PFLEX vs. BXSL
PFLEX (PIMCO Flexible Credit Income Fund) is Multisector Bonds fund managed by PIMCO, while BXSL (Blackstone Secured Lending Fund) is a stock. Over the past 3 years, PFLEX returned 9.40%/yr vs 5.34%/yr for BXSL. At a 0.14 correlation, their price movements are largely independent.
Performance
PFLEX vs. BXSL - Performance Comparison
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Returns By Period
In the year-to-date period, PFLEX achieves a 0.06% return, which is significantly higher than BXSL's -5.31% return.
PFLEX
- 1D
- -0.15%
- 1M
- 0.83%
- 6M
- -0.22%
- YTD
- 0.06%
- 1Y
- 2.63%
- 3Y*
- 9.40%
- 5Y*
- 3.44%
- 10Y*
- —
BXSL
- 1D
- -0.30%
- 1M
- 1.15%
- 6M
- -4.37%
- YTD
- -5.31%
- 1Y
- -16.67%
- 3Y*
- 5.34%
- 5Y*
- —
- 10Y*
- —
PFLEX vs. BXSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFLEX PIMCO Flexible Credit Income Fund | 0.06% | 7.28% | 14.00% | 10.05% | -14.68% | 1.92% |
BXSL Blackstone Secured Lending Fund | -5.31% | -9.36% | 29.02% | 37.82% | -26.03% | 32.04% |
Correlation
The correlation between PFLEX and BXSL is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2021 | 0.14 |
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Return for Risk
PFLEX vs. BXSL — Risk / Return Rank
PFLEX
BXSL
PFLEX vs. BXSL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Flexible Credit Income Fund (PFLEX) and Blackstone Secured Lending Fund (BXSL). 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.
| PFLEX | BXSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.88 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.76 | -0.71 | +1.47 |
| Martin ratioReturn relative to average drawdown | 1.92 | -1.01 | +2.93 |
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Drawdowns
PFLEX vs. BXSL - Drawdown Comparison
The maximum PFLEX drawdown since its inception was -24.60%, smaller than the maximum BXSL drawdown of -36.80%. Use the drawdown chart below to compare losses from any high point for PFLEX and BXSL.
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Drawdown Indicators
| PFLEX | BXSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.60% | -36.80% | +12.20% |
Max Drawdown (1Y)Largest decline over 1 year | -4.28% | -23.47% | +19.19% |
Max Drawdown (3Y)Largest decline over 3 years | -4.28% | -24.21% | +19.93% |
Max Drawdown (5Y)Largest decline over 5 years | -18.06% | — | — |
Current DrawdownCurrent decline from peak | -0.58% | -19.62% | +19.04% |
Average DrawdownAverage peak-to-trough decline | -3.97% | -14.25% | +10.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.52% | 16.60% | -15.08% |
Volatility
PFLEX vs. BXSL - Volatility Comparison
The current volatility for PIMCO Flexible Credit Income Fund (PFLEX) is 1.45%, while Blackstone Secured Lending Fund (BXSL) has a volatility of 5.13%. This indicates that PFLEX experiences smaller price fluctuations and is considered to be less risky than BXSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFLEX | BXSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 5.13% | -3.68% |
Volatility (6M)Calculated over the trailing 6-month period | 3.31% | 16.13% | -12.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.09% | 20.56% | -16.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.25% | 23.77% | -18.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.88% | 23.77% | -17.89% |
Dividends
PFLEX vs. BXSL - Dividend Comparison
PFLEX's dividend yield for the trailing twelve months is around 5.94%, less than BXSL's 13.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BXSL Blackstone Secured Lending Fund | 13.18% | 11.70% | 9.53% | 10.64% | 13.02% | 1.56% | 0.00% | 0.00% | 0.00% |
PFLEX PIMCO Flexible Credit Income Fund | 5.94% | 6.59% | 9.41% | 12.77% | 14.50% | 9.06% | 8.51% | 9.86% | 10.59% |
Frequently Asked Questions
PFLEX and BXSL have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BXSL has higher volatility (5.13%) compared to PFLEX (1.45%). In terms of maximum drawdown, PFLEX dropped -24.60% vs BXSL's -36.80%.
PFLEX currently has the higher Sharpe Ratio (0.79 vs -0.82), 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.
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