SIFFX vs. FLARX

Last updated Jun 24, 2026

SIFFX (Victory Pioneer Securitized Income Fund Class A) and FLARX (Victory Pioneer Floating Rate Fund Class A) are both mutual funds - SIFFX is a Nontraditional Bonds fund actively managed by Victory Capital, while FLARX is a Bank Loan fund actively managed by Victory Capital. Both are actively managed. Over the past 3 years, SIFFX returned 6.90%/yr vs 6.12%/yr for FLARX. At a 0.25 correlation, their price movements are largely independent. SIFFX charges 0.90%/yr vs 1.08%/yr for FLARX.

Performance

SIFFX vs. FLARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Pioneer Securitized Income Fund Class A (SIFFX) and Victory Pioneer Floating Rate Fund Class A (FLARX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with SIFFX at 1.61% and FLARX at 1.61%.

SIFFX

• 1D: -0.11%
• 1M: 0.39%
• YTD: 1.61%
• 6M: 2.24%
• 1Y: 4.68%
• 3Y*: 6.90%
• 5Y*: —
• 10Y*: —

FLARX

• 1D: 0.00%
• 1M: 0.70%
• YTD: 1.61%
• 6M: 2.37%
• 1Y: 4.83%
• 3Y*: 6.12%
• 5Y*: 3.96%
• 10Y*: 3.73%

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

SIFFX vs. FLARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SIFFX Victory Pioneer Securitized Income Fund Class A	1.61%	6.57%	7.33%	9.72%	-6.17%	1.62%
FLARX Victory Pioneer Floating Rate Fund Class A	1.61%	4.55%	7.40%	8.89%	-3.77%	1.28%

Correlation

The correlation between SIFFX and FLARX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jul 6, 2021	0.25

Return for Risk

SIFFX vs. FLARX — Risk / Return Rank

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

SIFFX

SIFFX Risk / Return Rank: 69
SIFFX Sharpe Ratio Rank: 55
SIFFX Sortino Ratio Rank: 88
SIFFX Omega Ratio Rank: 90
SIFFX Calmar Ratio Rank: 71
SIFFX Martin Ratio Rank: 41

FLARX

FLARX Risk / Return Rank: 83
FLARX Sharpe Ratio Rank: 53
FLARX Sortino Ratio Rank: 94
FLARX Omega Ratio Rank: 94
FLARX Calmar Ratio Rank: 92
FLARX Martin Ratio Rank: 83

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.

SIFFX vs. FLARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Pioneer Securitized Income Fund Class A (SIFFX) and Victory Pioneer Floating Rate Fund Class A (FLARX). 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.

	SIFFX	FLARX	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.98	+0.05
Sortino ratio: Return per unit of downside risk	3.89	4.46	-0.57
Omega ratio: Gain probability vs. loss probability	1.62	1.70	-0.09
Calmar ratio: Return relative to maximum drawdown	3.10	4.65	-1.55
Martin ratio: Return relative to average drawdown	8.40	14.49	-6.09

SIFFX vs. FLARX - Sharpe Ratio Comparison

The current SIFFX Sharpe Ratio is 2.02, which is comparable to the FLARX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of SIFFX and FLARX, 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

SIFFX vs. FLARX - Drawdown Comparison

The maximum SIFFX drawdown since its inception was -7.08%, smaller than the maximum FLARX drawdown of -30.68%. Use the drawdown chart below to compare losses from any high point for SIFFX and FLARX.

Drawdown Indicators

	SIFFX	FLARX	Difference
Max Drawdown Largest peak-to-trough decline	-7.08%	-30.68%	+23.60%
Max Drawdown (1Y) Largest decline over 1 year	-1.55%	-1.04%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	-1.55%	-2.10%	+0.55%
Max Drawdown (5Y) Largest decline over 5 years	—	-6.79%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-19.52%	—
Current Drawdown Current decline from peak	-0.32%	-0.17%	-0.15%
Average Drawdown Average peak-to-trough decline	-1.50%	-2.05%	+0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	0.33%	+0.24%

Volatility

SIFFX vs. FLARX - Volatility Comparison

The current volatility for Victory Pioneer Securitized Income Fund Class A (SIFFX) is 0.67%, while Victory Pioneer Floating Rate Fund Class A (FLARX) has a volatility of 0.72%. This indicates that SIFFX experiences smaller price fluctuations and is considered to be less risky than FLARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIFFX	FLARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.72%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.56%	1.80%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	2.38%	2.46%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.87%	2.69%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.87%	3.63%	-0.76%

SIFFX vs. FLARX - Expense Ratio Comparison

SIFFX has a 0.90% expense ratio, which is lower than FLARX's 1.08% expense ratio.

Dividends

SIFFX vs. FLARX - Dividend Comparison

SIFFX's dividend yield for the trailing twelve months is around 6.21%, less than FLARX's 6.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLARX Victory Pioneer Floating Rate Fund Class A	6.97%	7.17%	6.29%	6.97%	4.94%	3.15%	3.57%	4.68%	4.36%	3.80%	3.55%	3.46%
SIFFX Victory Pioneer Securitized Income Fund Class A	6.21%	6.37%	5.01%	4.77%	4.90%	3.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SIFFX and FLARX in my portfolio?

SIFFX and FLARX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIFFX or FLARX?

FLARX has higher volatility (0.72%) compared to SIFFX (0.67%). In terms of maximum drawdown, SIFFX dropped -7.08% vs FLARX's -30.68%.

Which has better risk-adjusted returns?

SIFFX currently has the higher Sharpe Ratio (2.02 vs 1.98), 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.