SUBFX vs. SIFFX

Last updated Aug 1, 2026

SUBFX (Carillon Reams Unconstrained Bond Fund) and SIFFX (Victory Pioneer Securitized Income Fund Class A) are both Nontraditional Bonds funds. Over the past 5 years, SUBFX returned 3.69%/yr vs 3.99%/yr for SIFFX. Their 0.59 correlation means they have sometimes moved together and sometimes differently. SUBFX charges 0.50%/yr vs 0.90%/yr for SIFFX.

Performance

SUBFX vs. SIFFX - Performance Comparison

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

Returns By Period

In the year-to-date period, SUBFX achieves a 0.82% return, which is significantly lower than SIFFX's 1.98% return.

SUBFX

• 1D: 0.00%
• 1M: -0.48%
• 6M: 0.34%
• YTD: 0.82%
• 1Y: 3.54%
• 3Y*: 6.52%
• 5Y*: 3.69%
• 10Y*: 3.83%
• ALL TIME*: 4.68%

SIFFX

• 1D: 0.00%
• 1M: -0.21%
• 6M: 1.27%
• YTD: 1.98%
• 1Y: 3.24%
• 3Y*: 6.48%
• 5Y*: 3.99%
• 10Y*: —
• ALL TIME*: 4.01%

*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)
SIFFX Victory Pioneer Securitized Income Fund Class A	$0.00	$0.00	$0.00
SUBFX Carillon Reams Unconstrained Bond Fund	$0.00	$0.00	$0.00

SUBFX vs. SIFFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SUBFX Carillon Reams Unconstrained Bond Fund	0.82%	10.61%	4.22%	8.53%	-4.74%	-0.94%
SIFFX Victory Pioneer Securitized Income Fund Class A	1.98%	6.57%	7.33%	9.72%	-6.17%	1.62%

Correlation

The correlation between SUBFX and SIFFX is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.57
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.59
Correlation (All Time) Calculated using the full available price history since Jul 6, 2021	0.59

The correlation between SUBFX and SIFFX shifts across timeframes, from 0.57 (1 year) to 0.71 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SUBFX vs. SIFFX — Risk / Return Rank

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

SUBFX

SUBFX Risk / Return Rank: 43
SUBFX Sharpe Ratio Rank: 41
SUBFX Sortino Ratio Rank: 44
SUBFX Omega Ratio Rank: 43
SUBFX Calmar Ratio Rank: 47
SUBFX Martin Ratio Rank: 41

SIFFX

SIFFX Risk / Return Rank: 76
SIFFX Sharpe Ratio Rank: 73
SIFFX Sortino Ratio Rank: 89
SIFFX Omega Ratio Rank: 92
SIFFX Calmar Ratio Rank: 78
SIFFX Martin Ratio Rank: 50

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.

SUBFX vs. SIFFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Carillon Reams Unconstrained Bond Fund (SUBFX) and Victory Pioneer Securitized Income Fund Class A (SIFFX). 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.

	SUBFX	SIFFX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.77	-0.55
Sortino ratio: Return per unit of downside risk	1.80	3.33	-1.53
Omega ratio: Gain probability vs. loss probability	1.23	1.53	-0.30
Calmar ratio: Return relative to maximum drawdown	1.79	2.65	-0.86
Martin ratio: Return relative to average drawdown	5.86	7.16	-1.29

SUBFX vs. SIFFX - Sharpe Ratio Comparison

The current SUBFX Sharpe Ratio is 1.22, which is lower than the SIFFX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of SUBFX and SIFFX, 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

SUBFX vs. SIFFX - Drawdown Comparison

The maximum SUBFX drawdown since its inception was -11.22%, which is greater than SIFFX's maximum drawdown of -7.08%. Use the drawdown chart below to compare losses from any high point for SUBFX and SIFFX.

Drawdown Indicators

	SUBFX	SIFFX	Difference
Max Drawdown Largest peak-to-trough decline	-11.22%	-7.08%	-4.14%
Max Drawdown (1Y) Largest decline over 1 year	-2.34%	-1.55%	-0.79%
Max Drawdown (3Y) Largest decline over 3 years	-3.83%	-1.55%	-2.28%
Max Drawdown (5Y) Largest decline over 5 years	-10.55%	-7.08%	-3.47%
Max Drawdown (10Y) Largest decline over 10 years	-11.22%	—	—
Current Drawdown Current decline from peak	-1.01%	-0.21%	-0.80%
Average Drawdown Average peak-to-trough decline	-1.46%	-1.48%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.57%	+0.14%

Volatility

SUBFX vs. SIFFX - Volatility Comparison

Carillon Reams Unconstrained Bond Fund (SUBFX) has a higher volatility of 0.90% compared to Victory Pioneer Securitized Income Fund Class A (SIFFX) at 0.34%. This indicates that SUBFX's price experiences larger fluctuations and is considered to be riskier than SIFFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SUBFX	SIFFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	0.34%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	2.99%	1.54%	+1.45%
Volatility (1Y) Calculated over the trailing 1-year period	3.45%	2.33%	+1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.52%	2.86%	+2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.31%	2.85%	+2.46%

SUBFX vs. SIFFX - Expense Ratio Comparison

SUBFX has a 0.50% expense ratio, which is lower than SIFFX's 0.90% expense ratio.

Dividends

SUBFX vs. SIFFX - Dividend Comparison

SUBFX's dividend yield for the trailing twelve months is around 6.12%, more than SIFFX's 5.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SIFFX Victory Pioneer Securitized Income Fund Class A	5.64%	6.37%	5.01%	4.77%	4.90%	3.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SUBFX Carillon Reams Unconstrained Bond Fund	5.82%	6.44%	4.92%	4.52%	2.16%	1.96%	3.01%	2.83%	2.06%	1.17%	1.01%	0.52%

Frequently Asked Questions

Can I hold both SUBFX and SIFFX in my portfolio?

SUBFX and SIFFX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SUBFX or SIFFX?

SUBFX has higher volatility (0.90%) compared to SIFFX (0.34%). In terms of maximum drawdown, SUBFX dropped -11.22% vs SIFFX's -7.08%.

Which has better risk-adjusted returns?

SIFFX currently has the higher Sharpe Ratio (1.77 vs 1.22), 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.