PFN vs. PAIPX

Last updated Jun 23, 2026

PFN (PIMCO Income Strategy Fund II) and PAIPX (PIMCO Short Asset Investment Fund) are both mutual funds - PFN is a Multisector Bonds fund managed by PIMCO, while PAIPX is a Ultrashort Bond fund managed by PIMCO. Over the past 10 years, PFN returned 7.84%/yr vs 2.52%/yr for PAIPX. At a 0.08 correlation, their price movements are largely independent. PFN charges 1.74%/yr vs 0.45%/yr for PAIPX.

Performance

PFN vs. PAIPX - Performance Comparison

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

Returns By Period

In the year-to-date period, PFN achieves a -3.98% return, which is significantly lower than PAIPX's 1.80% return. Over the past 10 years, PFN has outperformed PAIPX with an annualized return of 7.84%, while PAIPX has yielded a comparatively lower 2.52% annualized return.

PFN

• 1D: -0.44%
• 1M: 0.03%
• YTD: -3.98%
• 6M: -1.21%
• 1Y: 4.74%
• 3Y*: 10.28%
• 5Y*: 1.75%
• 10Y*: 7.84%

PAIPX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.80%
• 6M: 2.15%
• 1Y: 4.65%
• 3Y*: 5.13%
• 5Y*: 3.36%
• 10Y*: 2.52%

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

PFN vs. PAIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFN PIMCO Income Strategy Fund II	-3.98%	13.07%	15.72%	15.43%	-17.65%	5.14%	3.97%	21.84%	0.94%	20.58%
PAIPX PIMCO Short Asset Investment Fund	1.80%	4.83%	5.93%	4.55%	-0.00%	-0.19%	1.12%	2.56%	1.90%	1.82%

Correlation

The correlation between PFN and PAIPX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jun 1, 2012	0.08

Return for Risk

PFN vs. PAIPX — 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: 6
PFN Calmar Ratio Rank: 6
PFN Martin Ratio Rank: 7

PAIPX

PAIPX Risk / Return Rank: 100
PAIPX Sharpe Ratio Rank: 99
PAIPX Sortino Ratio Rank: 100
PAIPX Omega Ratio Rank: 100
PAIPX Calmar Ratio Rank: 100
PAIPX Martin Ratio Rank: 100

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. PAIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Strategy Fund II (PFN) and PIMCO Short Asset Investment Fund (PAIPX). 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.

	PFN	PAIPX	Difference
Sharpe ratio: Return per unit of total volatility	0.47	3.93	-3.46
Sortino ratio: Return per unit of downside risk	0.74	26.36	-25.62
Omega ratio: Gain probability vs. loss probability	1.09	16.16	-15.06
Calmar ratio: Return relative to maximum drawdown	0.44	46.81	-46.36
Martin ratio: Return relative to average drawdown	1.63	185.02	-183.40

PFN vs. PAIPX - Sharpe Ratio Comparison

The current PFN Sharpe Ratio is 0.47, which is lower than the PAIPX Sharpe Ratio of 3.93. The chart below compares the historical Sharpe Ratios of PFN and PAIPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PFN vs. PAIPX - Drawdown Comparison

The maximum PFN drawdown since its inception was -80.08%, which is greater than PAIPX's maximum drawdown of -3.49%. Use the drawdown chart below to compare losses from any high point for PFN and PAIPX.

Drawdown Indicators

	PFN	PAIPX	Difference
Max Drawdown Largest peak-to-trough decline	-80.08%	-3.49%	-76.59%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	-0.10%	-10.67%
Max Drawdown (3Y) Largest decline over 3 years	-14.31%	-1.20%	-13.11%
Max Drawdown (5Y) Largest decline over 5 years	-33.45%	-1.64%	-31.81%
Max Drawdown (10Y) Largest decline over 10 years	-45.70%	-3.49%	-42.21%
Current Drawdown Current decline from peak	-5.02%	0.00%	-5.02%
Average Drawdown Average peak-to-trough decline	-11.81%	-0.15%	-11.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	0.03%	+2.89%

Volatility

PFN vs. PAIPX - Volatility Comparison

PIMCO Income Strategy Fund II (PFN) has a higher volatility of 2.81% compared to PIMCO Short Asset Investment Fund (PAIPX) at 0.32%. This indicates that PFN's price experiences larger fluctuations and is considered to be riskier than PAIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFN	PAIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	0.32%	+2.49%
Volatility (6M) Calculated over the trailing 6-month period	9.01%	0.80%	+8.21%
Volatility (1Y) Calculated over the trailing 1-year period	10.16%	1.19%	+8.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.64%	1.67%	+12.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.19%	1.35%	+16.84%

PFN vs. PAIPX - Expense Ratio Comparison

PFN has a 1.74% expense ratio, which is higher than PAIPX's 0.45% expense ratio.

Dividends

PFN vs. PAIPX - Dividend Comparison

PFN's dividend yield for the trailing twelve months is around 12.71%, more than PAIPX's 3.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAIPX PIMCO Short Asset Investment Fund	3.93%	4.29%	5.04%	4.04%	1.21%	0.31%	1.00%	2.53%	2.28%	1.81%	1.21%	0.78%
PFN PIMCO Income Strategy Fund II	12.71%	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 PAIPX in my portfolio?

PFN and PAIPX have a correlation of 0.09, 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 PAIPX?

PFN has higher volatility (2.81%) compared to PAIPX (0.32%). In terms of maximum drawdown, PFN dropped -80.08% vs PAIPX's -3.49%.

Which has better risk-adjusted returns?

PAIPX currently has the higher Sharpe Ratio (3.93 vs 0.47), 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.