ERC vs. PFN

Last updated Jun 23, 2026

ERC (Allspring Multi-Sector Income Fund) is a stock, while PFN (PIMCO Income Strategy Fund II) is Multisector Bonds fund managed by PIMCO. Over the past 10 years, ERC returned 6.20%/yr vs 7.84%/yr for PFN. At a 0.39 correlation, their price movements are largely independent.

Performance

ERC vs. PFN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Multi-Sector Income Fund (ERC) and PIMCO Income Strategy Fund II (PFN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ERC achieves a 1.36% return, which is significantly higher than PFN's -3.98% return. Over the past 10 years, ERC has underperformed PFN with an annualized return of 6.20%, while PFN has yielded a comparatively higher 7.84% annualized return.

ERC

• 1D: -0.22%
• 1M: 0.82%
• YTD: 1.36%
• 6M: 0.82%
• 1Y: 5.98%
• 3Y*: 9.41%
• 5Y*: 2.19%
• 10Y*: 6.20%

PFN

• 1D: -0.44%
• 1M: 0.03%
• YTD: -3.98%
• 6M: -1.21%
• 1Y: 4.74%
• 3Y*: 10.28%
• 5Y*: 1.75%
• 10Y*: 7.84%

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

ERC vs. PFN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERC Allspring Multi-Sector Income Fund	1.36%	11.10%	6.10%	4.88%	-17.77%	18.77%	4.36%	28.05%	-5.94%	11.99%
PFN PIMCO Income Strategy Fund II	-3.98%	13.07%	15.72%	15.43%	-17.65%	5.14%	3.97%	21.84%	0.94%	20.58%

Correlation

The correlation between ERC and PFN is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Oct 27, 2004	0.39

Return for Risk

ERC vs. PFN — Risk / Return Rank

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

ERC

ERC Risk / Return Rank: 60
ERC Sharpe Ratio Rank: 63
ERC Sortino Ratio Rank: 55
ERC Omega Ratio Rank: 54
ERC Calmar Ratio Rank: 61
ERC Martin Ratio Rank: 67

PFN

PFN Risk / Return Rank: 6
PFN Sharpe Ratio Rank: 6
PFN Sortino Ratio Rank: 6
PFN Omega Ratio Rank: 6
PFN Calmar Ratio Rank: 6
PFN Martin Ratio Rank: 7

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.

ERC vs. PFN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Multi-Sector Income Fund (ERC) and PIMCO Income Strategy Fund II (PFN). 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.

	ERC	PFN	Difference
Sharpe ratio: Return per unit of total volatility	0.63	0.47	+0.16
Sortino ratio: Return per unit of downside risk	0.98	0.74	+0.24
Omega ratio: Gain probability vs. loss probability	1.12	1.09	+0.03
Calmar ratio: Return relative to maximum drawdown	0.87	0.44	+0.43
Martin ratio: Return relative to average drawdown	2.88	1.63	+1.25

ERC vs. PFN - Sharpe Ratio Comparison

The current ERC Sharpe Ratio is 0.63, which is higher than the PFN Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of ERC and PFN, 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

ERC vs. PFN - Drawdown Comparison

The maximum ERC drawdown since its inception was -47.41%, smaller than the maximum PFN drawdown of -80.08%. Use the drawdown chart below to compare losses from any high point for ERC and PFN.

Drawdown Indicators

	ERC	PFN	Difference
Max Drawdown Largest peak-to-trough decline	-47.41%	-80.08%	+32.67%
Max Drawdown (1Y) Largest decline over 1 year	-6.88%	-10.77%	+3.89%
Max Drawdown (3Y) Largest decline over 3 years	-10.04%	-14.31%	+4.27%
Max Drawdown (5Y) Largest decline over 5 years	-33.65%	-33.45%	-0.20%
Max Drawdown (10Y) Largest decline over 10 years	-41.33%	-45.70%	+4.37%
Current Drawdown Current decline from peak	-1.77%	-5.02%	+3.25%
Average Drawdown Average peak-to-trough decline	-6.85%	-11.81%	+4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	2.92%	-0.84%

Volatility

ERC vs. PFN - Volatility Comparison

Allspring Multi-Sector Income Fund (ERC) and PIMCO Income Strategy Fund II (PFN) have volatilities of 2.80% and 2.81%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERC	PFN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	2.81%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	7.08%	9.01%	-1.93%
Volatility (1Y) Calculated over the trailing 1-year period	9.52%	10.16%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.38%	14.64%	-1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.83%	18.19%	-2.36%

Dividends

ERC vs. PFN - Dividend Comparison

ERC's dividend yield for the trailing twelve months is around 9.66%, less than PFN's 12.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERC Allspring Multi-Sector Income Fund	9.66%	9.35%	8.65%	8.44%	10.70%	8.51%	9.51%	9.35%	11.56%	9.66%	8.80%	13.67%
PFN PIMCO Income Strategy Fund II	12.71%	11.49%	11.57%	11.92%	12.19%	9.71%	9.67%	9.07%	10.81%	9.20%	10.12%	11.74%

Frequently Asked Questions

Can I hold both ERC and PFN in my portfolio?

ERC and PFN have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ERC or PFN?

PFN has higher volatility (2.81%) compared to ERC (2.80%). In terms of maximum drawdown, ERC dropped -47.41% vs PFN's -80.08%.

Which has better risk-adjusted returns?

ERC currently has the higher Sharpe Ratio (0.63 vs 0.47), 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.