PHSPX vs. PIMIX

Last updated Jun 4, 2026

PHSPX (PIMCO High Yield Spectrum Fund) and PIMIX (PIMCO Income Fund Institutional Class) are both mutual funds - PHSPX is a High Yield Bonds fund managed by PIMCO, while PIMIX is a Total Bond Market fund managed by PIMCO. Over the past 10 years, PHSPX returned 5.73%/yr vs 4.71%/yr for PIMIX. A 0.56 correlation means they provide meaningful diversification when combined. PHSPX charges 0.71%/yr vs 0.62%/yr for PIMIX.

Performance

PHSPX vs. PIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO High Yield Spectrum Fund (PHSPX) and PIMCO Income Fund Institutional Class (PIMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHSPX achieves a 0.94% return, which is significantly lower than PIMIX's 1.00% return. Over the past 10 years, PHSPX has outperformed PIMIX with an annualized return of 5.73%, while PIMIX has yielded a comparatively lower 4.71% annualized return.

PHSPX

• 1D: 0.11%
• 1M: 0.55%
• YTD: 0.94%
• 6M: 1.59%
• 1Y: 6.68%
• 3Y*: 8.91%
• 5Y*: 4.32%
• 10Y*: 5.73%

PIMIX

• 1D: 0.18%
• 1M: 0.91%
• YTD: 1.00%
• 6M: 1.41%
• 1Y: 8.39%
• 3Y*: 7.87%
• 5Y*: 3.53%
• 10Y*: 4.71%

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

PHSPX vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHSPX PIMCO High Yield Spectrum Fund	0.94%	8.93%	8.75%	12.91%	-11.03%	5.14%	6.19%	14.75%	-2.70%	7.96%
PIMIX PIMCO Income Fund Institutional Class	1.00%	11.08%	5.45%	9.36%	-9.07%	2.62%	5.84%	8.10%	0.63%	8.63%

Correlation

The correlation between PHSPX and PIMIX is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Sep 17, 2010	0.56

The correlation between PHSPX and PIMIX shifts across timeframes, from 0.56 (all time) to 0.66 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PHSPX vs. PIMIX — Risk / Return Rank

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

PHSPX

PHSPX Risk / Return Rank: 60
PHSPX Sharpe Ratio Rank: 49
PHSPX Sortino Ratio Rank: 73
PHSPX Omega Ratio Rank: 67
PHSPX Calmar Ratio Rank: 44
PHSPX Martin Ratio Rank: 65

PIMIX

PIMIX Risk / Return Rank: 45
PIMIX Sharpe Ratio Rank: 48
PIMIX Sortino Ratio Rank: 53
PIMIX Omega Ratio Rank: 52
PIMIX Calmar Ratio Rank: 37
PIMIX Martin Ratio Rank: 36

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.

PHSPX vs. PIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO High Yield Spectrum Fund (PHSPX) and PIMCO Income Fund Institutional Class (PIMIX). 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.

	PHSPX	PIMIX	Difference
Sharpe ratio Return per unit of total volatility	2.08	2.04	+0.04
Sortino ratio Return per unit of downside risk	3.56	3.07	+0.50
Omega ratio Gain probability vs. loss probability	1.46	1.40	+0.06
Calmar ratio Return relative to maximum drawdown	2.54	2.29	+0.25
Martin ratio Return relative to average drawdown	12.75	7.97	+4.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHSPX vs. PIMIX - Sharpe Ratio Comparison

The current PHSPX Sharpe Ratio is 2.08, which is comparable to the PIMIX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of PHSPX and PIMIX, 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

	PHSPX	PIMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.04	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.73	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.07	1.11	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	1.57	-0.40

Drawdowns

PHSPX vs. PIMIX - Drawdown Comparison

The maximum PHSPX drawdown since its inception was -20.38%, which is greater than PIMIX's maximum drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for PHSPX and PIMIX.

Drawdown Indicators

	PHSPX	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-20.38%	-13.39%	-6.99%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-3.69%	+0.99%
Max Drawdown (3Y) Largest decline over 3 years	-3.50%	-3.84%	+0.34%
Max Drawdown (5Y) Largest decline over 5 years	-15.42%	-13.34%	-2.08%
Max Drawdown (10Y) Largest decline over 10 years	-20.38%	-13.39%	-6.99%
Current Drawdown Current decline from peak	0.00%	-0.93%	+0.93%
Average Drawdown Average peak-to-trough decline	-2.15%	-1.69%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	1.06%	-0.52%

Volatility

PHSPX vs. PIMIX - Volatility Comparison

The current volatility for PIMCO High Yield Spectrum Fund (PHSPX) is 1.14%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.68%. This indicates that PHSPX experiences smaller price fluctuations and is considered to be less risky than PIMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHSPX	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	1.68%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	2.65%	3.29%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	3.30%	4.15%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.87%	4.84%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.40%	4.25%	+1.15%

PHSPX vs. PIMIX - Expense Ratio Comparison

PHSPX has a 0.71% expense ratio, which is higher than PIMIX's 0.62% expense ratio.

Dividends

PHSPX vs. PIMIX - Dividend Comparison

PHSPX's dividend yield for the trailing twelve months is around 6.40%, more than PIMIX's 5.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHSPX PIMCO High Yield Spectrum Fund	6.40%	6.31%	6.33%	4.80%	6.25%	5.32%	4.88%	5.48%	6.13%	5.54%	6.38%	7.17%
PIMIX PIMCO Income Fund Institutional Class	5.83%	6.01%	6.27%	6.21%	4.98%	4.02%	4.88%	5.83%	5.66%	5.37%	5.52%	7.88%

Frequently Asked Questions

Can I hold both PHSPX and PIMIX in my portfolio?

PHSPX and PIMIX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHSPX or PIMIX?

PIMIX has higher volatility (1.68%) compared to PHSPX (1.14%). In terms of maximum drawdown, PHSPX dropped -20.38% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

PHSPX currently has the higher Sharpe Ratio (2.08 vs 2.04), 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.