PASAX vs. PAAIX

Last updated Jul 17, 2026

PASAX (PIMCO All Asset Fund Class A) and PAAIX (PIMCO All Asset Fund) are both Tactical Allocation funds from PIMCO. Over the past 10 years, PASAX returned 6.20%/yr vs 6.67%/yr for PAAIX. With a 0.98 correlation, they move nearly in lockstep. PASAX charges 2.24%/yr vs 1.40%/yr for PAAIX.

Performance

PASAX vs. PAAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO All Asset Fund Class A (PASAX) and PIMCO All Asset Fund (PAAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PASAX having a 9.15% return and PAAIX slightly higher at 9.41%. Over the past 10 years, PASAX has underperformed PAAIX with an annualized return of 6.20%, while PAAIX has yielded a comparatively higher 6.67% annualized return.

PASAX

• 1D: 0.16%
• 1M: -0.25%
• 6M: 6.36%
• YTD: 9.15%
• 1Y: 17.29%
• 3Y*: 9.23%
• 5Y*: 4.48%
• 10Y*: 6.20%

PAAIX

• 1D: 0.16%
• 1M: -0.16%
• 6M: 6.52%
• YTD: 9.41%
• 1Y: 17.73%
• 3Y*: 9.60%
• 5Y*: 4.92%
• 10Y*: 6.67%

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

PASAX vs. PAAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PASAX PIMCO All Asset Fund Class A	9.15%	12.85%	3.66%	7.66%	-11.90%	15.14%	7.93%	11.72%	-5.47%	13.50%
PAAIX PIMCO All Asset Fund	9.41%	13.20%	4.12%	8.19%	-11.52%	15.61%	8.38%	12.21%	-4.97%	13.99%

Correlation

The correlation between PASAX and PAAIX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Apr 30, 2003	0.98

The correlation between PASAX and PAAIX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

PASAX vs. PAAIX — Risk / Return Rank

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

PASAX

PASAX Risk / Return Rank: 92
PASAX Sharpe Ratio Rank: 96
PASAX Sortino Ratio Rank: 94
PASAX Omega Ratio Rank: 90
PASAX Calmar Ratio Rank: 89
PASAX Martin Ratio Rank: 91

PAAIX

PAAIX Risk / Return Rank: 93
PAAIX Sharpe Ratio Rank: 97
PAAIX Sortino Ratio Rank: 95
PAAIX Omega Ratio Rank: 90
PAAIX Calmar Ratio Rank: 90
PAAIX Martin Ratio Rank: 92

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.

PASAX vs. PAAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO All Asset Fund Class A (PASAX) and PIMCO All Asset Fund (PAAIX). 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.

	PASAX	PAAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.94	3.01	-0.07
Sortino ratio: Return per unit of downside risk	4.20	4.32	-0.13
Omega ratio: Gain probability vs. loss probability	1.55	1.56	-0.01
Calmar ratio: Return relative to maximum drawdown	3.62	3.74	-0.12
Martin ratio: Return relative to average drawdown	14.25	14.80	-0.55

PASAX vs. PAAIX - Sharpe Ratio Comparison

The current PASAX Sharpe Ratio is 2.94, which is comparable to the PAAIX Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of PASAX and PAAIX, 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

PASAX vs. PAAIX - Drawdown Comparison

The maximum PASAX drawdown since its inception was -27.81%, roughly equal to the maximum PAAIX drawdown of -27.59%. Use the drawdown chart below to compare losses from any high point for PASAX and PAAIX.

Drawdown Indicators

	PASAX	PAAIX	Difference
Max Drawdown Largest peak-to-trough decline	-27.81%	-27.59%	-0.22%
Max Drawdown (1Y) Largest decline over 1 year	-4.88%	-4.87%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-7.65%	-7.59%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-20.00%	-19.83%	-0.17%
Max Drawdown (10Y) Largest decline over 10 years	-22.70%	-22.64%	-0.06%
Current Drawdown Current decline from peak	-0.25%	-0.25%	0.00%
Average Drawdown Average peak-to-trough decline	-4.07%	-3.76%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	1.23%	0.00%

Volatility

PASAX vs. PAAIX - Volatility Comparison

PIMCO All Asset Fund Class A (PASAX) and PIMCO All Asset Fund (PAAIX) have volatilities of 1.46% and 1.48%, 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

	PASAX	PAAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	1.48%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	4.80%	4.82%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	6.04%	6.09%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.74%	7.78%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.70%	7.74%	-0.04%

PASAX vs. PAAIX - Expense Ratio Comparison

PASAX has a 2.24% expense ratio, which is higher than PAAIX's 1.40% expense ratio.

Dividends

PASAX vs. PAAIX - Dividend Comparison

PASAX's dividend yield for the trailing twelve months is around 7.68%, less than PAAIX's 8.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAAIX PIMCO All Asset Fund	8.05%	7.12%	5.92%	3.20%	7.68%	11.90%	3.56%	3.33%	5.50%	4.48%	3.60%	3.93%
PASAX PIMCO All Asset Fund Class A	7.68%	6.80%	5.47%	2.81%	7.19%	11.47%	3.18%	2.90%	5.02%	4.07%	3.12%	3.36%

Frequently Asked Questions

Can I hold both PASAX and PAAIX in my portfolio?

With a correlation of 0.99, PASAX and PAAIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PASAX or PAAIX?

PAAIX has higher volatility (1.48%) compared to PASAX (1.46%). In terms of maximum drawdown, PASAX dropped -27.81% vs PAAIX's -27.59%.

Which has better risk-adjusted returns?

PAAIX currently has the higher Sharpe Ratio (3.01 vs 2.94), 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.