PCM vs. PFN
PCM (PCM Fund Inc.) and PFN (PIMCO Income Strategy Fund II) are both mutual funds - PCM is a Mortgage Backed Securities fund actively managed by PIMCO, while PFN is a Multisector Bonds fund managed by PIMCO. Over the past 10 years, PCM returned 5.07%/yr vs 7.87%/yr for PFN. At a 0.33 correlation, their price movements are largely independent.
Performance
PCM vs. PFN - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PCM having a -3.64% return and PFN slightly lower at -3.70%. Over the past 10 years, PCM has underperformed PFN with an annualized return of 5.07%, while PFN has yielded a comparatively higher 7.87% annualized return.
PCM
- 1D
- 0.73%
- 1M
- -0.99%
- YTD
- -3.64%
- 6M
- -2.29%
- 1Y
- -0.12%
- 3Y*
- -5.76%
- 5Y*
- -4.21%
- 10Y*
- 5.07%
PFN
- 1D
- 0.29%
- 1M
- 0.33%
- YTD
- -3.70%
- 6M
- -2.79%
- 1Y
- 5.34%
- 3Y*
- 10.39%
- 5Y*
- 1.62%
- 10Y*
- 7.87%
PCM vs. PFN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCM PCM Fund Inc. | -3.64% | -10.10% | 8.81% | 12.44% | -18.96% | 8.57% | 3.05% | 23.05% | -4.47% | 26.46% |
PFN PIMCO Income Strategy Fund II | -3.70% | 13.07% | 15.72% | 15.43% | -17.65% | 5.14% | 3.97% | 21.84% | 0.94% | 20.58% |
Correlation
The correlation between PCM and PFN is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2004 | 0.33 |
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Return for Risk
PCM vs. PFN — Risk / Return Rank
PCM
PFN
PCM vs. PFN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PCM Fund Inc. (PCM) 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.
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.
| PCM | PFN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.11 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | 0.50 | -0.51 |
| Martin ratioReturn relative to average drawdown | -0.02 | 1.82 | -1.84 |
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Drawdowns
PCM vs. PFN - Drawdown Comparison
The maximum PCM drawdown since its inception was -64.88%, smaller than the maximum PFN drawdown of -80.08%. Use the drawdown chart below to compare losses from any high point for PCM and PFN.
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Drawdown Indicators
| PCM | PFN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.88% | -80.08% | +15.20% |
Max Drawdown (1Y)Largest decline over 1 year | -12.81% | -10.77% | -2.04% |
Max Drawdown (3Y)Largest decline over 3 years | -29.62% | -14.31% | -15.31% |
Max Drawdown (5Y)Largest decline over 5 years | -29.62% | -33.45% | +3.83% |
Max Drawdown (10Y)Largest decline over 10 years | -47.69% | -45.70% | -1.99% |
Current DrawdownCurrent decline from peak | -22.39% | -4.74% | -17.65% |
Average DrawdownAverage peak-to-trough decline | -9.73% | -11.81% | +2.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.31% | 2.93% | +3.38% |
Volatility
PCM vs. PFN - Volatility Comparison
The current volatility for PCM Fund Inc. (PCM) is 2.18%, while PIMCO Income Strategy Fund II (PFN) has a volatility of 2.79%. This indicates that PCM 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.
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Volatility by Period
| PCM | PFN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.18% | 2.79% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 7.95% | 9.01% | -1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.36% | 10.14% | +1.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.33% | 14.64% | +5.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.71% | 18.19% | +4.52% |
Dividends
PCM vs. PFN - Dividend Comparison
PCM's dividend yield for the trailing twelve months is around 13.91%, more than PFN's 12.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCM PCM Fund Inc. | 13.91% | 12.56% | 12.47% | 12.06% | 12.20% | 8.96% | 8.95% | 8.38% | 9.46% | 8.47% | 14.60% | 10.39% |
PFN PIMCO Income Strategy Fund II | 12.67% | 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
PCM and PFN have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFN has higher volatility (2.79%) compared to PCM (2.18%). In terms of maximum drawdown, PCM dropped -64.88% vs PFN's -80.08%.
PFN currently has the higher Sharpe Ratio (0.53 vs -0.01), 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.
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