PFL vs. PCN
PFL (PIMCO Income Strategy Fund) and PCN (PIMCO Corporate & Income Strategy Fund) are both Multisector Bonds funds from PIMCO. Over the past 10 years, PFL returned 8.97%/yr vs 8.18%/yr for PCN. At 0.41, their price movements are largely independent.
Performance
PFL vs. PCN - Performance Comparison
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Returns By Period
In the year-to-date period, PFL achieves a -1.19% return, which is significantly higher than PCN's -2.84% return. Over the past 10 years, PFL has outperformed PCN with an annualized return of 8.97%, while PCN has yielded a comparatively lower 8.18% annualized return.
PFL
- 1D
- 0.00%
- 1M
- -0.37%
- YTD
- -1.19%
- 6M
- -0.20%
- 1Y
- 14.63%
- 3Y*
- 12.12%
- 5Y*
- 2.98%
- 10Y*
- 8.97%
PCN
- 1D
- -0.41%
- 1M
- -0.08%
- YTD
- -2.84%
- 6M
- -4.53%
- 1Y
- 7.69%
- 3Y*
- 8.67%
- 5Y*
- 2.05%
- 10Y*
- 8.18%
PFL vs. PCN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PFL PIMCO Income Strategy Fund | -1.19% | 13.03% | 11.51% | 17.29% | -17.92% | 4.62% | 7.11% | 19.65% | 2.06% | 21.26% |
PCN PIMCO Corporate & Income Strategy Fund | -2.84% | 5.55% | 19.52% | 16.22% | -22.88% | 6.93% | -2.19% | 39.10% | -5.94% | 26.20% |
Correlation
The correlation between PFL and PCN is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2003 | 0.41 |
The correlation between PFL and PCN shifts across timeframes, from 0.41 (all time) to 0.57 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PFL vs. PCN — Risk / Return Rank
PFL
PCN
PFL vs. PCN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Strategy Fund (PFL) and PIMCO Corporate & Income Strategy Fund (PCN). 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.
| PFL | PCN | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.78 | 0.95 | +0.84 |
Sortino ratioReturn per unit of downside risk | 2.57 | 1.39 | +1.18 |
Omega ratioGain probability vs. loss probability | 1.41 | 1.21 | +0.20 |
Calmar ratioReturn relative to maximum drawdown | 1.90 | 0.84 | +1.06 |
Martin ratioReturn relative to average drawdown | 8.42 | 3.01 | +5.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PFL | PCN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.78 | 0.95 | +0.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.12 | +0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.37 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.39 | -0.09 |
Drawdowns
PFL vs. PCN - Drawdown Comparison
The maximum PFL drawdown since its inception was -77.97%, which is greater than PCN's maximum drawdown of -61.12%. Use the drawdown chart below to compare losses from any high point for PFL and PCN.
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Drawdown Indicators
| PFL | PCN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.97% | -61.12% | -16.85% |
Max Drawdown (1Y)Largest decline over 1 year | -7.64% | -10.40% | +2.76% |
Max Drawdown (5Y)Largest decline over 5 years | -33.30% | -33.39% | +0.09% |
Max Drawdown (10Y)Largest decline over 10 years | -48.40% | -50.27% | +1.87% |
Current DrawdownCurrent decline from peak | -3.08% | -5.38% | +2.30% |
Average DrawdownAverage peak-to-trough decline | -11.05% | -7.21% | -3.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 2.91% | -1.18% |
Volatility
PFL vs. PCN - Volatility Comparison
PIMCO Income Strategy Fund (PFL) has a higher volatility of 6.50% compared to PIMCO Corporate & Income Strategy Fund (PCN) at 5.66%. This indicates that PFL's price experiences larger fluctuations and is considered to be riskier than PCN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFL | PCN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.50% | 5.66% | +0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 7.81% | 8.75% | -0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.37% | 10.93% | -0.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.93% | 16.54% | -2.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.35% | 21.97% | -3.62% |
Dividends
PFL vs. PCN - Dividend Comparison
PFL's dividend yield for the trailing twelve months is around 12.07%, more than PCN's 11.18% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFL PIMCO Income Strategy Fund | 11.07% | 11.59% | 11.66% | 11.57% | 12.04% | 9.53% | 9.44% | 9.11% | 9.94% | 9.25% | 10.22% | 11.09% |
PCN PIMCO Corporate & Income Strategy Fund | 10.25% | 10.58% | 10.06% | 10.88% | 12.66% | 7.89% | 7.83% | 7.37% | 9.60% | 7.85% | 11.98% | 10.22% |