PFLEX vs. PFN

Last updated Apr 1, 2026

Compare and contrast key facts about PIMCO Flexible Credit Income Fund (PFLEX) and PIMCO Income Strategy Fund II (PFN).

PFLEX is managed by PIMCO. It was launched on Feb 21, 2017. PFN is managed by PIMCO. It was launched on Oct 27, 2004.

Performance

PFLEX vs. PFN - Performance Comparison

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

PFLEX vs. PFN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFLEX PIMCO Flexible Credit Income Fund	-3.66%	7.28%	15.26%	10.05%	-14.68%	11.87%	4.29%	10.63%	2.86%	4.70%
PFN PIMCO Income Strategy Fund II	-5.40%	13.07%	15.72%	15.43%	-17.65%	5.14%	3.97%	21.84%	0.94%	12.68%

Returns By Period

In the year-to-date period, PFLEX achieves a -3.66% return, which is significantly higher than PFN's -5.40% return.

PFLEX

• 1D: 0.00%
• 1M: -2.56%
• YTD: -3.66%
• 6M: -4.14%
• 1Y: 0.58%
• 3Y*: 8.76%
• 5Y*: 3.83%
• 10Y*: —

PFN

• 1D: 3.77%
• 1M: -3.87%
• YTD: -5.40%
• 6M: -3.80%
• 1Y: 2.70%
• 3Y*: 11.05%
• 5Y*: 3.04%
• 10Y*: 8.36%

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

PFLEX vs. PFN - Expense Ratio Comparison

PFLEX has a 2.10% expense ratio, which is higher than PFN's 1.74% expense ratio.

PFLEX

PIMCO Flexible Credit Income Fund

PFN

PIMCO Income Strategy Fund II

Return for Risk

PFLEX vs. PFN — Risk / Return Rank

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

PFLEX

PFLEX Risk / Return Rank: 18
PFLEX Sharpe Ratio Rank: 13
PFLEX Sortino Ratio Rank: 11
PFLEX Omega Ratio Rank: 13
PFLEX Calmar Ratio Rank: 26
PFLEX Martin Ratio Rank: 26

PFN

PFN Risk / Return Rank: 11
PFN Sharpe Ratio Rank: 10
PFN Sortino Ratio Rank: 9
PFN Omega Ratio Rank: 10
PFN Calmar Ratio Rank: 11
PFN Martin Ratio Rank: 12

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. PFN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Flexible Credit Income Fund (PFLEX) and PIMCO Income Strategy Fund II (PFN). 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	PFN	Difference
Sharpe ratio Return per unit of total volatility	0.32	0.20	+0.12
Sortino ratio Return per unit of downside risk	0.48	0.34	+0.14
Omega ratio Gain probability vs. loss probability	1.08	1.06	+0.02
Calmar ratio Return relative to maximum drawdown	0.75	0.26	+0.49
Martin ratio Return relative to average drawdown	2.82	1.02	+1.80
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. PFN - Sharpe Ratio Comparison

The current PFLEX Sharpe Ratio is 0.32, which is higher than the PFN Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of PFLEX and PFN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PFLEX	PFN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	0.20	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.21	+0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.28	+0.59

Correlation

The correlation between PFLEX and PFN is 0.28, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PFLEX vs. PFN - Dividend Comparison

PFLEX's dividend yield for the trailing twelve months is around 4.30%, less than PFN's 12.51% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFLEX PIMCO Flexible Credit Income Fund	4.30%	6.59%	10.51%	12.77%	14.50%	9.06%	8.51%	9.86%	10.59%	0.00%	0.00%	0.00%
PFN PIMCO Income Strategy Fund II	12.51%	11.49%	11.57%	11.92%	12.19%	9.71%	9.67%	9.07%	10.81%	9.20%	10.12%	11.74%

Drawdowns

PFLEX vs. PFN - Drawdown Comparison

The maximum PFLEX drawdown since its inception was -24.60%, smaller than the maximum PFN drawdown of -80.08%. Use the drawdown chart below to compare losses from any high point for PFLEX and PFN.

Drawdown Indicators

	PFLEX	PFN	Difference
Max Drawdown Largest peak-to-trough decline	-24.60%	-80.08%	+55.48%
Max Drawdown (1Y) Largest decline over 1 year	-4.28%	-10.77%	+6.49%
Max Drawdown (5Y) Largest decline over 5 years	-18.06%	-33.45%	+15.39%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.70%	—
Current Drawdown Current decline from peak	-4.28%	-6.42%	+2.14%
Average Drawdown Average peak-to-trough decline	-4.02%	-11.89%	+7.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	2.79%	-1.65%

Volatility

PFLEX vs. PFN - Volatility Comparison

The current volatility for PIMCO Flexible Credit Income Fund (PFLEX) is 1.04%, while PIMCO Income Strategy Fund II (PFN) has a volatility of 6.57%. This indicates that PFLEX experiences smaller price fluctuations and is considered to be less risky than PFN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFLEX	PFN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	6.57%	-5.53%
Volatility (6M) Calculated over the trailing 6-month period	2.23%	8.43%	-6.20%
Volatility (1Y) Calculated over the trailing 1-year period	4.17%	13.35%	-9.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.26%	14.75%	-9.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	18.16%	-12.27%