PAUIX vs. ETFRX

Last updated Jun 3, 2026

PAUIX (PIMCO All Asset All Authority Fund) and ETFRX (North Square Tactical Defensive Fund) are both Tactical Allocation funds. Over the past 10 years, PAUIX returned 4.90%/yr vs 6.79%/yr for ETFRX. At a 0.25 correlation, their price movements are largely independent. PAUIX charges 0.21%/yr vs 1.86%/yr for ETFRX.

Performance

PAUIX vs. ETFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO All Asset All Authority Fund (PAUIX) and North Square Tactical Defensive Fund (ETFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PAUIX having a 7.77% return and ETFRX slightly lower at 7.65%. Over the past 10 years, PAUIX has underperformed ETFRX with an annualized return of 4.90%, while ETFRX has yielded a comparatively higher 6.79% annualized return.

PAUIX

• 1D: -0.14%
• 1M: 0.55%
• YTD: 7.77%
• 6M: 8.70%
• 1Y: 18.39%
• 3Y*: 8.84%
• 5Y*: 2.41%
• 10Y*: 4.90%

ETFRX

• 1D: 0.20%
• 1M: 3.69%
• YTD: 7.65%
• 6M: 7.95%
• 1Y: 19.93%
• 3Y*: 10.00%
• 5Y*: 5.35%
• 10Y*: 6.79%

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

PAUIX vs. ETFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAUIX PIMCO All Asset All Authority Fund	7.77%	14.15%	1.06%	6.35%	-15.65%	15.55%	4.58%	7.62%	-6.14%	12.05%
ETFRX North Square Tactical Defensive Fund	7.65%	8.44%	7.31%	5.65%	-8.28%	13.49%	3.99%	12.46%	-2.99%	15.26%

Correlation

The correlation between PAUIX and ETFRX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Sep 18, 2006	0.25

Over the past year, PAUIX and ETFRX have become more correlated (0.49) than their long-term average of 0.25, meaning their price movements have been converging.

Return for Risk

PAUIX vs. ETFRX — Risk / Return Rank

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

PAUIX

PAUIX Risk / Return Rank: 76
PAUIX Sharpe Ratio Rank: 87
PAUIX Sortino Ratio Rank: 84
PAUIX Omega Ratio Rank: 81
PAUIX Calmar Ratio Rank: 66
PAUIX Martin Ratio Rank: 62

ETFRX

ETFRX Risk / Return Rank: 52
ETFRX Sharpe Ratio Rank: 46
ETFRX Sortino Ratio Rank: 43
ETFRX Omega Ratio Rank: 45
ETFRX Calmar Ratio Rank: 74
ETFRX Martin Ratio Rank: 50

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.

PAUIX vs. ETFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO All Asset All Authority Fund (PAUIX) and North Square Tactical Defensive Fund (ETFRX). 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.

	PAUIX	ETFRX	Difference
Sharpe ratio Return per unit of total volatility	2.84	2.01	+0.82
Sortino ratio Return per unit of downside risk	3.99	2.76	+1.23
Omega ratio Gain probability vs. loss probability	1.53	1.36	+0.17
Calmar ratio Return relative to maximum drawdown	3.16	3.37	-0.21
Martin ratio Return relative to average drawdown	12.29	10.35	+1.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAUIX vs. ETFRX - Sharpe Ratio Comparison

The current PAUIX Sharpe Ratio is 2.84, which is higher than the ETFRX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of PAUIX and ETFRX, 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

	PAUIX	ETFRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.84	2.01	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.57	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.65	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.40	+0.22

Drawdowns

PAUIX vs. ETFRX - Drawdown Comparison

The maximum PAUIX drawdown since its inception was -26.84%, smaller than the maximum ETFRX drawdown of -37.11%. Use the drawdown chart below to compare losses from any high point for PAUIX and ETFRX.

Drawdown Indicators

	PAUIX	ETFRX	Difference
Max Drawdown Largest peak-to-trough decline	-26.84%	-37.11%	+10.27%
Max Drawdown (1Y) Largest decline over 1 year	-6.05%	-6.02%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-8.54%	-11.98%	+3.44%
Max Drawdown (5Y) Largest decline over 5 years	-26.15%	-12.17%	-13.98%
Max Drawdown (10Y) Largest decline over 10 years	-26.84%	-21.30%	-5.54%
Current Drawdown Current decline from peak	-0.48%	0.00%	-0.48%
Average Drawdown Average peak-to-trough decline	-5.91%	-6.67%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	1.96%	-0.41%

Volatility

PAUIX vs. ETFRX - Volatility Comparison

The current volatility for PIMCO All Asset All Authority Fund (PAUIX) is 2.21%, while North Square Tactical Defensive Fund (ETFRX) has a volatility of 2.71%. This indicates that PAUIX experiences smaller price fluctuations and is considered to be less risky than ETFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAUIX	ETFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	2.71%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	5.17%	6.84%	-1.67%
Volatility (1Y) Calculated over the trailing 1-year period	6.61%	10.17%	-3.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.62%	9.44%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.00%	10.45%	-1.45%

PAUIX vs. ETFRX - Expense Ratio Comparison

PAUIX has a 0.21% expense ratio, which is lower than ETFRX's 1.86% expense ratio.

Dividends

PAUIX vs. ETFRX - Dividend Comparison

PAUIX's dividend yield for the trailing twelve months is around 6.70%, more than ETFRX's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETFRX North Square Tactical Defensive Fund	0.45%	0.48%	0.93%	0.00%	0.00%	0.00%	0.00%	0.38%	0.00%	2.25%	0.00%	3.02%
PAUIX PIMCO All Asset All Authority Fund	6.70%	6.10%	2.64%	3.97%	9.98%	15.46%	4.47%	2.89%	5.74%	5.28%	3.62%	5.54%

Frequently Asked Questions

Can I hold both PAUIX and ETFRX in my portfolio?

PAUIX and ETFRX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAUIX or ETFRX?

ETFRX has higher volatility (2.71%) compared to PAUIX (2.21%). In terms of maximum drawdown, PAUIX dropped -26.84% vs ETFRX's -37.11%.

Which has better risk-adjusted returns?

PAUIX currently has the higher Sharpe Ratio (2.84 vs 2.01), 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.