PFN vs. JLS

Last updated Jun 4, 2026

PFN (PIMCO Income Strategy Fund II) and JLS (Nuveen Mortgage and Income Fund) are both mutual funds - PFN is a Multisector Bonds fund managed by PIMCO, while JLS is a Mortgage Backed Securities fund managed by Nuveen. Over the past 10 years, PFN returned 7.89%/yr vs 5.72%/yr for JLS. At a 0.23 correlation, their price movements are largely independent. PFN charges 1.74%/yr vs 0.04%/yr for JLS.

Performance

PFN vs. JLS - Performance Comparison

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

Returns By Period

In the year-to-date period, PFN achieves a -4.15% return, which is significantly lower than JLS's 2.31% return. Over the past 10 years, PFN has outperformed JLS with an annualized return of 7.89%, while JLS has yielded a comparatively lower 5.72% annualized return.

PFN

• 1D: -1.16%
• 1M: -3.36%
• YTD: -4.15%
• 6M: -2.44%
• 1Y: 5.30%
• 3Y*: 10.63%
• 5Y*: 1.97%
• 10Y*: 7.89%

JLS

• 1D: -1.22%
• 1M: -0.56%
• YTD: 2.31%
• 6M: 1.11%
• 1Y: 8.45%
• 3Y*: 14.97%
• 5Y*: 5.35%
• 10Y*: 5.72%

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

PFN vs. JLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFN PIMCO Income Strategy Fund II	-4.15%	13.07%	15.72%	15.43%	-17.65%	5.14%	3.97%	21.84%	0.94%	20.58%
JLS Nuveen Mortgage and Income Fund	2.31%	11.60%	17.86%	14.88%	-17.88%	11.02%	-5.38%	4.26%	-1.02%	17.03%

Correlation

The correlation between PFN and JLS is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Nov 30, 2009	0.23

The correlation between PFN and JLS shifts across timeframes, from 0.12 (1 year) to 0.25 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PFN vs. JLS — Risk / Return Rank

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

PFN

PFN Risk / Return Rank: 6
PFN Sharpe Ratio Rank: 6
PFN Sortino Ratio Rank: 6
PFN Omega Ratio Rank: 7
PFN Calmar Ratio Rank: 5
PFN Martin Ratio Rank: 7

JLS

JLS Risk / Return Rank: 17
JLS Sharpe Ratio Rank: 13
JLS Sortino Ratio Rank: 14
JLS Omega Ratio Rank: 15
JLS Calmar Ratio Rank: 19
JLS Martin Ratio Rank: 24

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. JLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Strategy Fund II (PFN) and Nuveen Mortgage and Income Fund (JLS). 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	JLS	Difference
Sharpe ratio: Return per unit of total volatility	0.53	1.00	-0.47
Sortino ratio: Return per unit of downside risk	0.82	1.50	-0.68
Omega ratio: Gain probability vs. loss probability	1.11	1.20	-0.09
Calmar ratio: Return relative to maximum drawdown	0.49	1.59	-1.10
Martin ratio: Return relative to average drawdown	1.95	5.99	-4.04
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. JLS - Sharpe Ratio Comparison

The current PFN Sharpe Ratio is 0.53, which is lower than the JLS Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of PFN and JLS, 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

	PFN	JLS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.53	1.00	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.51	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.46	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.53	-0.25

Drawdowns

PFN vs. JLS - Drawdown Comparison

The maximum PFN drawdown since its inception was -80.08%, which is greater than JLS's maximum drawdown of -35.18%. Use the drawdown chart below to compare losses from any high point for PFN and JLS.

Drawdown Indicators

	PFN	JLS	Difference
Max Drawdown Largest peak-to-trough decline	-80.08%	-35.18%	-44.90%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	-5.32%	-5.45%
Max Drawdown (3Y) Largest decline over 3 years	-14.31%	-9.28%	-5.03%
Max Drawdown (5Y) Largest decline over 5 years	-33.45%	-23.53%	-9.92%
Max Drawdown (10Y) Largest decline over 10 years	-45.70%	-35.18%	-10.52%
Current Drawdown Current decline from peak	-5.19%	-3.51%	-1.68%
Average Drawdown Average peak-to-trough decline	-11.83%	-5.82%	-6.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	1.41%	+1.31%

Volatility

PFN vs. JLS - Volatility Comparison

PIMCO Income Strategy Fund II (PFN) and Nuveen Mortgage and Income Fund (JLS) have volatilities of 3.39% and 3.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFN	JLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	3.47%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	8.89%	7.22%	+1.67%
Volatility (1Y) Calculated over the trailing 1-year period	10.05%	8.48%	+1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.66%	10.58%	+4.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.19%	12.41%	+5.78%

PFN vs. JLS - Expense Ratio Comparison

PFN has a 1.74% expense ratio, which is higher than JLS's 0.04% expense ratio.

Dividends

PFN vs. JLS - Dividend Comparison

PFN's dividend yield for the trailing twelve months is around 12.60%, more than JLS's 10.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JLS Nuveen Mortgage and Income Fund	10.32%	10.13%	9.91%	9.29%	6.56%	4.61%	4.94%	6.20%	9.31%	13.44%	7.11%	6.68%
PFN PIMCO Income Strategy Fund II	12.60%	11.49%	11.57%	11.92%	12.19%	9.71%	9.67%	9.07%	10.81%	9.20%	10.12%	11.74%

Frequently Asked Questions

Can I hold both PFN and JLS in my portfolio?

PFN and JLS have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFN or JLS?

JLS has higher volatility (3.47%) compared to PFN (3.39%). In terms of maximum drawdown, PFN dropped -80.08% vs JLS's -35.18%.

Which has better risk-adjusted returns?

JLS currently has the higher Sharpe Ratio (1.00 vs 0.53), 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.