EAPCX vs. PONAX

Last updated Jun 13, 2026

EAPCX (Parametric Commodity Strategy Fund Class A) and PONAX (PIMCO Income Fund Class A) are both mutual funds - EAPCX is a Commodities fund managed by Eaton Vance, while PONAX is a Multisector Bonds fund managed by PIMCO. Over the past 10 years, EAPCX returned 10.04%/yr vs 4.29%/yr for PONAX. At a 0.15 correlation, their price movements are largely independent. EAPCX charges 0.91%/yr vs 1.02%/yr for PONAX.

Performance

EAPCX vs. PONAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Commodity Strategy Fund Class A (EAPCX) and PIMCO Income Fund Class A (PONAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EAPCX achieves a 16.18% return, which is significantly higher than PONAX's 0.74% return. Over the past 10 years, EAPCX has outperformed PONAX with an annualized return of 10.04%, while PONAX has yielded a comparatively lower 4.29% annualized return.

EAPCX

• 1D: -0.26%
• 1M: -8.75%
• YTD: 16.18%
• 6M: 18.47%
• 1Y: 32.06%
• 3Y*: 16.29%
• 5Y*: 12.99%
• 10Y*: 10.04%

PONAX

• 1D: 0.56%
• 1M: 0.88%
• YTD: 0.74%
• 6M: 1.58%
• 1Y: 7.05%
• 3Y*: 7.27%
• 5Y*: 3.05%
• 10Y*: 4.29%

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

EAPCX vs. PONAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EAPCX Parametric Commodity Strategy Fund Class A	16.18%	22.06%	9.63%	-4.87%	17.26%	29.92%	7.77%	9.19%	-9.60%	6.71%
PONAX PIMCO Income Fund Class A	0.74%	10.63%	5.02%	8.96%	-9.34%	2.21%	5.40%	7.65%	0.21%	8.19%

Correlation

The correlation between EAPCX and PONAX is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.15

The correlation between EAPCX and PONAX shifts across timeframes, from -0.14 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EAPCX vs. PONAX — Risk / Return Rank

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

EAPCX

EAPCX Risk / Return Rank: 82
EAPCX Sharpe Ratio Rank: 82
EAPCX Sortino Ratio Rank: 76
EAPCX Omega Ratio Rank: 76
EAPCX Calmar Ratio Rank: 88
EAPCX Martin Ratio Rank: 87

PONAX

PONAX Risk / Return Rank: 54
PONAX Sharpe Ratio Rank: 61
PONAX Sortino Ratio Rank: 67
PONAX Omega Ratio Rank: 65
PONAX Calmar Ratio Rank: 42
PONAX Martin Ratio Rank: 37

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.

EAPCX vs. PONAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Commodity Strategy Fund Class A (EAPCX) and PIMCO Income Fund Class A (PONAX). 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.

	EAPCX	PONAX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.80	+0.48
Sortino ratio: Return per unit of downside risk	2.97	2.68	+0.29
Omega ratio: Gain probability vs. loss probability	1.40	1.35	+0.06
Calmar ratio: Return relative to maximum drawdown	3.66	2.01	+1.65
Martin ratio: Return relative to average drawdown	13.54	6.70	+6.84

EAPCX vs. PONAX - Sharpe Ratio Comparison

The current EAPCX Sharpe Ratio is 2.28, which is comparable to the PONAX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of EAPCX and PONAX, 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

EAPCX vs. PONAX - Drawdown Comparison

The maximum EAPCX drawdown since its inception was -52.59%, which is greater than PONAX's maximum drawdown of -13.64%. Use the drawdown chart below to compare losses from any high point for EAPCX and PONAX.

Drawdown Indicators

	EAPCX	PONAX	Difference
Max Drawdown Largest peak-to-trough decline	-52.59%	-13.64%	-38.95%
Max Drawdown (1Y) Largest decline over 1 year	-8.75%	-3.69%	-5.06%
Max Drawdown (3Y) Largest decline over 3 years	-10.57%	-3.90%	-6.67%
Max Drawdown (5Y) Largest decline over 5 years	-18.05%	-13.64%	-4.41%
Max Drawdown (10Y) Largest decline over 10 years	-28.81%	-13.64%	-15.17%
Current Drawdown Current decline from peak	-8.75%	-1.12%	-7.63%
Average Drawdown Average peak-to-trough decline	-22.73%	-1.79%	-20.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	1.10%	+1.26%

Volatility

EAPCX vs. PONAX - Volatility Comparison

Parametric Commodity Strategy Fund Class A (EAPCX) has a higher volatility of 3.74% compared to PIMCO Income Fund Class A (PONAX) at 1.66%. This indicates that EAPCX's price experiences larger fluctuations and is considered to be riskier than PONAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EAPCX	PONAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	1.66%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	11.84%	3.34%	+8.50%
Volatility (1Y) Calculated over the trailing 1-year period	14.07%	4.13%	+9.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.66%	4.83%	+9.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.26%	4.22%	+9.04%

EAPCX vs. PONAX - Expense Ratio Comparison

EAPCX has a 0.91% expense ratio, which is lower than PONAX's 1.02% expense ratio.

Dividends

EAPCX vs. PONAX - Dividend Comparison

EAPCX's dividend yield for the trailing twelve months is around 11.39%, more than PONAX's 5.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EAPCX Parametric Commodity Strategy Fund Class A	11.39%	13.23%	5.46%	3.43%	14.80%	13.74%	3.01%	1.11%	0.41%	4.98%	6.49%	0.00%
PONAX PIMCO Income Fund Class A	5.43%	5.61%	5.86%	5.86%	4.66%	3.62%	4.48%	5.42%	5.24%	4.97%	5.13%	7.45%

Frequently Asked Questions

Can I hold both EAPCX and PONAX in my portfolio?

EAPCX and PONAX have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EAPCX or PONAX?

EAPCX has higher volatility (3.74%) compared to PONAX (1.66%). In terms of maximum drawdown, EAPCX dropped -52.59% vs PONAX's -13.64%.

Which has better risk-adjusted returns?

EAPCX currently has the higher Sharpe Ratio (2.28 vs 1.80), 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.