PCRAX vs. PONPX

Last updated Aug 1, 2026

PCRAX (PIMCO Commodity Real Return Strategy Fund Class A) and PONPX (PIMCO Income Fund Class I-2) are both mutual funds - PCRAX is a Commodities fund actively managed by PIMCO, while PONPX is a Multisector Bonds fund actively managed by PIMCO. Both are actively managed. Over the past 10 years, PCRAX returned 8.17%/yr vs 4.33%/yr for PONPX. Their 0.17 correlation means their historical movements had little consistent relationship. PCRAX charges 1.30%/yr vs 0.64%/yr for PONPX.

Performance

PCRAX vs. PONPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Commodity Real Return Strategy Fund Class A (PCRAX) 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, PCRAX achieves a 21.45% return, which is significantly higher than PONPX's 0.18% return. Over the past 10 years, PCRAX has outperformed PONPX with an annualized return of 8.17%, while PONPX has yielded a comparatively lower 4.33% annualized return.

PCRAX

• 1D: 0.00%
• 1M: 6.94%
• 6M: 11.68%
• YTD: 21.45%
• 1Y: 32.57%
• 3Y*: 13.77%
• 5Y*: 10.41%
• 10Y*: 8.17%
• ALL TIME*: 4.45%

PONPX

• 1D: 0.09%
• 1M: -1.20%
• 6M: -0.40%
• YTD: 0.18%
• 1Y: 4.50%
• 3Y*: 6.80%
• 5Y*: 3.13%
• 10Y*: 4.33%
• ALL TIME*: 7.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PCRAX PIMCO Commodity Real Return Strategy Fund Class A	$0.00	$0.00	$0.00
PONPX PIMCO Income Fund Class I-2	$0.00	$0.00	$0.00

PCRAX vs. PONPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCRAX PIMCO Commodity Real Return Strategy Fund Class A	21.45%	16.56%	10.08%	-6.38%	8.54%	32.65%	0.39%	11.77%	-14.24%	2.35%
PONPX PIMCO Income Fund Class I-2	0.18%	10.96%	5.33%	9.24%	-9.14%	2.51%	5.73%	7.99%	0.53%	8.52%

Correlation

The correlation between PCRAX and PONPX is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.23
Correlation (3Y) Balances recent behavior with more history.	0.03
Correlation (5Y) Shows whether the relationship held over a longer period.	0.13
Correlation (10Y) Provides a long-term view across more market conditions.	0.17
Correlation (All Time) Calculated using the full available price history since Jan 2, 2009	0.17

The correlation between PCRAX and PONPX shifts across timeframes, from -0.23 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PCRAX vs. PONPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PCRAX

PCRAX Risk / Return Rank: 64
PCRAX Sharpe Ratio Rank: 75
PCRAX Sortino Ratio Rank: 67
PCRAX Omega Ratio Rank: 70
PCRAX Calmar Ratio Rank: 59
PCRAX Martin Ratio Rank: 49

PONPX

PONPX Risk / Return Rank: 50
PONPX Sharpe Ratio Rank: 58
PONPX Sortino Ratio Rank: 59
PONPX Omega Ratio Rank: 59
PONPX Calmar Ratio Rank: 39
PONPX Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PCRAX vs. PONPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Commodity Real Return Strategy Fund Class A (PCRAX) 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.

	PCRAX	PONPX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.40	+0.39
Sortino ratio: Return per unit of downside risk	2.34	2.02	+0.31
Omega ratio: Gain probability vs. loss probability	1.31	1.26	+0.05
Calmar ratio: Return relative to maximum drawdown	2.09	1.56	+0.53
Martin ratio: Return relative to average drawdown	6.98	4.94	+2.04

PCRAX vs. PONPX - Sharpe Ratio Comparison

The current PCRAX Sharpe Ratio is 1.79, which is comparable to the PONPX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of PCRAX 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

PCRAX vs. PONPX - Drawdown Comparison

The maximum PCRAX drawdown since its inception was -82.98%, which is greater than PONPX's maximum drawdown of -13.41%. Use the drawdown chart below to compare losses from any high point for PCRAX and PONPX.

Drawdown Indicators

	PCRAX	PONPX	Difference
Max Drawdown Largest peak-to-trough decline	-82.98%	-13.41%	-69.57%
Max Drawdown (1Y) Largest decline over 1 year	-14.50%	-3.69%	-10.81%
Max Drawdown (3Y) Largest decline over 3 years	-14.50%	-3.69%	-10.81%
Max Drawdown (5Y) Largest decline over 5 years	-34.95%	-13.41%	-21.54%
Max Drawdown (10Y) Largest decline over 10 years	-39.45%	-13.41%	-26.04%
Current Drawdown Current decline from peak	-45.55%	-1.72%	-43.83%
Average Drawdown Average peak-to-trough decline	-48.85%	-1.44%	-47.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.36%	1.16%	+3.20%

Volatility

PCRAX vs. PONPX - Volatility Comparison

PIMCO Commodity Real Return Strategy Fund Class A (PCRAX) has a higher volatility of 4.52% compared to PIMCO Income Fund Class I-2 (PONPX) at 1.15%. This indicates that PCRAX's price experiences larger fluctuations and is considered to be riskier than PONPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCRAX	PONPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	1.15%	+3.37%
Volatility (6M) Calculated over the trailing 6-month period	14.04%	3.54%	+10.50%
Volatility (1Y) Calculated over the trailing 1-year period	16.97%	4.13%	+12.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.76%	4.88%	+14.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.19%	4.25%	+12.94%

PCRAX vs. PONPX - Expense Ratio Comparison

PCRAX has a 1.30% expense ratio, which is higher than PONPX's 0.64% expense ratio.

Dividends

PCRAX vs. PONPX - Dividend Comparison

PCRAX's dividend yield for the trailing twelve months is around 10.53%, more than PONPX's 5.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCRAX PIMCO Commodity Real Return Strategy Fund Class A	10.53%	5.72%	8.12%	6.65%	48.19%	23.28%	1.23%	3.70%	5.69%	7.90%	0.60%	5.07%
PONPX PIMCO Income Fund Class I-2	5.23%	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 PCRAX and PONPX in my portfolio?

PCRAX and PONPX have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCRAX or PONPX?

PCRAX has higher volatility (4.52%) compared to PONPX (1.15%). In terms of maximum drawdown, PCRAX dropped -82.98% vs PONPX's -13.41%.

Which has better risk-adjusted returns?

PCRAX currently has the higher Sharpe Ratio (1.79 vs 1.40), 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.