QVGIX vs. PMFYX

Last updated Jun 24, 2026

QVGIX (Invesco Global Allocation Fund) and PMFYX (Pioneer Multi-Asset Income Fund) are both Global Allocation funds. Over the past 10 years, QVGIX returned 7.01%/yr vs 8.95%/yr for PMFYX. A 0.64 correlation means they provide meaningful diversification when combined. QVGIX charges 1.15%/yr vs 0.65%/yr for PMFYX.

Performance

QVGIX vs. PMFYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global Allocation Fund (QVGIX) and Pioneer Multi-Asset Income Fund (PMFYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QVGIX achieves a 7.97% return, which is significantly higher than PMFYX's 4.60% return. Over the past 10 years, QVGIX has underperformed PMFYX with an annualized return of 7.01%, while PMFYX has yielded a comparatively higher 8.95% annualized return.

QVGIX

• 1D: -0.32%
• 1M: 0.14%
• YTD: 7.97%
• 6M: 7.65%
• 1Y: 15.98%
• 3Y*: 11.15%
• 5Y*: 4.86%
• 10Y*: 7.01%

PMFYX

• 1D: -0.23%
• 1M: 0.19%
• YTD: 4.60%
• 6M: 5.03%
• 1Y: 14.52%
• 3Y*: 13.31%
• 5Y*: 8.11%
• 10Y*: 8.95%

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

QVGIX vs. PMFYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QVGIX Invesco Global Allocation Fund	7.97%	13.68%	5.63%	15.63%	-17.60%	10.45%	14.42%	16.35%	-9.74%	14.83%
PMFYX Pioneer Multi-Asset Income Fund	4.60%	23.15%	6.28%	7.04%	-0.34%	12.25%	5.38%	11.13%	-5.91%	18.23%

Correlation

The correlation between QVGIX and PMFYX is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.64

The correlation between QVGIX and PMFYX shifts across timeframes, from 0.50 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QVGIX vs. PMFYX — Risk / Return Rank

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

QVGIX

QVGIX Risk / Return Rank: 56
QVGIX Sharpe Ratio Rank: 53
QVGIX Sortino Ratio Rank: 58
QVGIX Omega Ratio Rank: 55
QVGIX Calmar Ratio Rank: 55
QVGIX Martin Ratio Rank: 61

PMFYX

PMFYX Risk / Return Rank: 79
PMFYX Sharpe Ratio Rank: 82
PMFYX Sortino Ratio Rank: 85
PMFYX Omega Ratio Rank: 78
PMFYX Calmar Ratio Rank: 82
PMFYX Martin Ratio Rank: 69

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.

QVGIX vs. PMFYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Allocation Fund (QVGIX) and Pioneer Multi-Asset Income Fund (PMFYX). 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.

	QVGIX	PMFYX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.47	-0.47
Sortino ratio: Return per unit of downside risk	2.93	3.73	-0.80
Omega ratio: Gain probability vs. loss probability	1.38	1.46	-0.09
Calmar ratio: Return relative to maximum drawdown	2.71	3.57	-0.86
Martin ratio: Return relative to average drawdown	11.38	12.53	-1.14

QVGIX vs. PMFYX - Sharpe Ratio Comparison

The current QVGIX Sharpe Ratio is 2.00, which is comparable to the PMFYX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of QVGIX and PMFYX, 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

QVGIX vs. PMFYX - Drawdown Comparison

The maximum QVGIX drawdown since its inception was -22.91%, smaller than the maximum PMFYX drawdown of -24.23%. Use the drawdown chart below to compare losses from any high point for QVGIX and PMFYX.

Drawdown Indicators

	QVGIX	PMFYX	Difference
Max Drawdown Largest peak-to-trough decline	-22.91%	-24.23%	+1.32%
Max Drawdown (1Y) Largest decline over 1 year	-6.94%	-4.08%	-2.86%
Max Drawdown (3Y) Largest decline over 3 years	-10.00%	-7.92%	-2.08%
Max Drawdown (5Y) Largest decline over 5 years	-22.91%	-13.62%	-9.29%
Max Drawdown (10Y) Largest decline over 10 years	-22.91%	-24.23%	+1.32%
Current Drawdown Current decline from peak	-0.99%	-1.34%	+0.35%
Average Drawdown Average peak-to-trough decline	-4.24%	-2.60%	-1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	1.16%	+0.42%

Volatility

QVGIX vs. PMFYX - Volatility Comparison

Invesco Global Allocation Fund (QVGIX) has a higher volatility of 3.16% compared to Pioneer Multi-Asset Income Fund (PMFYX) at 2.25%. This indicates that QVGIX's price experiences larger fluctuations and is considered to be riskier than PMFYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QVGIX	PMFYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	2.25%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	7.84%	4.72%	+3.12%
Volatility (1Y) Calculated over the trailing 1-year period	9.44%	5.92%	+3.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.86%	7.30%	+3.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	7.62%	+3.35%

QVGIX vs. PMFYX - Expense Ratio Comparison

QVGIX has a 1.15% expense ratio, which is higher than PMFYX's 0.65% expense ratio.

Dividends

QVGIX vs. PMFYX - Dividend Comparison

QVGIX's dividend yield for the trailing twelve months is around 6.29%, less than PMFYX's 6.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMFYX Pioneer Multi-Asset Income Fund	6.38%	6.48%	5.48%	4.87%	5.00%	5.70%	5.58%	6.00%	6.07%	6.88%	5.72%	6.14%
QVGIX Invesco Global Allocation Fund	6.29%	6.79%	0.93%	2.27%	6.10%	14.15%	0.00%	0.00%	9.56%	0.13%	3.34%	1.77%

Frequently Asked Questions

Can I hold both QVGIX and PMFYX in my portfolio?

QVGIX and PMFYX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QVGIX or PMFYX?

QVGIX has higher volatility (3.16%) compared to PMFYX (2.25%). In terms of maximum drawdown, QVGIX dropped -22.91% vs PMFYX's -24.23%.

Which has better risk-adjusted returns?

PMFYX currently has the higher Sharpe Ratio (2.47 vs 2.00), 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.