PFBPX vs. PFORX

Last updated Jun 24, 2026

PFBPX (PIMCO International Bond Fund (U.S. Dollar-Hedged) Class I-2) and PFORX (PIMCO International Bond Fund (U.S. Dollar-Hedged)) are both Global Bonds funds from PIMCO. Over the past 10 years, PFBPX returned 2.75%/yr vs 2.86%/yr for PFORX. With a 1.00 correlation, they move nearly in lockstep. PFBPX charges 0.67%/yr vs 0.50%/yr for PFORX.

Performance

PFBPX vs. PFORX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO International Bond Fund (U.S. Dollar-Hedged) Class I-2 (PFBPX) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFBPX achieves a 0.39% return, which is significantly lower than PFORX's 0.43% return. Both investments have delivered pretty close results over the past 10 years, with PFBPX having a 2.75% annualized return and PFORX not far ahead at 2.86%.

PFBPX

• 1D: -0.10%
• 1M: 1.37%
• YTD: 0.39%
• 6M: 0.82%
• 1Y: 2.89%
• 3Y*: 5.38%
• 5Y*: 1.54%
• 10Y*: 2.75%

PFORX

• 1D: -0.10%
• 1M: 1.38%
• YTD: 0.43%
• 6M: 0.87%
• 1Y: 3.00%
• 3Y*: 5.49%
• 5Y*: 1.65%
• 10Y*: 2.86%

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

PFBPX vs. PFORX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFBPX PIMCO International Bond Fund (U.S. Dollar-Hedged) Class I-2	0.39%	4.23%	5.60%	9.39%	-10.42%	-1.76%	6.05%	7.53%	2.53%	3.42%
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.43%	4.33%	5.70%	9.52%	-10.33%	-1.67%	6.17%	7.64%	2.64%	3.52%

Correlation

The correlation between PFBPX and PFORX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Apr 30, 2008	1.00

The correlation between PFBPX and PFORX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

PFBPX vs. PFORX — Risk / Return Rank

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

PFBPX

PFBPX Risk / Return Rank: 10
PFBPX Sharpe Ratio Rank: 11
PFBPX Sortino Ratio Rank: 11
PFBPX Omega Ratio Rank: 11
PFBPX Calmar Ratio Rank: 8
PFBPX Martin Ratio Rank: 9

PFORX

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

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.

PFBPX vs. PFORX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO International Bond Fund (U.S. Dollar-Hedged) Class I-2 (PFBPX) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX). 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.

	PFBPX	PFORX	Difference
Sharpe ratio: Return per unit of total volatility	0.79	0.82	-0.03
Sortino ratio: Return per unit of downside risk	1.19	1.23	-0.04
Omega ratio: Gain probability vs. loss probability	1.16	1.16	-0.01
Calmar ratio: Return relative to maximum drawdown	0.76	0.78	-0.03
Martin ratio: Return relative to average drawdown	2.23	2.32	-0.09

PFBPX vs. PFORX - Sharpe Ratio Comparison

The current PFBPX Sharpe Ratio is 0.79, which is comparable to the PFORX Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of PFBPX and PFORX, 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

PFBPX vs. PFORX - Drawdown Comparison

The maximum PFBPX drawdown since its inception was -16.52%, which is greater than PFORX's maximum drawdown of -13.87%. Use the drawdown chart below to compare losses from any high point for PFBPX and PFORX.

Drawdown Indicators

	PFBPX	PFORX	Difference
Max Drawdown Largest peak-to-trough decline	-16.52%	-13.87%	-2.65%
Max Drawdown (1Y) Largest decline over 1 year	-3.99%	-3.99%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-3.99%	-3.99%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-13.80%	-13.71%	-0.09%
Max Drawdown (10Y) Largest decline over 10 years	-14.00%	-13.87%	-0.13%
Current Drawdown Current decline from peak	-1.09%	-1.07%	-0.02%
Average Drawdown Average peak-to-trough decline	-2.31%	-1.95%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	1.34%	+0.01%

Volatility

PFBPX vs. PFORX - Volatility Comparison

PIMCO International Bond Fund (U.S. Dollar-Hedged) Class I-2 (PFBPX) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX) have volatilities of 1.07% and 1.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFBPX	PFORX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	1.07%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	3.39%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.83%	3.84%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.62%	3.63%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.16%	3.16%	0.00%

PFBPX vs. PFORX - Expense Ratio Comparison

PFBPX has a 0.67% expense ratio, which is higher than PFORX's 0.50% expense ratio.

Dividends

PFBPX vs. PFORX - Dividend Comparison

PFBPX's dividend yield for the trailing twelve months is around 3.99%, less than PFORX's 4.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFBPX PIMCO International Bond Fund (U.S. Dollar-Hedged) Class I-2	3.99%	4.13%	4.82%	2.91%	3.55%	1.45%	2.35%	6.76%	2.80%	1.36%	1.28%	9.01%
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged)	4.09%	4.23%	4.91%	3.02%	3.65%	1.55%	2.46%	6.86%	2.90%	1.46%	1.38%	9.12%

Frequently Asked Questions

Can I hold both PFBPX and PFORX in my portfolio?

With a correlation of 1.00, PFBPX and PFORX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PFBPX or PFORX?

PFORX has higher volatility (1.07%) compared to PFBPX (1.07%). In terms of maximum drawdown, PFBPX dropped -16.52% vs PFORX's -13.87%.

Which has better risk-adjusted returns?

PFORX currently has the higher Sharpe Ratio (0.82 vs 0.79), 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.