VETAX vs. MAFRX

Last updated Jun 23, 2026

VETAX (Victory Sycamore Established Value Fund Class A) and MAFRX (Victory Pioneer Multi-Asset Ultrashort Income Fund Class A) are both mutual funds - VETAX is a Mid Cap Value Equities fund actively managed by Victory Capital, while MAFRX is a Ultrashort Bond fund actively managed by Victory Capital. Both are actively managed. Over the past 10 years, VETAX returned 10.72%/yr vs 2.64%/yr for MAFRX. At a 0.04 correlation, their price movements are largely independent. VETAX charges 0.89%/yr vs 0.58%/yr for MAFRX.

Performance

VETAX vs. MAFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Sycamore Established Value Fund Class A (VETAX) and Victory Pioneer Multi-Asset Ultrashort Income Fund Class A (MAFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VETAX achieves a 11.61% return, which is significantly higher than MAFRX's 1.57% return. Over the past 10 years, VETAX has outperformed MAFRX with an annualized return of 10.72%, while MAFRX has yielded a comparatively lower 2.64% annualized return.

VETAX

• 1D: 0.20%
• 1M: 1.50%
• YTD: 11.61%
• 6M: 10.09%
• 1Y: 16.92%
• 3Y*: 10.21%
• 5Y*: 8.16%
• 10Y*: 10.72%

MAFRX

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.57%
• 6M: 1.97%
• 1Y: 4.22%
• 3Y*: 5.10%
• 5Y*: 3.68%
• 10Y*: 2.64%

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

VETAX vs. MAFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VETAX Victory Sycamore Established Value Fund Class A	11.61%	2.15%	9.80%	10.06%	-2.85%	31.49%	7.79%	28.38%	-10.33%	15.67%
MAFRX Victory Pioneer Multi-Asset Ultrashort Income Fund Class A	1.57%	4.64%	5.96%	5.84%	0.14%	1.42%	-0.86%	3.30%	1.66%	1.57%

Correlation

The correlation between VETAX and MAFRX is 0.10, 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	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Apr 29, 2011	0.04

Return for Risk

VETAX vs. MAFRX — Risk / Return Rank

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

VETAX

VETAX Risk / Return Rank: 31
VETAX Sharpe Ratio Rank: 26
VETAX Sortino Ratio Rank: 29
VETAX Omega Ratio Rank: 24
VETAX Calmar Ratio Rank: 40
VETAX Martin Ratio Rank: 34

MAFRX

MAFRX Risk / Return Rank: 99
MAFRX Sharpe Ratio Rank: 95
MAFRX Sortino Ratio Rank: 100
MAFRX Omega Ratio Rank: 99
MAFRX Calmar Ratio Rank: 100
MAFRX Martin Ratio Rank: 99

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.

VETAX vs. MAFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Sycamore Established Value Fund Class A (VETAX) and Victory Pioneer Multi-Asset Ultrashort Income Fund Class A (MAFRX). 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.

	VETAX	MAFRX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	3.08	-1.71
Sortino ratio: Return per unit of downside risk	2.10	11.54	-9.43
Omega ratio: Gain probability vs. loss probability	1.24	4.32	-3.08
Calmar ratio: Return relative to maximum drawdown	2.29	20.34	-18.05
Martin ratio: Return relative to average drawdown	7.11	65.30	-58.20

VETAX vs. MAFRX - Sharpe Ratio Comparison

The current VETAX Sharpe Ratio is 1.37, which is lower than the MAFRX Sharpe Ratio of 3.08. The chart below compares the historical Sharpe Ratios of VETAX and MAFRX, 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

VETAX vs. MAFRX - Drawdown Comparison

The maximum VETAX drawdown since its inception was -48.94%, which is greater than MAFRX's maximum drawdown of -10.18%. Use the drawdown chart below to compare losses from any high point for VETAX and MAFRX.

Drawdown Indicators

	VETAX	MAFRX	Difference
Max Drawdown Largest peak-to-trough decline	-48.94%	-10.18%	-38.76%
Max Drawdown (1Y) Largest decline over 1 year	-7.49%	-0.21%	-7.28%
Max Drawdown (3Y) Largest decline over 3 years	-20.47%	-0.52%	-19.95%
Max Drawdown (5Y) Largest decline over 5 years	-20.47%	-1.59%	-18.88%
Max Drawdown (10Y) Largest decline over 10 years	-41.04%	-10.18%	-30.86%
Current Drawdown Current decline from peak	-1.43%	0.00%	-1.43%
Average Drawdown Average peak-to-trough decline	-6.33%	-0.29%	-6.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	0.06%	+2.35%

Volatility

VETAX vs. MAFRX - Volatility Comparison

Victory Sycamore Established Value Fund Class A (VETAX) has a higher volatility of 3.47% compared to Victory Pioneer Multi-Asset Ultrashort Income Fund Class A (MAFRX) at 0.35%. This indicates that VETAX's price experiences larger fluctuations and is considered to be riskier than MAFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VETAX	MAFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	0.35%	+3.12%
Volatility (6M) Calculated over the trailing 6-month period	8.91%	0.92%	+7.99%
Volatility (1Y) Calculated over the trailing 1-year period	12.50%	1.38%	+11.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.02%	1.45%	+15.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.26%	1.76%	+17.50%

VETAX vs. MAFRX - Expense Ratio Comparison

VETAX has a 0.89% expense ratio, which is higher than MAFRX's 0.58% expense ratio.

Dividends

VETAX vs. MAFRX - Dividend Comparison

VETAX's dividend yield for the trailing twelve months is around 4.32%, less than MAFRX's 4.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAFRX Victory Pioneer Multi-Asset Ultrashort Income Fund Class A	4.55%	4.84%	5.47%	4.18%	2.24%	1.20%	1.78%	2.84%	2.47%	1.76%	1.64%	1.22%
VETAX Victory Sycamore Established Value Fund Class A	4.32%	4.31%	11.24%	5.86%	7.95%	8.10%	5.20%	5.81%	10.32%	3.03%	1.32%	11.27%

Frequently Asked Questions

Can I hold both VETAX and MAFRX in my portfolio?

VETAX and MAFRX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VETAX or MAFRX?

VETAX has higher volatility (3.47%) compared to MAFRX (0.35%). In terms of maximum drawdown, VETAX dropped -48.94% vs MAFRX's -10.18%.

Which has better risk-adjusted returns?

MAFRX currently has the higher Sharpe Ratio (3.08 vs 1.37), 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.