Fund) are both Large Cap Value Equities funds. Over the past 10 years, PYEQX returned 9.52%/yr vs 12.50%/yr for ADVGX. Their correlation of 0.88 suggests significant overlap in exposure. PYEQX charges 0.81%/yr vs 0.95%/yr for ADVGX.

Performance

PYEQX vs. ADVGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Equity Income Y (PYEQX) and North Square Advisory Research Small Cap Value Fund (ADVGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYEQX achieves a 12.77% return, which is significantly lower than ADVGX's 23.45% return. Over the past 10 years, PYEQX has underperformed ADVGX with an annualized return of 9.52%, while ADVGX has yielded a comparatively higher 12.50% annualized return.

PYEQX

• 1D: 1.25%
• 1M: 3.22%
• 6M: 9.57%
• YTD: 12.77%
• 1Y: 18.86%
• 3Y*: 13.14%
• 5Y*: 8.87%
• 10Y*: 9.52%

ADVGX

• 1D: 1.43%
• 1M: 6.88%
• 6M: 16.41%
• YTD: 23.45%
• 1Y: 28.41%
• 3Y*: 19.59%
• 5Y*: 12.20%
• 10Y*: 12.50%

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

PYEQX vs. ADVGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYEQX Pioneer Equity Income Y	12.77%	11.46%	11.46%	7.54%	-7.92%	25.56%	0.09%	25.76%	-8.70%	15.27%
ADVGX North Square Advisory Research Small Cap Value Fund	23.45%	7.13%	15.52%	20.90%	-12.98%	29.94%	-2.61%	27.64%	-3.27%	19.60%

Correlation

The correlation between PYEQX and ADVGX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Nov 17, 2009	0.88

Over the past year, the correlation between PYEQX and ADVGX has dropped to 0.62 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

Return for Risk

PYEQX vs. ADVGX — Risk / Return Rank

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

PYEQX

PYEQX Risk / Return Rank: 55
PYEQX Sharpe Ratio Rank: 58
PYEQX Sortino Ratio Rank: 59
PYEQX Omega Ratio Rank: 51
PYEQX Calmar Ratio Rank: 62
PYEQX Martin Ratio Rank: 46

ADVGX

ADVGX Risk / Return Rank: 41
ADVGX Sharpe Ratio Rank: 45
ADVGX Sortino Ratio Rank: 53
ADVGX Omega Ratio Rank: 40
ADVGX Calmar Ratio Rank: 40
ADVGX Martin Ratio Rank: 28

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.

PYEQX vs. ADVGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Equity Income Y (PYEQX) and North Square Advisory Research Small Cap Value Fund (ADVGX). 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.

	PYEQX	ADVGX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.58	+0.16
Sortino ratio: Return per unit of downside risk	2.48	2.38	+0.10
Omega ratio: Gain probability vs. loss probability	1.30	1.27	+0.03
Calmar ratio: Return relative to maximum drawdown	2.48	2.04	+0.44
Martin ratio: Return relative to average drawdown	7.93	5.41	+2.52

PYEQX vs. ADVGX - Sharpe Ratio Comparison

The current PYEQX Sharpe Ratio is 1.73, which is comparable to the ADVGX Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of PYEQX and ADVGX, 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

PYEQX vs. ADVGX - Drawdown Comparison

The maximum PYEQX drawdown since its inception was -53.72%, which is greater than ADVGX's maximum drawdown of -41.34%. Use the drawdown chart below to compare losses from any high point for PYEQX and ADVGX.

Drawdown Indicators

	PYEQX	ADVGX	Difference
Max Drawdown Largest peak-to-trough decline	-53.72%	-41.34%	-12.38%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-14.92%	+6.95%
Max Drawdown (3Y) Largest decline over 3 years	-16.77%	-27.69%	+10.92%
Max Drawdown (5Y) Largest decline over 5 years	-20.14%	-27.69%	+7.55%
Max Drawdown (10Y) Largest decline over 10 years	-37.88%	-41.34%	+3.46%
Current Drawdown Current decline from peak	0.00%	-1.63%	+1.63%
Average Drawdown Average peak-to-trough decline	-7.63%	-5.54%	-2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	5.62%	-3.13%

Volatility

PYEQX vs. ADVGX - Volatility Comparison

The current volatility for Pioneer Equity Income Y (PYEQX) is 3.44%, while North Square Advisory Research Small Cap Value Fund (ADVGX) has a volatility of 5.12%. This indicates that PYEQX experiences smaller price fluctuations and is considered to be less risky than ADVGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYEQX	ADVGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	5.12%	-1.68%
Volatility (6M) Calculated over the trailing 6-month period	8.46%	14.38%	-5.92%
Volatility (1Y) Calculated over the trailing 1-year period	11.40%	19.32%	-7.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.26%	21.57%	-6.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.15%	21.07%	-3.92%

PYEQX vs. ADVGX - Expense Ratio Comparison

PYEQX has a 0.81% expense ratio, which is lower than ADVGX's 0.95% expense ratio.

Dividends

PYEQX vs. ADVGX - Dividend Comparison

PYEQX's dividend yield for the trailing twelve months is around 7.98%, more than ADVGX's 4.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADVGX North Square Advisory Research Small Cap Value Fund	4.60%	5.68%	1.16%	0.85%	6.87%	7.52%	11.47%	11.43%	41.46%	9.66%	7.34%	19.79%
PYEQX Pioneer Equity Income Y	7.98%	8.95%	39.97%	17.70%	12.73%	9.44%	1.77%	4.15%	7.99%	5.46%	13.20%	10.34%

Frequently Asked Questions

Can I hold both PYEQX and ADVGX in my portfolio?

PYEQX and ADVGX 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, PYEQX or ADVGX?

ADVGX has higher volatility (5.12%) compared to PYEQX (3.44%). In terms of maximum drawdown, PYEQX dropped -53.72% vs ADVGX's -41.34%.

Which has better risk-adjusted returns?

PYEQX currently has the higher Sharpe Ratio (1.73 vs 1.58), 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.