KAMIX vs. PONPX

Last updated Jun 23, 2026

KAMIX (Kensington Managed Income Fund) and PONPX (PIMCO Income Fund Class I-2) are both mutual funds - KAMIX is a Nontraditional Bonds fund managed by Advisors Preferred, while PONPX is a Total Bond Market fund managed by PIMCO. Over the past 3 years, KAMIX returned 5.28%/yr vs 7.62%/yr for PONPX. A 0.53 correlation means they provide meaningful diversification when combined. KAMIX charges 1.36%/yr vs 0.72%/yr for PONPX.

Performance

KAMIX vs. PONPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kensington Managed Income Fund (KAMIX) and PIMCO Income Fund Class I-2 (PONPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KAMIX achieves a 1.93% return, which is significantly higher than PONPX's 0.96% return.

KAMIX

• 1D: 0.21%
• 1M: 0.72%
• YTD: 1.93%
• 6M: 2.20%
• 1Y: 6.55%
• 3Y*: 5.28%
• 5Y*: —
• 10Y*: —

PONPX

• 1D: 0.09%
• 1M: 1.18%
• YTD: 0.96%
• 6M: 1.55%
• 1Y: 7.77%
• 3Y*: 7.62%
• 5Y*: 3.47%
• 10Y*: 4.61%

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

KAMIX vs. PONPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
KAMIX Kensington Managed Income Fund	1.93%	4.32%	4.38%	3.96%	-2.13%
PONPX PIMCO Income Fund Class I-2	0.96%	10.96%	5.33%	9.24%	-2.08%

Correlation

The correlation between KAMIX and PONPX is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jun 10, 2022	0.53

The correlation between KAMIX and PONPX shifts across timeframes, from 0.53 (all time) to 0.66 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

KAMIX vs. PONPX — Risk / Return Rank

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

KAMIX

KAMIX Risk / Return Rank: 66
KAMIX Sharpe Ratio Rank: 64
KAMIX Sortino Ratio Rank: 72
KAMIX Omega Ratio Rank: 73
KAMIX Calmar Ratio Rank: 53
KAMIX Martin Ratio Rank: 66

PONPX

PONPX Risk / Return Rank: 44
PONPX Sharpe Ratio Rank: 49
PONPX Sortino Ratio Rank: 53
PONPX Omega Ratio Rank: 52
PONPX Calmar Ratio Rank: 35
PONPX Martin Ratio Rank: 34

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.

KAMIX vs. PONPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kensington Managed Income Fund (KAMIX) and PIMCO Income Fund Class I-2 (PONPX). 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.

	KAMIX	PONPX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.89	+0.27
Sortino ratio: Return per unit of downside risk	3.22	2.81	+0.41
Omega ratio: Gain probability vs. loss probability	1.44	1.36	+0.07
Calmar ratio: Return relative to maximum drawdown	2.66	2.12	+0.54
Martin ratio: Return relative to average drawdown	11.98	7.14	+4.84

KAMIX vs. PONPX - Sharpe Ratio Comparison

The current KAMIX Sharpe Ratio is 2.15, which is comparable to the PONPX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of KAMIX and PONPX, 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

KAMIX vs. PONPX - Drawdown Comparison

The maximum KAMIX drawdown since its inception was -6.11%, smaller than the maximum PONPX drawdown of -13.41%. Use the drawdown chart below to compare losses from any high point for KAMIX and PONPX.

Drawdown Indicators

	KAMIX	PONPX	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-13.41%	+7.30%
Max Drawdown (1Y) Largest decline over 1 year	-2.55%	-3.69%	+1.14%
Max Drawdown (3Y) Largest decline over 3 years	-4.35%	-3.86%	-0.49%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.41%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-13.41%	—
Current Drawdown Current decline from peak	-0.10%	-0.96%	+0.86%
Average Drawdown Average peak-to-trough decline	-2.13%	-1.45%	-0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	1.09%	-0.52%

Volatility

KAMIX vs. PONPX - Volatility Comparison

The current volatility for Kensington Managed Income Fund (KAMIX) is 1.09%, while PIMCO Income Fund Class I-2 (PONPX) has a volatility of 1.41%. This indicates that KAMIX experiences smaller price fluctuations and is considered to be less risky than PONPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KAMIX	PONPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	1.41%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	3.39%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	3.16%	4.16%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.81%	4.85%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.81%	4.25%	-0.44%

KAMIX vs. PONPX - Expense Ratio Comparison

KAMIX has a 1.36% expense ratio, which is higher than PONPX's 0.72% expense ratio.

Dividends

KAMIX vs. PONPX - Dividend Comparison

KAMIX's dividend yield for the trailing twelve months is around 5.59%, less than PONPX's 5.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KAMIX Kensington Managed Income Fund	5.59%	4.57%	5.60%	4.15%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PONPX PIMCO Income Fund Class I-2	5.73%	5.91%	6.16%	6.11%	4.89%	3.92%	4.78%	5.73%	5.56%	5.27%	5.42%	7.77%

Frequently Asked Questions

Can I hold both KAMIX and PONPX in my portfolio?

KAMIX and PONPX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KAMIX or PONPX?

PONPX has higher volatility (1.41%) compared to KAMIX (1.09%). In terms of maximum drawdown, KAMIX dropped -6.11% vs PONPX's -13.41%.

Which has better risk-adjusted returns?

KAMIX currently has the higher Sharpe Ratio (2.15 vs 1.89), 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.