PFN vs. AXSIX

Last updated Apr 1, 2026

Compare and contrast key facts about PIMCO Income Strategy Fund II (PFN) and Axonic Strategic Income Fund (AXSIX).

PFN is managed by PIMCO. It was launched on Oct 27, 2004. AXSIX is managed by Axonic. It was launched on Dec 29, 2019.

Performance

PFN vs. AXSIX - Performance Comparison

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

PFN vs. AXSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PFN PIMCO Income Strategy Fund II	-5.40%	13.07%	15.72%	15.43%	-17.65%	5.14%	4.07%
AXSIX Axonic Strategic Income Fund	0.69%	6.71%	8.30%	7.54%	-6.81%	5.91%	-0.16%

Returns By Period

In the year-to-date period, PFN achieves a -5.40% return, which is significantly lower than AXSIX's 0.69% return.

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%

AXSIX

• 1D: 0.11%
• 1M: -1.11%
• YTD: 0.69%
• 6M: 2.20%
• 1Y: 5.38%
• 3Y*: 7.06%
• 5Y*: 3.79%
• 10Y*: —

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

PFN vs. AXSIX - Expense Ratio Comparison

PFN has a 1.74% expense ratio, which is higher than AXSIX's 1.00% expense ratio.

PFN

PIMCO Income Strategy Fund II

AXSIX

Axonic Strategic Income Fund

Return for Risk

PFN vs. AXSIX — Risk / Return Rank

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

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

AXSIX

AXSIX Risk / Return Rank: 97
AXSIX Sharpe Ratio Rank: 96
AXSIX Sortino Ratio Rank: 98
AXSIX Omega Ratio Rank: 97
AXSIX Calmar Ratio Rank: 98
AXSIX Martin Ratio Rank: 98

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.

PFN vs. AXSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Strategy Fund II (PFN) and Axonic Strategic Income Fund (AXSIX). 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.

	PFN	AXSIX	Difference
Sharpe ratio Return per unit of total volatility	0.20	2.40	-2.20
Sortino ratio Return per unit of downside risk	0.34	5.06	-4.72
Omega ratio Gain probability vs. loss probability	1.06	1.64	-0.58
Calmar ratio Return relative to maximum drawdown	0.26	4.97	-4.71
Martin ratio Return relative to average drawdown	1.02	18.44	-17.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFN vs. AXSIX - Sharpe Ratio Comparison

The current PFN Sharpe Ratio is 0.20, which is lower than the AXSIX Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of PFN and AXSIX, 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

	PFN	AXSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	2.40	-2.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	1.78	-1.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.92	-0.64

Correlation

The correlation between PFN and AXSIX is 0.21, 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

PFN vs. AXSIX - Dividend Comparison

PFN's dividend yield for the trailing twelve months is around 12.51%, more than AXSIX's 6.06% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
AXSIX Axonic Strategic Income Fund	6.06%	6.39%	6.52%	6.24%	3.89%	6.70%	2.04%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PFN vs. AXSIX - Drawdown Comparison

The maximum PFN drawdown since its inception was -80.08%, which is greater than AXSIX's maximum drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for PFN and AXSIX.

Drawdown Indicators

	PFN	AXSIX	Difference
Max Drawdown Largest peak-to-trough decline	-80.08%	-12.55%	-67.53%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	-1.22%	-9.55%
Max Drawdown (5Y) Largest decline over 5 years	-33.45%	-6.87%	-26.58%
Max Drawdown (10Y) Largest decline over 10 years	-45.70%	—	—
Current Drawdown Current decline from peak	-6.42%	-1.11%	-5.31%
Average Drawdown Average peak-to-trough decline	-11.89%	-2.01%	-9.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	0.33%	+2.46%

Volatility

PFN vs. AXSIX - Volatility Comparison

PIMCO Income Strategy Fund II (PFN) has a higher volatility of 6.57% compared to Axonic Strategic Income Fund (AXSIX) at 0.50%. This indicates that PFN's price experiences larger fluctuations and is considered to be riskier than AXSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFN	AXSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	0.50%	+6.07%
Volatility (6M) Calculated over the trailing 6-month period	8.43%	1.57%	+6.86%
Volatility (1Y) Calculated over the trailing 1-year period	13.35%	2.51%	+10.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.75%	2.15%	+12.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.16%	3.73%	+14.43%