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 8.77%/yr vs 5.71%/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 -1.04% return, which is significantly higher than BXSL's -8.86% return.
PFLEX
- 1D
- 0.00%
- 1M
- 1.60%
- YTD
- -1.04%
- 6M
- -1.27%
- 1Y
- 2.87%
- 3Y*
- 8.77%
- 5Y*
- 3.70%
- 10Y*
- —
BXSL
- 1D
- -1.65%
- 1M
- -0.47%
- YTD
- -8.86%
- 6M
- -8.91%
- 1Y
- -16.53%
- 3Y*
- 5.71%
- 5Y*
- —
- 10Y*
- —
PFLEX vs. BXSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFLEX PIMCO Flexible Credit Income Fund | -1.04% | 7.28% | 14.00% | 10.05% | -14.68% | 1.92% |
BXSL Blackstone Secured Lending Fund | -8.86% | -9.36% | 29.02% | 37.82% | -26.03% | 32.04% |
Correlation
The correlation between PFLEX and BXSL is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
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 | +1.70 | ||
| Sortino ratioReturn per unit of downside risk | +2.58 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.88 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | -0.71 | +1.54 |
| Martin ratioReturn relative to average drawdown | 2.15 | -1.04 | +3.19 |
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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 | -1.68% | -22.64% | +20.96% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -14.18% | +10.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.57% | 15.99% | -14.42% |
Volatility
PFLEX vs. BXSL - Volatility Comparison
The current volatility for PIMCO Flexible Credit Income Fund (PFLEX) is 1.51%, while Blackstone Secured Lending Fund (BXSL) has a volatility of 5.32%. 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 | 1.51% | 5.32% | -3.81% |
Volatility (6M)Calculated over the trailing 6-month period | 3.12% | 16.51% | -13.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.09% | 20.26% | -16.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.30% | 23.82% | -18.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.89% | 23.82% | -17.93% |
Dividends
PFLEX vs. BXSL - Dividend Comparison
PFLEX's dividend yield for the trailing twelve months is around 5.96%, less than BXSL's 13.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BXSL Blackstone Secured Lending Fund | 13.26% | 11.70% | 9.53% | 10.64% | 13.02% | 1.56% | 0.00% | 0.00% | 0.00% |
PFLEX PIMCO Flexible Credit Income Fund | 5.96% | 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 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BXSL has higher volatility (5.32%) compared to PFLEX (1.51%). In terms of maximum drawdown, PFLEX dropped -24.60% vs BXSL's -36.80%.
PFLEX currently has the higher Sharpe Ratio (0.88 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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