PFOAX vs. PFORX

Last updated Jun 4, 2026

PFOAX (PIMCO International Bond Fund (U.S. Dollar-Hedged) Class A) and PFORX (PIMCO International Bond Fund (U.S. Dollar-Hedged)) are both Global Bonds funds from PIMCO. Over the past 10 years, PFOAX returned 2.50%/yr vs 2.90%/yr for PFORX. Their correlation of 0.91 suggests significant overlap in exposure. PFOAX charges 0.97%/yr vs 0.50%/yr for PFORX.

Performance

PFOAX vs. PFORX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO International Bond Fund (U.S. Dollar-Hedged) Class A (PFOAX) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFOAX achieves a -0.04% return, which is significantly lower than PFORX's 0.12% return. Over the past 10 years, PFOAX has underperformed PFORX with an annualized return of 2.50%, while PFORX has yielded a comparatively higher 2.90% annualized return.

PFOAX

• 1D: 0.31%
• 1M: 1.24%
• YTD: -0.04%
• 6M: 0.06%
• 1Y: 2.48%
• 3Y*: 4.96%
• 5Y*: 1.18%
• 10Y*: 2.50%

PFORX

• 1D: 0.31%
• 1M: 1.28%
• YTD: 0.12%
• 6M: 0.26%
• 1Y: 2.89%
• 3Y*: 5.38%
• 5Y*: 1.57%
• 10Y*: 2.90%

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

PFOAX vs. PFORX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFOAX PIMCO International Bond Fund (U.S. Dollar-Hedged) Class A	-0.04%	3.91%	5.29%	9.07%	-10.60%	-2.06%	5.75%	7.21%	2.24%	3.11%
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.12%	4.33%	5.70%	9.52%	-10.33%	-1.67%	6.17%	7.64%	2.64%	3.52%

Correlation

The correlation between PFOAX and PFORX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Dec 3, 1992	0.91

The correlation between PFOAX and PFORX has been stable across timeframes, ranging from 0.91 to 1.00 - a consistent structural relationship.

Return for Risk

PFOAX vs. PFORX — Risk / Return Rank

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

PFOAX

PFOAX Risk / Return Rank: 8
PFOAX Sharpe Ratio Rank: 9
PFOAX Sortino Ratio Rank: 8
PFOAX Omega Ratio Rank: 9
PFOAX Calmar Ratio Rank: 7
PFOAX Martin Ratio Rank: 7

PFORX

PFORX Risk / Return Rank: 9
PFORX Sharpe Ratio Rank: 10
PFORX Sortino Ratio Rank: 10
PFORX Omega Ratio Rank: 11
PFORX Calmar Ratio Rank: 8
PFORX Martin Ratio Rank: 8

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.

PFOAX vs. PFORX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO International Bond Fund (U.S. Dollar-Hedged) Class A (PFOAX) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX). 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.

	PFOAX	PFORX	Difference
Sharpe ratio Return per unit of total volatility	0.70	0.80	-0.10
Sortino ratio Return per unit of downside risk	1.04	1.20	-0.16
Omega ratio Gain probability vs. loss probability	1.14	1.16	-0.02
Calmar ratio Return relative to maximum drawdown	0.65	0.76	-0.10
Martin ratio Return relative to average drawdown	1.97	2.32	-0.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFOAX vs. PFORX - Sharpe Ratio Comparison

The current PFOAX Sharpe Ratio is 0.70, which is comparable to the PFORX Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of PFOAX and PFORX, 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

	PFOAX	PFORX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	0.80	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.44	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.92	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	1.26	-0.33

Drawdowns

PFOAX vs. PFORX - Drawdown Comparison

The maximum PFOAX drawdown since its inception was -14.73%, which is greater than PFORX's maximum drawdown of -13.87%. Use the drawdown chart below to compare losses from any high point for PFOAX and PFORX.

Drawdown Indicators

	PFOAX	PFORX	Difference
Max Drawdown Largest peak-to-trough decline	-14.73%	-13.87%	-0.86%
Max Drawdown (1Y) Largest decline over 1 year	-3.99%	-3.99%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-3.99%	-3.99%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-14.03%	-13.71%	-0.32%
Max Drawdown (10Y) Largest decline over 10 years	-14.38%	-13.87%	-0.51%
Current Drawdown Current decline from peak	-1.47%	-1.37%	-0.10%
Average Drawdown Average peak-to-trough decline	-2.51%	-1.95%	-0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	1.30%	+0.02%

Volatility

PFOAX vs. PFORX - Volatility Comparison

PIMCO International Bond Fund (U.S. Dollar-Hedged) Class A (PFOAX) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX) have volatilities of 1.45% and 1.47%, 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

	PFOAX	PFORX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	1.47%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	3.35%	3.38%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	3.74%	3.78%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.58%	3.61%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.13%	3.16%	-0.03%

PFOAX vs. PFORX - Expense Ratio Comparison

PFOAX has a 0.97% expense ratio, which is higher than PFORX's 0.50% expense ratio.

Dividends

PFOAX vs. PFORX - Dividend Comparison

PFOAX's dividend yield for the trailing twelve months is around 3.70%, less than PFORX's 4.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFOAX PIMCO International Bond Fund (U.S. Dollar-Hedged) Class A	3.70%	3.83%	4.52%	2.62%	3.33%	1.14%	2.07%	6.45%	2.51%	1.06%	0.98%	8.57%
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged)	4.10%	4.23%	4.91%	3.02%	3.65%	1.55%	2.46%	6.86%	2.90%	1.46%	1.38%	9.12%

Frequently Asked Questions

Can I hold both PFOAX and PFORX in my portfolio?

With a correlation of 1.00, PFOAX and PFORX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PFOAX or PFORX?

PFORX has higher volatility (1.47%) compared to PFOAX (1.45%). In terms of maximum drawdown, PFOAX dropped -14.73% vs PFORX's -13.87%.

Which has better risk-adjusted returns?

PFORX currently has the higher Sharpe Ratio (0.80 vs 0.70), 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.