PFLEX vs. ADVNX

Last updated Jun 4, 2026

PFLEX (PIMCO Flexible Credit Income Fund) and ADVNX (North Square Strategic Income Fund) are both Multisector Bonds funds. Over the past 5 years, PFLEX returned 3.77%/yr vs 4.05%/yr for ADVNX. At a 0.43 correlation, their price movements are largely independent. PFLEX charges 2.10%/yr vs 0.90%/yr for ADVNX.

Performance

PFLEX vs. ADVNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Flexible Credit Income Fund (PFLEX) and North Square Strategic Income Fund (ADVNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFLEX achieves a -0.90% return, which is significantly lower than ADVNX's 1.65% return.

PFLEX

• 1D: 0.15%
• 1M: 1.30%
• YTD: -0.90%
• 6M: -1.13%
• 1Y: 2.88%
• 3Y*: 8.88%
• 5Y*: 3.77%
• 10Y*: —

ADVNX

• 1D: 0.10%
• 1M: 0.64%
• YTD: 1.65%
• 6M: 1.81%
• 1Y: 7.33%
• 3Y*: 9.35%
• 5Y*: 4.05%
• 10Y*: 4.89%

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

PFLEX vs. ADVNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFLEX PIMCO Flexible Credit Income Fund	-0.90%	7.28%	14.00%	10.05%	-14.68%	11.87%	4.29%	10.63%	2.86%	4.70%
ADVNX North Square Strategic Income Fund	1.65%	11.20%	9.71%	5.07%	-8.43%	5.32%	11.67%	11.04%	-1.98%	3.41%

Correlation

The correlation between PFLEX and ADVNX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Feb 24, 2017	0.43

The correlation between PFLEX and ADVNX has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.

Return for Risk

PFLEX vs. ADVNX — Risk / Return Rank

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

PFLEX

PFLEX Risk / Return Rank: 11
PFLEX Sharpe Ratio Rank: 12
PFLEX Sortino Ratio Rank: 14
PFLEX Omega Ratio Rank: 16
PFLEX Calmar Ratio Rank: 8
PFLEX Martin Ratio Rank: 7

ADVNX

ADVNX Risk / Return Rank: 47
ADVNX Sharpe Ratio Rank: 45
ADVNX Sortino Ratio Rank: 48
ADVNX Omega Ratio Rank: 47
ADVNX Calmar Ratio Rank: 56
ADVNX Martin Ratio Rank: 38

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.

PFLEX vs. ADVNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Flexible Credit Income Fund (PFLEX) and North Square Strategic Income Fund (ADVNX). 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.

	PFLEX	ADVNX	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.97	-1.06
Sortino ratio: Return per unit of downside risk	1.54	2.93	-1.40
Omega ratio: Gain probability vs. loss probability	1.21	1.37	-0.16
Calmar ratio: Return relative to maximum drawdown	0.85	2.86	-2.02
Martin ratio: Return relative to average drawdown	2.24	8.33	-6.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFLEX vs. ADVNX - Sharpe Ratio Comparison

The current PFLEX Sharpe Ratio is 0.91, which is lower than the ADVNX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of PFLEX and ADVNX, 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

	PFLEX	ADVNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	1.97	-1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.96	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	1.28	-0.39

Drawdowns

PFLEX vs. ADVNX - Drawdown Comparison

The maximum PFLEX drawdown since its inception was -24.60%, which is greater than ADVNX's maximum drawdown of -11.86%. Use the drawdown chart below to compare losses from any high point for PFLEX and ADVNX.

Drawdown Indicators

	PFLEX	ADVNX	Difference
Max Drawdown Largest peak-to-trough decline	-24.60%	-11.86%	-12.74%
Max Drawdown (1Y) Largest decline over 1 year	-4.28%	-2.57%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-4.28%	-5.22%	+0.94%
Max Drawdown (5Y) Largest decline over 5 years	-18.06%	-11.86%	-6.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-11.86%	—
Current Drawdown Current decline from peak	-1.54%	-1.10%	-0.44%
Average Drawdown Average peak-to-trough decline	-4.01%	-1.92%	-2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	0.88%	+0.69%

Volatility

PFLEX vs. ADVNX - Volatility Comparison

PIMCO Flexible Credit Income Fund (PFLEX) has a higher volatility of 1.84% compared to North Square Strategic Income Fund (ADVNX) at 1.22%. This indicates that PFLEX's price experiences larger fluctuations and is considered to be riskier than ADVNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFLEX	ADVNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.84%	1.22%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	2.96%	2.56%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	4.01%	3.75%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.28%	4.24%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	3.76%	+2.13%

PFLEX vs. ADVNX - Expense Ratio Comparison

PFLEX has a 2.10% expense ratio, which is higher than ADVNX's 0.90% expense ratio.

Dividends

PFLEX vs. ADVNX - Dividend Comparison

PFLEX's dividend yield for the trailing twelve months is around 5.95%, more than ADVNX's 4.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADVNX North Square Strategic Income Fund	4.84%	4.73%	4.02%	4.38%	2.80%	5.23%	6.80%	3.33%	3.92%	4.09%	4.19%	6.30%
PFLEX PIMCO Flexible Credit Income Fund	5.95%	6.59%	9.41%	12.77%	14.50%	9.06%	8.51%	9.86%	10.59%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFLEX and ADVNX in my portfolio?

PFLEX and ADVNX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFLEX or ADVNX?

PFLEX has higher volatility (1.84%) compared to ADVNX (1.22%). In terms of maximum drawdown, PFLEX dropped -24.60% vs ADVNX's -11.86%.

Which has better risk-adjusted returns?

ADVNX currently has the higher Sharpe Ratio (1.97 vs 0.91), 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.