UTMAX vs. CBYYX

Last updated Aug 1, 2026

UTMAX (Victory Target Managed Allocation Fund) and CBYYX (Victory Pioneer Cat Bond Fund Class Y) are both mutual funds - UTMAX is a Tactical Allocation fund managed by Victory, while CBYYX is a Nontraditional Bonds fund actively managed by Victory. Over the past year, UTMAX returned 21.81% vs 10.53% for CBYYX. Their -0.01 correlation means they have often moved in opposite directions in the past. UTMAX charges 0.69%/yr vs 1.46%/yr for CBYYX.

Performance

UTMAX vs. CBYYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Target Managed Allocation Fund (UTMAX) and Victory Pioneer Cat Bond Fund Class Y (CBYYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTMAX achieves a 8.17% return, which is significantly higher than CBYYX's 4.19% return.

UTMAX

• 1D: 1.63%
• 1M: 0.24%
• 6M: 5.78%
• YTD: 8.17%
• 1Y: 21.81%
• 3Y*: 13.91%
• 5Y*: 6.74%
• 10Y*: 8.63%
• ALL TIME*: 8.40%

CBYYX

• 1D: 0.09%
• 1M: 0.88%
• 6M: 3.71%
• YTD: 4.19%
• 1Y: 10.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.90%

*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)
CBYYX Victory Pioneer Cat Bond Fund Class Y	$0.00	$0.00	$0.00
UTMAX Victory Target Managed Allocation Fund	$0.00	$0.00	$0.00

UTMAX vs. CBYYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UTMAX Victory Target Managed Allocation Fund	8.17%	15.25%	13.81%	6.69%
CBYYX Victory Pioneer Cat Bond Fund Class Y	4.19%	11.09%	15.69%	3.43%

Correlation

The correlation between UTMAX and CBYYX is 0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.00
Correlation (All Time) Calculated using the full available price history since Sep 6, 2023	-0.01

Return for Risk

UTMAX vs. CBYYX — Risk / Return Rank

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

UTMAX

UTMAX Risk / Return Rank: 56
UTMAX Sharpe Ratio Rank: 54
UTMAX Sortino Ratio Rank: 50
UTMAX Omega Ratio Rank: 50
UTMAX Calmar Ratio Rank: 59
UTMAX Martin Ratio Rank: 68

CBYYX

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

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.

UTMAX vs. CBYYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Target Managed Allocation Fund (UTMAX) and Victory Pioneer Cat Bond Fund Class Y (CBYYX). 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.

	UTMAX	CBYYX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	9.08	-7.59
Sortino ratio: Return per unit of downside risk	2.06	33.15	-31.09
Omega ratio: Gain probability vs. loss probability	1.26	10.55	-9.29
Calmar ratio: Return relative to maximum drawdown	2.14	119.62	-117.48
Martin ratio: Return relative to average drawdown	8.87	454.94	-446.08

UTMAX vs. CBYYX - Sharpe Ratio Comparison

The current UTMAX Sharpe Ratio is 1.48, which is lower than the CBYYX Sharpe Ratio of 9.08. The chart below compares the historical Sharpe Ratios of UTMAX and CBYYX, 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

UTMAX vs. CBYYX - Drawdown Comparison

The maximum UTMAX drawdown since its inception was -40.49%, which is greater than CBYYX's maximum drawdown of -8.72%. Use the drawdown chart below to compare losses from any high point for UTMAX and CBYYX.

Drawdown Indicators

	UTMAX	CBYYX	Difference
Max Drawdown Largest peak-to-trough decline	-40.49%	-8.72%	-31.77%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-0.09%	-9.32%
Max Drawdown (3Y) Largest decline over 3 years	-17.43%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-40.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.49%	—	—
Current Drawdown Current decline from peak	-1.19%	0.00%	-1.19%
Average Drawdown Average peak-to-trough decline	-10.78%	-1.24%	-9.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	0.02%	+2.25%

Volatility

UTMAX vs. CBYYX - Volatility Comparison

Victory Target Managed Allocation Fund (UTMAX) has a higher volatility of 3.33% compared to Victory Pioneer Cat Bond Fund Class Y (CBYYX) at 0.24%. This indicates that UTMAX's price experiences larger fluctuations and is considered to be riskier than CBYYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTMAX	CBYYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	0.24%	+3.09%
Volatility (6M) Calculated over the trailing 6-month period	10.89%	0.64%	+10.25%
Volatility (1Y) Calculated over the trailing 1-year period	13.60%	1.20%	+12.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.47%	7.99%	+14.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.36%	7.99%	+11.37%

UTMAX vs. CBYYX - Expense Ratio Comparison

UTMAX has a 0.69% expense ratio, which is lower than CBYYX's 1.46% expense ratio.

Dividends

UTMAX vs. CBYYX - Dividend Comparison

UTMAX's dividend yield for the trailing twelve months is around 6.35%, less than CBYYX's 8.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBYYX Victory Pioneer Cat Bond Fund Class Y	8.77%	9.14%	10.33%	9.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UTMAX Victory Target Managed Allocation Fund	6.35%	6.87%	1.59%	1.41%	4.47%	27.44%	5.94%	4.84%	11.05%	1.13%	1.36%	1.23%

Frequently Asked Questions

Can I hold both UTMAX and CBYYX in my portfolio?

UTMAX and CBYYX have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTMAX or CBYYX?

UTMAX has higher volatility (3.33%) compared to CBYYX (0.24%). In terms of maximum drawdown, UTMAX dropped -40.49% vs CBYYX's -8.72%.

Which has better risk-adjusted returns?

CBYYX currently has the higher Sharpe Ratio (9.08 vs 1.48), 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.