VEVIX vs. MAFRX

Last updated Jun 4, 2026

VEVIX (Victory Sycamore Established Value Fund Class I) and MAFRX (Victory Pioneer Multi-Asset Ultrashort Income Fund Class A) are both mutual funds - VEVIX 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, VEVIX returned 11.01%/yr vs 2.64%/yr for MAFRX. At a 0.04 correlation, their price movements are largely independent. Both charge a 0.58% expense ratio.

Performance

VEVIX vs. MAFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Sycamore Established Value Fund Class I (VEVIX) 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, VEVIX achieves a 11.14% return, which is significantly higher than MAFRX's 1.57% return. Over the past 10 years, VEVIX has outperformed MAFRX with an annualized return of 11.01%, while MAFRX has yielded a comparatively lower 2.64% annualized return.

VEVIX

• 1D: 1.04%
• 1M: 1.63%
• YTD: 11.14%
• 6M: 10.73%
• 1Y: 16.30%
• 3Y*: 11.67%
• 5Y*: 7.13%
• 10Y*: 11.01%

MAFRX

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.57%
• 6M: 1.97%
• 1Y: 4.22%
• 3Y*: 5.17%
• 5Y*: 3.68%
• 10Y*: 2.64%

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

VEVIX vs. MAFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEVIX Victory Sycamore Established Value Fund Class I	11.14%	2.64%	10.12%	10.42%	-2.54%	31.92%	8.11%	28.80%	-10.05%	16.02%
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 VEVIX 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 May 2, 2011	0.04

Return for Risk

VEVIX vs. MAFRX — Risk / Return Rank

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

VEVIX

VEVIX Risk / Return Rank: 28
VEVIX Sharpe Ratio Rank: 23
VEVIX Sortino Ratio Rank: 26
VEVIX Omega Ratio Rank: 22
VEVIX Calmar Ratio Rank: 37
VEVIX Martin Ratio Rank: 32

MAFRX

MAFRX Risk / Return Rank: 98
MAFRX Sharpe Ratio Rank: 91
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.

VEVIX vs. MAFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Sycamore Established Value Fund Class I (VEVIX) 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.

	VEVIX	MAFRX	Difference
Sharpe ratio Return per unit of total volatility	1.40	3.08	-1.68
Sortino ratio Return per unit of downside risk	2.15	11.54	-9.38
Omega ratio Gain probability vs. loss probability	1.25	4.32	-3.08
Calmar ratio Return relative to maximum drawdown	2.31	20.34	-18.03
Martin ratio Return relative to average drawdown	7.21	65.30	-58.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEVIX vs. MAFRX - Sharpe Ratio Comparison

The current VEVIX Sharpe Ratio is 1.40, which is lower than the MAFRX Sharpe Ratio of 3.08. The chart below compares the historical Sharpe Ratios of VEVIX 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.

Sharpe Ratios by Period

	VEVIX	MAFRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	3.08	-1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	2.55	-2.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	1.50	-0.93
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.42	-0.78

Drawdowns

VEVIX vs. MAFRX - Drawdown Comparison

The maximum VEVIX drawdown since its inception was -41.01%, which is greater than MAFRX's maximum drawdown of -10.18%. Use the drawdown chart below to compare losses from any high point for VEVIX and MAFRX.

Drawdown Indicators

	VEVIX	MAFRX	Difference
Max Drawdown Largest peak-to-trough decline	-41.01%	-10.18%	-30.83%
Max Drawdown (1Y) Largest decline over 1 year	-7.46%	-0.21%	-7.25%
Max Drawdown (3Y) Largest decline over 3 years	-20.28%	-0.52%	-19.76%
Max Drawdown (5Y) Largest decline over 5 years	-20.28%	-1.59%	-18.69%
Max Drawdown (10Y) Largest decline over 10 years	-41.01%	-10.18%	-30.83%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.25%	-0.30%	-3.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	0.06%	+2.33%

Volatility

VEVIX vs. MAFRX - Volatility Comparison

Victory Sycamore Established Value Fund Class I (VEVIX) has a higher volatility of 3.11% compared to Victory Pioneer Multi-Asset Ultrashort Income Fund Class A (MAFRX) at 0.38%. This indicates that VEVIX'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

	VEVIX	MAFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	0.38%	+2.73%
Volatility (6M) Calculated over the trailing 6-month period	8.72%	0.92%	+7.80%
Volatility (1Y) Calculated over the trailing 1-year period	12.34%	1.38%	+10.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	1.45%	+15.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.25%	1.76%	+17.49%

VEVIX vs. MAFRX - Expense Ratio Comparison

Both VEVIX and MAFRX have an expense ratio of 0.58%.

Dividends

VEVIX vs. MAFRX - Dividend Comparison

VEVIX's dividend yield for the trailing twelve months is around 4.66%, more 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%
VEVIX Victory Sycamore Established Value Fund Class I	4.66%	4.77%	11.58%	6.16%	8.27%	8.39%	5.47%	6.11%	10.68%	3.30%	1.48%	11.57%

Frequently Asked Questions

Can I hold both VEVIX and MAFRX in my portfolio?

VEVIX 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, VEVIX or MAFRX?

VEVIX has higher volatility (3.11%) compared to MAFRX (0.38%). In terms of maximum drawdown, VEVIX dropped -41.01% vs MAFRX's -10.18%.

Which has better risk-adjusted returns?

MAFRX currently has the higher Sharpe Ratio (3.08 vs 1.40), 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.