PCIMX vs. PONPX

Last updated Jun 24, 2026

PCIMX (PIMCO California Intermediate Municipal Bond Fund) and PONPX (PIMCO Income Fund Class I-2) are both mutual funds - PCIMX is a Municipal Bonds fund managed by PIMCO, while PONPX is a Total Bond Market fund managed by PIMCO. Over the past 10 years, PCIMX returned 2.00%/yr vs 4.61%/yr for PONPX. At a 0.39 correlation, their price movements are largely independent. PCIMX charges 0.46%/yr vs 0.72%/yr for PONPX.

Performance

PCIMX vs. PONPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO California Intermediate Municipal Bond Fund (PCIMX) and PIMCO Income Fund Class I-2 (PONPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCIMX achieves a 1.14% return, which is significantly higher than PONPX's 0.68% return. Over the past 10 years, PCIMX has underperformed PONPX with an annualized return of 2.00%, while PONPX has yielded a comparatively higher 4.61% annualized return.

PCIMX

• 1D: 0.00%
• 1M: 1.13%
• YTD: 1.14%
• 6M: 1.53%
• 1Y: 5.90%
• 3Y*: 4.39%
• 5Y*: 1.46%
• 10Y*: 2.00%

PONPX

• 1D: -0.28%
• 1M: 0.90%
• YTD: 0.68%
• 6M: 1.27%
• 1Y: 7.18%
• 3Y*: 7.48%
• 5Y*: 3.38%
• 10Y*: 4.61%

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

PCIMX vs. PONPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCIMX PIMCO California Intermediate Municipal Bond Fund	1.14%	5.70%	2.58%	5.54%	-7.30%	0.47%	4.19%	6.52%	1.05%	4.60%
PONPX PIMCO Income Fund Class I-2	0.68%	10.96%	5.33%	9.24%	-9.14%	2.51%	5.73%	7.99%	0.53%	8.52%

Correlation

The correlation between PCIMX and PONPX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jan 2, 2009	0.39

Over the past year, PCIMX and PONPX have become more correlated (0.71) than their long-term average of 0.39, meaning their price movements have been converging.

Return for Risk

PCIMX vs. PONPX — Risk / Return Rank

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

PCIMX

PCIMX Risk / Return Rank: 70
PCIMX Sharpe Ratio Rank: 87
PCIMX Sortino Ratio Rank: 93
PCIMX Omega Ratio Rank: 93
PCIMX Calmar Ratio Rank: 41
PCIMX Martin Ratio Rank: 34

PONPX

PONPX Risk / Return Rank: 41
PONPX Sharpe Ratio Rank: 45
PONPX Sortino Ratio Rank: 49
PONPX Omega Ratio Rank: 48
PONPX Calmar Ratio Rank: 32
PONPX Martin Ratio Rank: 32

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.

PCIMX vs. PONPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO California Intermediate Municipal Bond Fund (PCIMX) and PIMCO Income Fund Class I-2 (PONPX). 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.

	PCIMX	PONPX	Difference
Sharpe ratio: Return per unit of total volatility	2.63	1.81	+0.82
Sortino ratio: Return per unit of downside risk	4.35	2.70	+1.65
Omega ratio: Gain probability vs. loss probability	1.67	1.35	+0.32
Calmar ratio: Return relative to maximum drawdown	2.32	2.04	+0.28
Martin ratio: Return relative to average drawdown	7.11	6.85	+0.26

PCIMX vs. PONPX - Sharpe Ratio Comparison

The current PCIMX Sharpe Ratio is 2.63, which is higher than the PONPX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of PCIMX and PONPX, 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

PCIMX vs. PONPX - Drawdown Comparison

The maximum PCIMX drawdown since its inception was -12.96%, roughly equal to the maximum PONPX drawdown of -13.41%. Use the drawdown chart below to compare losses from any high point for PCIMX and PONPX.

Drawdown Indicators

	PCIMX	PONPX	Difference
Max Drawdown Largest peak-to-trough decline	-12.96%	-13.41%	+0.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.62%	-3.69%	+1.07%
Max Drawdown (3Y) Largest decline over 3 years	-3.85%	-3.86%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-11.41%	-13.41%	+2.00%
Max Drawdown (10Y) Largest decline over 10 years	-11.41%	-13.41%	+2.00%
Current Drawdown Current decline from peak	-0.87%	-1.23%	+0.36%
Average Drawdown Average peak-to-trough decline	-1.52%	-1.45%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	1.10%	-0.25%

Volatility

PCIMX vs. PONPX - Volatility Comparison

The current volatility for PIMCO California Intermediate Municipal Bond Fund (PCIMX) is 0.56%, while PIMCO Income Fund Class I-2 (PONPX) has a volatility of 1.34%. This indicates that PCIMX experiences smaller price fluctuations and is considered to be less risky than PONPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCIMX	PONPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	1.34%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	1.70%	3.40%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	2.31%	4.18%	-1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.26%	4.86%	-1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.28%	4.25%	-0.97%

PCIMX vs. PONPX - Expense Ratio Comparison

PCIMX has a 0.46% expense ratio, which is lower than PONPX's 0.72% expense ratio.

Dividends

PCIMX vs. PONPX - Dividend Comparison

PCIMX's dividend yield for the trailing twelve months is around 3.34%, less than PONPX's 5.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCIMX PIMCO California Intermediate Municipal Bond Fund	3.34%	4.51%	3.95%	2.65%	1.67%	1.66%	2.10%	2.53%	2.58%	2.53%	2.50%	2.51%
PONPX PIMCO Income Fund Class I-2	5.74%	5.91%	6.16%	6.11%	4.89%	3.92%	4.78%	5.73%	5.56%	5.27%	5.42%	7.77%

Frequently Asked Questions

Can I hold both PCIMX and PONPX in my portfolio?

PCIMX and PONPX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCIMX or PONPX?

PONPX has higher volatility (1.34%) compared to PCIMX (0.56%). In terms of maximum drawdown, PCIMX dropped -12.96% vs PONPX's -13.41%.

Which has better risk-adjusted returns?

PCIMX currently has the higher Sharpe Ratio (2.63 vs 1.81), 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.