PFN vs. PQTAX

Last updated Jun 24, 2026

PFN (PIMCO Income Strategy Fund II) and PQTAX (PIMCO TRENDS Managed Futures Strategy Fund Class A) are both mutual funds - PFN is a Multisector Bonds fund managed by PIMCO, while PQTAX is a Systematic Trend fund managed by PIMCO. Over the past 10 years, PFN returned 7.87%/yr vs 4.12%/yr for PQTAX. At a correlation of -0.03, they often move in opposite directions. PFN charges 1.74%/yr vs 1.81%/yr for PQTAX.

Performance

PFN vs. PQTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Income Strategy Fund II (PFN) and PIMCO TRENDS Managed Futures Strategy Fund Class A (PQTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFN achieves a -3.70% return, which is significantly lower than PQTAX's 5.92% return. Over the past 10 years, PFN has outperformed PQTAX with an annualized return of 7.87%, while PQTAX has yielded a comparatively lower 4.12% annualized return.

PFN

• 1D: 0.29%
• 1M: 0.33%
• YTD: -3.70%
• 6M: -2.79%
• 1Y: 5.34%
• 3Y*: 10.39%
• 5Y*: 1.62%
• 10Y*: 7.87%

PQTAX

• 1D: 0.65%
• 1M: 0.16%
• YTD: 5.92%
• 6M: 6.13%
• 1Y: 20.10%
• 3Y*: 0.70%
• 5Y*: 3.45%
• 10Y*: 4.12%

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

PFN vs. PQTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFN PIMCO Income Strategy Fund II	-3.70%	13.07%	15.72%	15.43%	-17.65%	5.14%	3.97%	21.84%	0.94%	20.58%
PQTAX PIMCO TRENDS Managed Futures Strategy Fund Class A	5.92%	2.06%	-3.31%	-4.52%	11.06%	14.52%	8.48%	2.63%	1.98%	4.51%

Correlation

The correlation between PFN and PQTAX is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.10
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	-0.03

The correlation between PFN and PQTAX shifts across timeframes, from -0.10 (5 years) to 0.02 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PFN vs. PQTAX — Risk / Return Rank

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

PFN

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

PQTAX

PQTAX Risk / Return Rank: 77
PQTAX Sharpe Ratio Rank: 80
PQTAX Sortino Ratio Rank: 72
PQTAX Omega Ratio Rank: 76
PQTAX Calmar Ratio Rank: 91
PQTAX Martin Ratio Rank: 66

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. PQTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Strategy Fund II (PFN) and PIMCO TRENDS Managed Futures Strategy Fund Class A (PQTAX). 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	PQTAX	Difference
Sharpe ratio: Return per unit of total volatility	0.53	2.43	-1.90
Sortino ratio: Return per unit of downside risk	0.82	3.22	-2.40
Omega ratio: Gain probability vs. loss probability	1.11	1.45	-0.34
Calmar ratio: Return relative to maximum drawdown	0.50	4.43	-3.93
Martin ratio: Return relative to average drawdown	1.82	12.01	-10.18

PFN vs. PQTAX - Sharpe Ratio Comparison

The current PFN Sharpe Ratio is 0.53, which is lower than the PQTAX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of PFN and PQTAX, 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. PQTAX - Drawdown Comparison

The maximum PFN drawdown since its inception was -80.08%, which is greater than PQTAX's maximum drawdown of -28.39%. Use the drawdown chart below to compare losses from any high point for PFN and PQTAX.

Drawdown Indicators

	PFN	PQTAX	Difference
Max Drawdown Largest peak-to-trough decline	-80.08%	-28.39%	-51.69%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	-4.66%	-6.11%
Max Drawdown (3Y) Largest decline over 3 years	-14.31%	-18.94%	+4.63%
Max Drawdown (5Y) Largest decline over 5 years	-33.45%	-28.39%	-5.06%
Max Drawdown (10Y) Largest decline over 10 years	-45.70%	-28.39%	-17.31%
Current Drawdown Current decline from peak	-4.74%	-12.48%	+7.74%
Average Drawdown Average peak-to-trough decline	-11.81%	-9.39%	-2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	1.71%	+1.22%

Volatility

PFN vs. PQTAX - Volatility Comparison

PIMCO Income Strategy Fund II (PFN) has a higher volatility of 2.79% compared to PIMCO TRENDS Managed Futures Strategy Fund Class A (PQTAX) at 1.97%. This indicates that PFN's price experiences larger fluctuations and is considered to be riskier than PQTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFN	PQTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	1.97%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	9.01%	6.75%	+2.26%
Volatility (1Y) Calculated over the trailing 1-year period	10.14%	8.54%	+1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.64%	9.94%	+4.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.19%	9.44%	+8.75%

PFN vs. PQTAX - Expense Ratio Comparison

PFN has a 1.74% expense ratio, which is lower than PQTAX's 1.81% expense ratio.

Dividends

PFN vs. PQTAX - Dividend Comparison

PFN's dividend yield for the trailing twelve months is around 12.67%, more than PQTAX's 1.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFN PIMCO Income Strategy Fund II	12.67%	11.49%	11.57%	11.92%	12.19%	9.71%	9.67%	9.07%	10.81%	9.20%	10.12%	11.74%
PQTAX PIMCO TRENDS Managed Futures Strategy Fund Class A	1.23%	0.00%	0.00%	0.00%	14.61%	2.22%	4.46%	2.29%	0.10%	2.54%	0.00%	7.65%

Frequently Asked Questions

Can I hold both PFN and PQTAX in my portfolio?

PFN and PQTAX have a correlation of 0.02, 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 PQTAX?

PFN has higher volatility (2.79%) compared to PQTAX (1.97%). In terms of maximum drawdown, PFN dropped -80.08% vs PQTAX's -28.39%.

Which has better risk-adjusted returns?

PQTAX currently has the higher Sharpe Ratio (2.43 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.