PGBIX vs. PFORX

Last updated Jun 4, 2026

PGBIX (PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) Class I) and PFORX (PIMCO International Bond Fund (U.S. Dollar-Hedged)) are both Global Bonds funds from PIMCO. Over the past 10 years, PGBIX returned 3.25%/yr vs 2.90%/yr for PFORX. A 0.77 correlation means they provide meaningful diversification when combined. PGBIX charges 0.55%/yr vs 0.50%/yr for PFORX.

Performance

PGBIX vs. PFORX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) Class I (PGBIX) 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, PGBIX achieves a -0.45% return, which is significantly lower than PFORX's 0.12% return. Over the past 10 years, PGBIX has outperformed PFORX with an annualized return of 3.25%, while PFORX has yielded a comparatively lower 2.90% annualized return.

PGBIX

• 1D: 0.10%
• 1M: 1.15%
• YTD: -0.45%
• 6M: -0.62%
• 1Y: 5.10%
• 3Y*: 5.80%
• 5Y*: 2.47%
• 10Y*: 3.25%

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)

PGBIX vs. PFORX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGBIX PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) Class I	-0.45%	8.61%	4.38%	6.94%	-5.74%	-0.49%	7.33%	6.78%	-0.45%	4.33%
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 PGBIX and PFORX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Oct 3, 1995	0.77

The correlation between PGBIX and PFORX shifts across timeframes, from 0.69 (10 years) to 0.81 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PGBIX vs. PFORX — Risk / Return Rank

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

PGBIX

PGBIX Risk / Return Rank: 18
PGBIX Sharpe Ratio Rank: 19
PGBIX Sortino Ratio Rank: 19
PGBIX Omega Ratio Rank: 24
PGBIX Calmar Ratio Rank: 13
PGBIX Martin Ratio Rank: 14

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.

PGBIX vs. PFORX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) Class I (PGBIX) 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.

	PGBIX	PFORX	Difference
Sharpe ratio Return per unit of total volatility	1.25	0.80	+0.45
Sortino ratio Return per unit of downside risk	1.85	1.20	+0.65
Omega ratio Gain probability vs. loss probability	1.25	1.16	+0.09
Calmar ratio Return relative to maximum drawdown	1.21	0.76	+0.45
Martin ratio Return relative to average drawdown	4.03	2.32	+1.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGBIX vs. PFORX - Sharpe Ratio Comparison

The current PGBIX Sharpe Ratio is 1.25, which is higher than the PFORX Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of PGBIX 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

	PGBIX	PFORX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	0.80	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.44	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.08	0.92	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	1.26	-0.26

Drawdowns

PGBIX vs. PFORX - Drawdown Comparison

The maximum PGBIX drawdown since its inception was -14.22%, roughly equal to the maximum PFORX drawdown of -13.87%. Use the drawdown chart below to compare losses from any high point for PGBIX and PFORX.

Drawdown Indicators

	PGBIX	PFORX	Difference
Max Drawdown Largest peak-to-trough decline	-14.22%	-13.87%	-0.35%
Max Drawdown (1Y) Largest decline over 1 year	-4.25%	-3.99%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	-4.25%	-3.99%	-0.26%
Max Drawdown (5Y) Largest decline over 5 years	-9.52%	-13.71%	+4.19%
Max Drawdown (10Y) Largest decline over 10 years	-9.98%	-13.87%	+3.89%
Current Drawdown Current decline from peak	-1.43%	-1.37%	-0.06%
Average Drawdown Average peak-to-trough decline	-2.15%	-1.95%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	1.30%	-0.03%

Volatility

PGBIX vs. PFORX - Volatility Comparison

PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) Class I (PGBIX) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX) have volatilities of 1.48% 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

	PGBIX	PFORX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	1.47%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	3.61%	3.38%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	4.13%	3.78%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.44%	3.61%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.03%	3.16%	-0.13%

PGBIX vs. PFORX - Expense Ratio Comparison

PGBIX has a 0.55% expense ratio, which is higher than PFORX's 0.50% expense ratio.

Dividends

PGBIX vs. PFORX - Dividend Comparison

PGBIX's dividend yield for the trailing twelve months is around 5.04%, more than PFORX's 4.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PGBIX PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) Class I	5.04%	4.79%	4.07%	2.33%	7.55%	2.95%	2.24%	4.10%	2.14%	3.09%	2.58%	5.81%

Frequently Asked Questions

Can I hold both PGBIX and PFORX in my portfolio?

PGBIX and PFORX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGBIX or PFORX?

PGBIX has higher volatility (1.48%) compared to PFORX (1.47%). In terms of maximum drawdown, PGBIX dropped -14.22% vs PFORX's -13.87%.

Which has better risk-adjusted returns?

PGBIX currently has the higher Sharpe Ratio (1.25 vs 0.80), 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.