TMPFX vs. PIASX

Last updated Jun 24, 2026

TMPFX (Tactical Multi-Purpose Fund) and PIASX (PIA Short Term Securities Fund) are both Ultrashort Bond funds. Over the past 5 years, TMPFX returned 2.71%/yr vs 3.04%/yr for PIASX. At a 0.03 correlation, their price movements are largely independent. TMPFX charges 1.14%/yr vs 0.39%/yr for PIASX.

Performance

TMPFX vs. PIASX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tactical Multi-Purpose Fund (TMPFX) and PIA Short Term Securities Fund (PIASX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMPFX achieves a 1.72% return, which is significantly higher than PIASX's 0.82% return.

TMPFX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.72%
• 6M: 1.83%
• 1Y: 3.82%
• 3Y*: 3.96%
• 5Y*: 2.71%
• 10Y*: —

PIASX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 0.82%
• 6M: 0.97%
• 1Y: 3.44%
• 3Y*: 4.91%
• 5Y*: 3.04%
• 10Y*: 2.29%

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

TMPFX vs. PIASX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TMPFX Tactical Multi-Purpose Fund	1.72%	3.71%	4.26%	3.90%	0.51%	-0.91%	-0.60%	0.30%	-0.30%
PIASX PIA Short Term Securities Fund	0.82%	5.09%	5.22%	5.62%	-1.09%	-0.02%	1.85%	3.16%	1.30%

Correlation

The correlation between TMPFX and PIASX is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jan 5, 2018	0.03

Return for Risk

TMPFX vs. PIASX — Risk / Return Rank

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

TMPFX

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

PIASX

PIASX Risk / Return Rank: 97
PIASX Sharpe Ratio Rank: 98
PIASX Sortino Ratio Rank: 98
PIASX Omega Ratio Rank: 98
PIASX Calmar Ratio Rank: 94
PIASX Martin Ratio Rank: 96

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.

TMPFX vs. PIASX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tactical Multi-Purpose Fund (TMPFX) and PIA Short Term Securities Fund (PIASX). 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.

	TMPFX	PIASX	Difference
Sharpe ratio: Return per unit of total volatility	6.60	3.56	+3.04
Sortino ratio: Return per unit of downside risk	37.61	6.09	+31.52
Omega ratio: Gain probability vs. loss probability	38.54	2.26	+36.28
Calmar ratio: Return relative to maximum drawdown	38.39	5.12	+33.26
Martin ratio: Return relative to average drawdown	608.14	21.81	+586.33

TMPFX vs. PIASX - Sharpe Ratio Comparison

The current TMPFX Sharpe Ratio is 6.60, which is higher than the PIASX Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of TMPFX and PIASX, 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

TMPFX vs. PIASX - Drawdown Comparison

The maximum TMPFX drawdown since its inception was -3.52%, which is greater than PIASX's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for TMPFX and PIASX.

Drawdown Indicators

	TMPFX	PIASX	Difference
Max Drawdown Largest peak-to-trough decline	-3.52%	-3.28%	-0.24%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.70%	+0.60%
Max Drawdown (3Y) Largest decline over 3 years	-3.52%	-0.70%	-2.82%
Max Drawdown (5Y) Largest decline over 5 years	-3.52%	-2.61%	-0.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-2.61%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.64%	-0.25%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.16%	-0.15%

Volatility

TMPFX vs. PIASX - Volatility Comparison

Tactical Multi-Purpose Fund (TMPFX) has a higher volatility of 0.22% compared to PIA Short Term Securities Fund (PIASX) at 0.18%. This indicates that TMPFX's price experiences larger fluctuations and is considered to be riskier than PIASX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMPFX	PIASX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.18%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.42%	0.76%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	0.58%	1.00%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.34%	1.11%	+1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.80%	0.96%	+0.84%

TMPFX vs. PIASX - Expense Ratio Comparison

TMPFX has a 1.14% expense ratio, which is higher than PIASX's 0.39% expense ratio.

Dividends

TMPFX vs. PIASX - Dividend Comparison

TMPFX's dividend yield for the trailing twelve months is around 3.74%, less than PIASX's 4.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIASX PIA Short Term Securities Fund	4.00%	4.57%	4.69%	3.61%	1.32%	0.78%	1.34%	2.01%	1.59%	1.15%	1.05%	0.81%
TMPFX Tactical Multi-Purpose Fund	3.74%	3.81%	4.15%	3.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMPFX and PIASX in my portfolio?

TMPFX and PIASX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMPFX or PIASX?

TMPFX has higher volatility (0.22%) compared to PIASX (0.18%). In terms of maximum drawdown, TMPFX dropped -3.52% vs PIASX's -3.28%.

Which has better risk-adjusted returns?

TMPFX currently has the higher Sharpe Ratio (6.60 vs 3.56), 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.