XILSX vs. PBMFX

Last updated Jun 3, 2026

XILSX (Pioneer ILS Interval Fund) and PBMFX (Pioneer AMT Free Municipal Fund) are both mutual funds - XILSX is a High Yield Bonds fund managed by Amundi, while PBMFX is a Municipal Bonds fund managed by Amundi. Over the past 5 years, XILSX returned 12.34%/yr vs -2.06%/yr for PBMFX. At a 0.06 correlation, their price movements are largely independent. XILSX charges 1.88%/yr vs 0.78%/yr for PBMFX.

Performance

XILSX vs. PBMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer ILS Interval Fund (XILSX) and Pioneer AMT Free Municipal Fund (PBMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XILSX achieves a 7.97% return, which is significantly higher than PBMFX's 1.20% return.

XILSX

• 1D: 0.10%
• 1M: 0.97%
• YTD: 7.97%
• 6M: 10.49%
• 1Y: 24.81%
• 3Y*: 19.66%
• 5Y*: 12.34%
• 10Y*: —

PBMFX

• 1D: -0.08%
• 1M: 0.15%
• YTD: 1.20%
• 6M: 0.90%
• 1Y: 6.13%
• 3Y*: 1.44%
• 5Y*: -2.06%
• 10Y*: 0.82%

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

XILSX vs. PBMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XILSX Pioneer ILS Interval Fund	7.97%	18.70%	18.93%	18.65%	1.23%	-1.10%	7.37%	2.60%	-2.11%	-8.83%
PBMFX Pioneer AMT Free Municipal Fund	1.20%	-1.43%	0.80%	7.15%	-17.35%	1.54%	6.75%	9.82%	0.11%	6.02%

Correlation

The correlation between XILSX and PBMFX 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	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.06

Return for Risk

XILSX vs. PBMFX — Risk / Return Rank

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

XILSX

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

PBMFX

PBMFX Risk / Return Rank: 20
PBMFX Sharpe Ratio Rank: 17
PBMFX Sortino Ratio Rank: 19
PBMFX Omega Ratio Rank: 31
PBMFX Calmar Ratio Rank: 15
PBMFX Martin Ratio Rank: 15

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.

XILSX vs. PBMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer ILS Interval Fund (XILSX) and Pioneer AMT Free Municipal Fund (PBMFX). 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.

	XILSX	PBMFX	Difference
Sharpe ratio Return per unit of total volatility	8.31	1.20	+7.11
Sortino ratio Return per unit of downside risk	83.24	1.89	+81.35
Omega ratio Gain probability vs. loss probability	44.25	1.30	+42.96
Calmar ratio Return relative to maximum drawdown	121.36	1.41	+119.95
Martin ratio Return relative to average drawdown	830.11	4.42	+825.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XILSX vs. PBMFX - Sharpe Ratio Comparison

The current XILSX Sharpe Ratio is 8.31, which is higher than the PBMFX Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of XILSX and PBMFX, 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

	XILSX	PBMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.31	1.20	+7.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	3.29	-0.28	+3.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.12	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.63	0.46	+1.17

Drawdowns

XILSX vs. PBMFX - Drawdown Comparison

The maximum XILSX drawdown since its inception was -14.53%, smaller than the maximum PBMFX drawdown of -24.21%. Use the drawdown chart below to compare losses from any high point for XILSX and PBMFX.

Drawdown Indicators

	XILSX	PBMFX	Difference
Max Drawdown Largest peak-to-trough decline	-14.53%	-24.21%	+9.68%
Max Drawdown (1Y) Largest decline over 1 year	-0.21%	-4.33%	+4.12%
Max Drawdown (3Y) Largest decline over 3 years	-2.36%	-11.49%	+9.13%
Max Drawdown (5Y) Largest decline over 5 years	-6.27%	-24.21%	+17.94%
Max Drawdown (10Y) Largest decline over 10 years	—	-24.21%	—
Current Drawdown Current decline from peak	0.00%	-11.24%	+11.24%
Average Drawdown Average peak-to-trough decline	-4.91%	-4.70%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	1.38%	-1.35%

Volatility

XILSX vs. PBMFX - Volatility Comparison

The current volatility for Pioneer ILS Interval Fund (XILSX) is 0.43%, while Pioneer AMT Free Municipal Fund (PBMFX) has a volatility of 1.71%. This indicates that XILSX experiences smaller price fluctuations and is considered to be less risky than PBMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XILSX	PBMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	1.71%	-1.28%
Volatility (6M) Calculated over the trailing 6-month period	2.11%	3.59%	-1.48%
Volatility (1Y) Calculated over the trailing 1-year period	3.09%	4.88%	-1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.77%	7.42%	-3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.93%	6.64%	-2.71%

XILSX vs. PBMFX - Expense Ratio Comparison

XILSX has a 1.88% expense ratio, which is higher than PBMFX's 0.78% expense ratio.

Dividends

XILSX vs. PBMFX - Dividend Comparison

XILSX's dividend yield for the trailing twelve months is around 8.81%, more than PBMFX's 4.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBMFX Pioneer AMT Free Municipal Fund	4.96%	4.82%	2.32%	2.15%	2.01%	1.97%	3.06%	2.91%	2.94%	2.70%	2.97%	3.62%
XILSX Pioneer ILS Interval Fund	8.81%	9.51%	13.06%	12.82%	2.68%	2.04%	5.20%	6.63%	6.40%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XILSX and PBMFX in my portfolio?

XILSX and PBMFX 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, XILSX or PBMFX?

PBMFX has higher volatility (1.71%) compared to XILSX (0.43%). In terms of maximum drawdown, XILSX dropped -14.53% vs PBMFX's -24.21%.

Which has better risk-adjusted returns?

XILSX currently has the higher Sharpe Ratio (8.31 vs 1.20), 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.