PASAX vs. PMJIX

Last updated Jun 3, 2026

PASAX (PIMCO All Asset Fund Class A) and PMJIX (PIMCO RAE US Small Fund) are both mutual funds - PASAX is a Tactical Allocation fund actively managed by PIMCO, while PMJIX is a Small Cap Value Equities fund managed by PIMCO. Over the past 10 years, PASAX returned 6.62%/yr vs 13.67%/yr for PMJIX. A 0.61 correlation means they provide meaningful diversification when combined. PASAX charges 2.24%/yr vs 0.50%/yr for PMJIX.

Performance

PASAX vs. PMJIX - Performance Comparison

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

Returns By Period

In the year-to-date period, PASAX achieves a 8.70% return, which is significantly lower than PMJIX's 17.54% return. Over the past 10 years, PASAX has underperformed PMJIX with an annualized return of 6.62%, while PMJIX has yielded a comparatively higher 13.67% annualized return.

PASAX

• 1D: -0.08%
• 1M: 0.90%
• YTD: 8.70%
• 6M: 9.48%
• 1Y: 19.04%
• 3Y*: 9.99%
• 5Y*: 4.12%
• 10Y*: 6.62%

PMJIX

• 1D: 1.18%
• 1M: 4.75%
• YTD: 17.54%
• 6M: 16.99%
• 1Y: 36.09%
• 3Y*: 21.88%
• 5Y*: 10.63%
• 10Y*: 13.67%

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

PASAX vs. PMJIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PASAX PIMCO All Asset Fund Class A	8.70%	12.85%	3.66%	7.66%	-11.90%	15.14%	7.93%	11.72%	-5.47%	13.50%
PMJIX PIMCO RAE US Small Fund	17.54%	5.11%	22.05%	19.77%	-4.62%	39.15%	6.95%	20.22%	-11.69%	9.22%

Correlation

The correlation between PASAX and PMJIX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jun 8, 2015	0.61

The correlation between PASAX and PMJIX has been stable across timeframes, ranging from 0.61 to 0.66 - a consistent structural relationship.

Return for Risk

PASAX vs. PMJIX — Risk / Return Rank

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

PASAX

PASAX Risk / Return Rank: 89
PASAX Sharpe Ratio Rank: 95
PASAX Sortino Ratio Rank: 93
PASAX Omega Ratio Rank: 89
PASAX Calmar Ratio Rank: 85
PASAX Martin Ratio Rank: 85

PMJIX

PMJIX Risk / Return Rank: 60
PMJIX Sharpe Ratio Rank: 50
PMJIX Sortino Ratio Rank: 49
PMJIX Omega Ratio Rank: 43
PMJIX Calmar Ratio Rank: 90
PMJIX Martin Ratio Rank: 70

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. PMJIX - Risk-Adjusted Trends Comparison

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

	PASAX	PMJIX	Difference
Sharpe ratio Return per unit of total volatility	3.31	2.08	+1.22
Sortino ratio Return per unit of downside risk	4.73	2.96	+1.77
Omega ratio Gain probability vs. loss probability	1.63	1.35	+0.28
Calmar ratio Return relative to maximum drawdown	4.02	4.53	-0.52
Martin ratio Return relative to average drawdown	16.10	13.48	+2.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PASAX vs. PMJIX - Sharpe Ratio Comparison

The current PASAX Sharpe Ratio is 3.31, which is higher than the PMJIX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of PASAX and PMJIX, 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

	PASAX	PMJIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.31	2.08	+1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.27	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.41	+0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.37	+0.42

Drawdowns

PASAX vs. PMJIX - Drawdown Comparison

The maximum PASAX drawdown since its inception was -27.81%, smaller than the maximum PMJIX drawdown of -49.75%. Use the drawdown chart below to compare losses from any high point for PASAX and PMJIX.

Drawdown Indicators

	PASAX	PMJIX	Difference
Max Drawdown Largest peak-to-trough decline	-27.81%	-49.75%	+21.94%
Max Drawdown (1Y) Largest decline over 1 year	-4.88%	-7.62%	+2.74%
Max Drawdown (3Y) Largest decline over 3 years	-7.65%	-26.04%	+18.39%
Max Drawdown (5Y) Largest decline over 5 years	-20.00%	-49.75%	+29.75%
Max Drawdown (10Y) Largest decline over 10 years	-22.70%	-49.75%	+27.05%
Current Drawdown Current decline from peak	-0.16%	0.00%	-0.16%
Average Drawdown Average peak-to-trough decline	-4.09%	-16.23%	+12.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	2.56%	-1.34%

Volatility

PASAX vs. PMJIX - Volatility Comparison

The current volatility for PIMCO All Asset Fund Class A (PASAX) is 1.97%, while PIMCO RAE US Small Fund (PMJIX) has a volatility of 4.99%. This indicates that PASAX experiences smaller price fluctuations and is considered to be less risky than PMJIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PASAX	PMJIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	4.99%	-3.02%
Volatility (6M) Calculated over the trailing 6-month period	4.57%	11.44%	-6.87%
Volatility (1Y) Calculated over the trailing 1-year period	5.85%	17.14%	-11.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.74%	39.48%	-31.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.76%	33.09%	-25.33%

PASAX vs. PMJIX - Expense Ratio Comparison

PASAX has a 2.24% expense ratio, which is higher than PMJIX's 0.50% expense ratio.

Dividends

PASAX vs. PMJIX - Dividend Comparison

PASAX's dividend yield for the trailing twelve months is around 6.79%, more than PMJIX's 2.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PASAX PIMCO All Asset Fund Class A	6.79%	6.80%	5.47%	2.81%	7.19%	11.47%	3.18%	2.90%	5.02%	4.07%	3.12%	3.36%
PMJIX PIMCO RAE US Small Fund	2.68%	3.15%	3.26%	1.25%	9.91%	65.79%	9.46%	1.55%	7.65%	4.69%	1.24%	1.67%

Frequently Asked Questions

Can I hold both PASAX and PMJIX in my portfolio?

PASAX and PMJIX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PASAX or PMJIX?

PMJIX has higher volatility (4.99%) compared to PASAX (1.97%). In terms of maximum drawdown, PASAX dropped -27.81% vs PMJIX's -49.75%.

Which has better risk-adjusted returns?

PASAX currently has the higher Sharpe Ratio (3.31 vs 2.08), 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.