SRRIX vs. XILSX

Last updated Jun 24, 2026

SRRIX (Stone Ridge Reinsurance Risk Premium Interval Fund) and XILSX (Pioneer ILS Interval Fund) are both mutual funds - SRRIX is a Multistrategy fund actively managed by Stone Ridge, while XILSX is a High Yield Bonds fund managed by Amundi. Over the past 5 years, SRRIX returned 22.11%/yr vs 12.38%/yr for XILSX. At a 0.30 correlation, their price movements are largely independent. SRRIX charges 2.35%/yr vs 1.88%/yr for XILSX.

Performance

SRRIX vs. XILSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Stone Ridge Reinsurance Risk Premium Interval Fund (SRRIX) and Pioneer ILS Interval Fund (XILSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SRRIX achieves a 9.62% return, which is significantly higher than XILSX's 8.39% return.

SRRIX

• 1D: 0.21%
• 1M: 1.54%
• YTD: 9.62%
• 6M: 10.18%
• 1Y: 36.43%
• 3Y*: 32.50%
• 5Y*: 22.11%
• 10Y*: 8.95%

XILSX

• 1D: 0.10%
• 1M: 1.06%
• YTD: 8.39%
• 6M: 10.33%
• 1Y: 24.34%
• 3Y*: 19.35%
• 5Y*: 12.38%
• 10Y*: —

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

SRRIX vs. XILSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SRRIX Stone Ridge Reinsurance Risk Premium Interval Fund	9.62%	29.63%	33.14%	44.73%	5.10%	-6.47%	4.30%	-4.47%	-6.14%	-11.96%
XILSX Pioneer ILS Interval Fund	8.39%	18.70%	18.93%	18.65%	1.23%	-1.10%	7.37%	2.60%	-2.11%	-8.83%

Correlation

The correlation between SRRIX and XILSX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.30

The correlation between SRRIX and XILSX shifts across timeframes, from 0.11 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SRRIX vs. XILSX — Risk / Return Rank

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

SRRIX

SRRIX Risk / Return Rank: 100
SRRIX Sharpe Ratio Rank: 100
SRRIX Sortino Ratio Rank: 100
SRRIX Omega Ratio Rank: 100
SRRIX Calmar Ratio Rank: 100
SRRIX Martin Ratio Rank: 100

XILSX

XILSX Risk / Return Rank: 100
XILSX Sharpe Ratio Rank: 100
XILSX Sortino Ratio Rank: 100
XILSX Omega Ratio Rank: 100
XILSX Calmar Ratio Rank: 100
XILSX Martin Ratio Rank: 100

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.

SRRIX vs. XILSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Stone Ridge Reinsurance Risk Premium Interval Fund (SRRIX) and Pioneer ILS Interval Fund (XILSX). 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.

	SRRIX	XILSX	Difference
Sharpe ratio: Return per unit of total volatility	14.28	8.08	+6.20
Sortino ratio: Return per unit of downside risk	48.07	80.25	-32.19
Omega ratio: Gain probability vs. loss probability	29.87	42.70	-12.83
Calmar ratio: Return relative to maximum drawdown	66.50	116.39	-49.89
Martin ratio: Return relative to average drawdown	697.21	794.55	-97.33

SRRIX vs. XILSX - Sharpe Ratio Comparison

The current SRRIX Sharpe Ratio is 14.28, which is higher than the XILSX Sharpe Ratio of 8.08. The chart below compares the historical Sharpe Ratios of SRRIX and XILSX, 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

SRRIX vs. XILSX - Drawdown Comparison

The maximum SRRIX drawdown since its inception was -27.22%, which is greater than XILSX's maximum drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for SRRIX and XILSX.

Drawdown Indicators

	SRRIX	XILSX	Difference
Max Drawdown Largest peak-to-trough decline	-27.22%	-14.53%	-12.69%
Max Drawdown (1Y) Largest decline over 1 year	-0.55%	-0.21%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-17.26%	-2.36%	-14.90%
Max Drawdown (5Y) Largest decline over 5 years	-17.26%	-6.27%	-10.99%
Max Drawdown (10Y) Largest decline over 10 years	-27.22%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.86%	-4.88%	-4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.03%	+0.02%

Volatility

SRRIX vs. XILSX - Volatility Comparison

The current volatility for Stone Ridge Reinsurance Risk Premium Interval Fund (SRRIX) is 0.31%, while Pioneer ILS Interval Fund (XILSX) has a volatility of 0.45%. This indicates that SRRIX experiences smaller price fluctuations and is considered to be less risky than XILSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRRIX	XILSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	0.45%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	0.84%	1.99%	-1.15%
Volatility (1Y) Calculated over the trailing 1-year period	2.58%	3.05%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.95%	3.77%	+10.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.01%	3.92%	+7.09%

SRRIX vs. XILSX - Expense Ratio Comparison

SRRIX has a 2.35% expense ratio, which is higher than XILSX's 1.88% expense ratio.

Dividends

SRRIX vs. XILSX - Dividend Comparison

SRRIX's dividend yield for the trailing twelve months is around 18.37%, more than XILSX's 8.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SRRIX Stone Ridge Reinsurance Risk Premium Interval Fund	18.37%	20.14%	21.58%	20.02%	0.00%	0.00%	0.38%	1.06%	2.32%	0.10%	6.16%	8.41%
XILSX Pioneer ILS Interval Fund	8.77%	9.51%	13.06%	12.82%	2.68%	2.04%	5.20%	6.63%	6.40%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SRRIX and XILSX in my portfolio?

SRRIX and XILSX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SRRIX or XILSX?

XILSX has higher volatility (0.45%) compared to SRRIX (0.31%). In terms of maximum drawdown, SRRIX dropped -27.22% vs XILSX's -14.53%.

Which has better risk-adjusted returns?

SRRIX currently has the higher Sharpe Ratio (14.28 vs 8.08), 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.