PFBPX vs. PIMIX

Last updated Jun 5, 2026

PFBPX (PIMCO International Bond Fund (U.S. Dollar-Hedged) Class I-2) and PIMIX (PIMCO Income Fund Institutional Class) are both mutual funds - PFBPX is a Global Bonds fund actively managed by PIMCO, while PIMIX is a Multisector Bonds fund actively managed by PIMCO. Both are actively managed. Over the past 10 years, PFBPX returned 2.76%/yr vs 4.67%/yr for PIMIX. At a 0.42 correlation, their price movements are largely independent. PFBPX charges 0.67%/yr vs 0.54%/yr for PIMIX.

Performance

PFBPX vs. PIMIX - 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 Income Fund Institutional Class (PIMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFBPX achieves a -0.22% return, which is significantly lower than PIMIX's 0.63% return. Over the past 10 years, PFBPX has underperformed PIMIX with an annualized return of 2.76%, while PIMIX has yielded a comparatively higher 4.67% annualized return.

PFBPX

• 1D: -0.31%
• 1M: 0.96%
• YTD: -0.22%
• 6M: 0.00%
• 1Y: 2.47%
• 3Y*: 5.16%
• 5Y*: 1.38%
• 10Y*: 2.76%

PIMIX

• 1D: -0.37%
• 1M: 0.45%
• YTD: 0.63%
• 6M: 1.13%
• 1Y: 7.49%
• 3Y*: 7.74%
• 5Y*: 3.42%
• 10Y*: 4.67%

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

PFBPX vs. PIMIX - 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	-0.22%	4.23%	5.60%	9.39%	-10.42%	-1.76%	6.05%	7.53%	2.53%	3.42%
PIMIX PIMCO Income Fund Institutional Class	0.63%	11.08%	5.45%	9.36%	-9.07%	2.62%	5.84%	8.10%	0.63%	8.63%

Correlation

The correlation between PFBPX and PIMIX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since May 1, 2008	0.42

Over the past year, PFBPX and PIMIX have become more correlated (0.75) than their long-term average of 0.42, meaning their price movements have been converging.

Return for Risk

PFBPX vs. PIMIX — Risk / Return Rank

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

PFBPX

PFBPX Risk / Return Rank: 8
PFBPX Sharpe Ratio Rank: 9
PFBPX Sortino Ratio Rank: 9
PFBPX Omega Ratio Rank: 9
PFBPX Calmar Ratio Rank: 7
PFBPX Martin Ratio Rank: 7

PIMIX

PIMIX Risk / Return Rank: 41
PIMIX Sharpe Ratio Rank: 43
PIMIX Sortino Ratio Rank: 47
PIMIX Omega Ratio Rank: 46
PIMIX Calmar Ratio Rank: 34
PIMIX Martin Ratio Rank: 34

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. PIMIX - 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 Income Fund Institutional Class (PIMIX). 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.

	PFBPX	PIMIX	Difference
Sharpe ratio: Return per unit of total volatility	0.66	1.93	-1.27
Sortino ratio: Return per unit of downside risk	0.99	2.90	-1.91
Omega ratio: Gain probability vs. loss probability	1.13	1.37	-0.24
Calmar ratio: Return relative to maximum drawdown	0.62	2.18	-1.56
Martin ratio: Return relative to average drawdown	1.90	7.56	-5.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFBPX vs. PIMIX - Sharpe Ratio Comparison

The current PFBPX Sharpe Ratio is 0.66, which is lower than the PIMIX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of PFBPX and PIMIX, 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

	PFBPX	PIMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	1.93	-1.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.71	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	1.10	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	1.56	-0.46

Drawdowns

PFBPX vs. PIMIX - Drawdown Comparison

The maximum PFBPX drawdown since its inception was -16.52%, which is greater than PIMIX's maximum drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for PFBPX and PIMIX.

Drawdown Indicators

	PFBPX	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-16.52%	-13.39%	-3.13%
Max Drawdown (1Y) Largest decline over 1 year	-3.99%	-3.69%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-3.99%	-3.84%	-0.15%
Max Drawdown (5Y) Largest decline over 5 years	-13.80%	-13.34%	-0.46%
Max Drawdown (10Y) Largest decline over 10 years	-14.00%	-13.39%	-0.61%
Current Drawdown Current decline from peak	-1.70%	-1.30%	-0.40%
Average Drawdown Average peak-to-trough decline	-2.31%	-1.69%	-0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	1.06%	+0.25%

Volatility

PFBPX vs. PIMIX - Volatility Comparison

The current volatility for PIMCO International Bond Fund (U.S. Dollar-Hedged) Class I-2 (PFBPX) is 1.48%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.68%. This indicates that PFBPX experiences smaller price fluctuations and is considered to be less risky than PIMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFBPX	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	1.68%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	3.37%	3.29%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	3.78%	4.17%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.61%	4.84%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.15%	4.25%	-1.10%

PFBPX vs. PIMIX - Expense Ratio Comparison

PFBPX has a 0.67% expense ratio, which is higher than PIMIX's 0.54% expense ratio.

Dividends

PFBPX vs. PIMIX - Dividend Comparison

PFBPX's dividend yield for the trailing twelve months is around 4.02%, less than PIMIX's 5.85% 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	4.02%	4.13%	4.82%	2.91%	3.55%	1.45%	2.35%	6.76%	2.80%	1.36%	1.28%	9.01%
PIMIX PIMCO Income Fund Institutional Class	5.85%	6.01%	6.27%	6.21%	4.98%	4.02%	4.88%	5.83%	5.66%	5.37%	5.52%	7.88%

Frequently Asked Questions

Can I hold both PFBPX and PIMIX in my portfolio?

PFBPX and PIMIX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFBPX or PIMIX?

PIMIX has higher volatility (1.68%) compared to PFBPX (1.48%). In terms of maximum drawdown, PFBPX dropped -16.52% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

PIMIX currently has the higher Sharpe Ratio (1.93 vs 0.66), 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.