PAXS vs. PCN

Last updated Jun 4, 2026

PAXS (PIMCO Access Income Fund) and PCN (PIMCO Corporate & Income Strategy Fund) are both Multisector Bonds funds from PIMCO. Over the past 3 years, PAXS returned 12.27%/yr vs 7.28%/yr for PCN. At a 0.44 correlation, their price movements are largely independent.

Performance

PAXS vs. PCN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Access Income Fund (PAXS) and PIMCO Corporate & Income Strategy Fund (PCN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAXS achieves a -0.83% return, which is significantly higher than PCN's -4.37% return.

PAXS

• 1D: -0.21%
• 1M: -0.95%
• YTD: -0.83%
• 6M: -4.56%
• 1Y: 6.78%
• 3Y*: 12.27%
• 5Y*: —
• 10Y*: —

PCN

• 1D: -0.93%
• 1M: -2.08%
• YTD: -4.37%
• 6M: -2.52%
• 1Y: 1.37%
• 3Y*: 7.28%
• 5Y*: 0.63%
• 10Y*: 7.14%

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

PAXS vs. PCN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PAXS PIMCO Access Income Fund	-0.83%	12.58%	19.51%	9.30%	-16.66%
PCN PIMCO Corporate & Income Strategy Fund	-4.37%	5.55%	19.52%	16.22%	-15.10%

Correlation

The correlation between PAXS and PCN is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jan 28, 2022	0.44

Return for Risk

PAXS vs. PCN — Risk / Return Rank

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

PAXS

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

PCN

PCN Risk / Return Rank: 3
PCN Sharpe Ratio Rank: 3
PCN Sortino Ratio Rank: 3
PCN Omega Ratio Rank: 3
PCN Calmar Ratio Rank: 3
PCN Martin Ratio Rank: 3

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.

PAXS vs. PCN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Access Income Fund (PAXS) and PIMCO Corporate & Income Strategy Fund (PCN). 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.

	PAXS	PCN	Difference
Sharpe ratio Return per unit of total volatility	0.56	0.14	+0.42
Sortino ratio Return per unit of downside risk	0.82	0.27	+0.55
Omega ratio Gain probability vs. loss probability	1.11	1.04	+0.08
Calmar ratio Return relative to maximum drawdown	0.56	0.13	+0.43
Martin ratio Return relative to average drawdown	1.60	0.39	+1.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAXS vs. PCN - Sharpe Ratio Comparison

The current PAXS Sharpe Ratio is 0.56, which is higher than the PCN Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of PAXS and PCN, 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

	PAXS	PCN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	0.14	+0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.04	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.39	-0.12

Drawdowns

PAXS vs. PCN - Drawdown Comparison

The maximum PAXS drawdown since its inception was -22.28%, smaller than the maximum PCN drawdown of -61.12%. Use the drawdown chart below to compare losses from any high point for PAXS and PCN.

Drawdown Indicators

	PAXS	PCN	Difference
Max Drawdown Largest peak-to-trough decline	-22.28%	-61.12%	+38.84%
Max Drawdown (1Y) Largest decline over 1 year	-12.10%	-10.40%	-1.70%
Max Drawdown (3Y) Largest decline over 3 years	-13.40%	-22.53%	+9.13%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.39%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.27%	—
Current Drawdown Current decline from peak	-6.17%	-6.87%	+0.70%
Average Drawdown Average peak-to-trough decline	-7.56%	-7.20%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	3.56%	+0.69%

Volatility

PAXS vs. PCN - Volatility Comparison

PIMCO Access Income Fund (PAXS) has a higher volatility of 3.56% compared to PIMCO Corporate & Income Strategy Fund (PCN) at 2.35%. This indicates that PAXS's price experiences larger fluctuations and is considered to be riskier than PCN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAXS	PCN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	2.35%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	9.63%	6.97%	+2.66%
Volatility (1Y) Calculated over the trailing 1-year period	12.07%	9.61%	+2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.46%	16.18%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.46%	21.94%	-4.48%

Dividends

PAXS vs. PCN - Dividend Comparison

PAXS's dividend yield for the trailing twelve months is around 12.42%, more than PCN's 11.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAXS PIMCO Access Income Fund	12.42%	11.72%	11.76%	12.54%	13.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PCN PIMCO Corporate & Income Strategy Fund	11.58%	10.58%	10.06%	10.88%	12.66%	7.89%	7.83%	7.37%	9.60%	7.85%	11.98%	10.22%

Frequently Asked Questions

Can I hold both PAXS and PCN in my portfolio?

PAXS and PCN have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAXS or PCN?

PAXS has higher volatility (3.56%) compared to PCN (2.35%). In terms of maximum drawdown, PAXS dropped -22.28% vs PCN's -61.12%.

Which has better risk-adjusted returns?

PAXS currently has the higher Sharpe Ratio (0.56 vs 0.14), 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.