PCEWX vs. PFN

Last updated Jun 6, 2026

PCEWX (PIMCO Climate Bond Fund) and PFN (PIMCO Income Strategy Fund II) are both mutual funds - PCEWX is a Corporate Bonds fund managed by PIMCO, while PFN is a Multisector Bonds fund managed by PIMCO. Over the past 5 years, PCEWX returned 0.67%/yr vs 2.00%/yr for PFN. At a 0.25 correlation, their price movements are largely independent. PCEWX charges 0.71%/yr vs 1.74%/yr for PFN.

Performance

PCEWX vs. PFN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Climate Bond Fund (PCEWX) and PIMCO Income Strategy Fund II (PFN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCEWX achieves a 0.19% return, which is significantly higher than PFN's -4.01% return.

PCEWX

• 1D: 0.11%
• 1M: 0.05%
• YTD: 0.19%
• 6M: -0.51%
• 1Y: 2.95%
• 3Y*: 4.97%
• 5Y*: 0.67%
• 10Y*: —

PFN

• 1D: -0.72%
• 1M: -3.75%
• YTD: -4.01%
• 6M: -2.30%
• 1Y: 5.31%
• 3Y*: 10.48%
• 5Y*: 2.00%
• 10Y*: 7.83%

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

PCEWX vs. PFN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PCEWX PIMCO Climate Bond Fund	0.19%	5.87%	3.47%	8.17%	-13.18%	0.11%	6.61%	0.00%
PFN PIMCO Income Strategy Fund II	-4.01%	13.07%	15.72%	15.43%	-17.65%	5.14%	3.97%	1.44%

Correlation

The correlation between PCEWX and PFN is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Dec 11, 2019	0.25

The correlation between PCEWX and PFN shifts across timeframes, from 0.24 (3 years) to 0.35 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PCEWX vs. PFN — Risk / Return Rank

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

PCEWX

PCEWX Risk / Return Rank: 10
PCEWX Sharpe Ratio Rank: 11
PCEWX Sortino Ratio Rank: 11
PCEWX Omega Ratio Rank: 11
PCEWX Calmar Ratio Rank: 9
PCEWX Martin Ratio Rank: 9

PFN

PFN Risk / Return Rank: 7
PFN Sharpe Ratio Rank: 7
PFN Sortino Ratio Rank: 7
PFN Omega Ratio Rank: 7
PFN Calmar Ratio Rank: 6
PFN Martin Ratio Rank: 8

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.

PCEWX vs. PFN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Climate Bond Fund (PCEWX) and PIMCO Income Strategy Fund II (PFN). 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.

	PCEWX	PFN	Difference
Sharpe ratio: Return per unit of total volatility	0.82	0.53	+0.29
Sortino ratio: Return per unit of downside risk	1.20	0.82	+0.38
Omega ratio: Gain probability vs. loss probability	1.15	1.11	+0.04
Calmar ratio: Return relative to maximum drawdown	0.81	0.49	+0.31
Martin ratio: Return relative to average drawdown	2.44	1.93	+0.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCEWX vs. PFN - Sharpe Ratio Comparison

The current PCEWX Sharpe Ratio is 0.82, which is higher than the PFN Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of PCEWX and PFN, 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

	PCEWX	PFN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	0.53	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.14	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.28	+0.05

Drawdowns

PCEWX vs. PFN - Drawdown Comparison

The maximum PCEWX drawdown since its inception was -17.54%, smaller than the maximum PFN drawdown of -80.08%. Use the drawdown chart below to compare losses from any high point for PCEWX and PFN.

Drawdown Indicators

	PCEWX	PFN	Difference
Max Drawdown Largest peak-to-trough decline	-17.54%	-80.08%	+62.54%
Max Drawdown (1Y) Largest decline over 1 year	-3.39%	-10.77%	+7.38%
Max Drawdown (3Y) Largest decline over 3 years	-3.39%	-14.31%	+10.92%
Max Drawdown (5Y) Largest decline over 5 years	-17.54%	-33.45%	+15.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.70%	—
Current Drawdown Current decline from peak	-1.49%	-5.05%	+3.56%
Average Drawdown Average peak-to-trough decline	-4.93%	-11.82%	+6.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	2.76%	-1.64%

Volatility

PCEWX vs. PFN - Volatility Comparison

The current volatility for PIMCO Climate Bond Fund (PCEWX) is 1.21%, while PIMCO Income Strategy Fund II (PFN) has a volatility of 3.49%. This indicates that PCEWX experiences smaller price fluctuations and is considered to be less risky than PFN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCEWX	PFN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	3.49%	-2.28%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	8.96%	-6.24%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	10.11%	-6.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.36%	14.67%	-10.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.49%	18.19%	-13.70%

PCEWX vs. PFN - Expense Ratio Comparison

PCEWX has a 0.71% expense ratio, which is lower than PFN's 1.74% expense ratio.

Dividends

PCEWX vs. PFN - Dividend Comparison

PCEWX's dividend yield for the trailing twelve months is around 3.28%, less than PFN's 12.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCEWX PIMCO Climate Bond Fund	3.28%	3.34%	3.52%	2.53%	5.55%	2.56%	2.15%	0.00%	0.00%	0.00%	0.00%	0.00%
PFN PIMCO Income Strategy Fund II	12.58%	11.49%	11.57%	11.92%	12.19%	9.71%	9.67%	9.07%	10.81%	9.20%	10.12%	11.74%

Frequently Asked Questions

Can I hold both PCEWX and PFN in my portfolio?

PCEWX and PFN have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCEWX or PFN?

PFN has higher volatility (3.49%) compared to PCEWX (1.21%). In terms of maximum drawdown, PCEWX dropped -17.54% vs PFN's -80.08%.

Which has better risk-adjusted returns?

PCEWX currently has the higher Sharpe Ratio (0.82 vs 0.53), 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.