PIGIX vs. PONAX

Last updated Jun 4, 2026

PIGIX (PIMCO Investment Grade Credit Bond Fund) and PONAX (PIMCO Income Fund Class A) are both mutual funds - PIGIX is a Corporate Bonds fund managed by PIMCO, while PONAX is a Multisector Bonds fund managed by PIMCO. Over the past 10 years, PIGIX returned 2.85%/yr vs 4.30%/yr for PONAX. A 0.72 correlation means they provide meaningful diversification when combined. PIGIX charges 0.51%/yr vs 1.02%/yr for PONAX.

Performance

PIGIX vs. PONAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Investment Grade Credit Bond Fund (PIGIX) and PIMCO Income Fund Class A (PONAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIGIX achieves a 0.51% return, which is significantly lower than PONAX's 0.83% return. Over the past 10 years, PIGIX has underperformed PONAX with an annualized return of 2.85%, while PONAX has yielded a comparatively higher 4.30% annualized return.

PIGIX

• 1D: 0.00%
• 1M: 0.87%
• YTD: 0.51%
• 6M: 0.39%
• 1Y: 6.47%
• 3Y*: 5.63%
• 5Y*: 0.58%
• 10Y*: 2.85%

PONAX

• 1D: 0.18%
• 1M: 0.88%
• YTD: 0.83%
• 6M: 1.21%
• 1Y: 7.96%
• 3Y*: 7.44%
• 5Y*: 3.14%
• 10Y*: 4.30%

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

PIGIX vs. PONAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIGIX PIMCO Investment Grade Credit Bond Fund	0.51%	8.52%	3.28%	7.97%	-16.67%	-1.03%	7.53%	14.75%	-1.99%	7.96%
PONAX PIMCO Income Fund Class A	0.83%	10.63%	5.02%	8.96%	-9.34%	2.21%	5.40%	7.65%	0.21%	8.19%

Correlation

The correlation between PIGIX and PONAX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Apr 3, 2007	0.72

Over the past year, PIGIX and PONAX have become more correlated (0.93) than their long-term average of 0.72, meaning their price movements have been converging.

Return for Risk

PIGIX vs. PONAX — Risk / Return Rank

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

PIGIX

PIGIX Risk / Return Rank: 23
PIGIX Sharpe Ratio Rank: 24
PIGIX Sortino Ratio Rank: 25
PIGIX Omega Ratio Rank: 25
PIGIX Calmar Ratio Rank: 21
PIGIX Martin Ratio Rank: 21

PONAX

PONAX Risk / Return Rank: 41
PONAX Sharpe Ratio Rank: 45
PONAX Sortino Ratio Rank: 48
PONAX Omega Ratio Rank: 48
PONAX Calmar Ratio Rank: 33
PONAX Martin Ratio Rank: 33

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.

PIGIX vs. PONAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Investment Grade Credit Bond Fund (PIGIX) and PIMCO Income Fund Class A (PONAX). 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.

	PIGIX	PONAX	Difference
Sharpe ratio Return per unit of total volatility	1.41	1.96	-0.54
Sortino ratio Return per unit of downside risk	2.06	2.92	-0.86
Omega ratio Gain probability vs. loss probability	1.26	1.38	-0.12
Calmar ratio Return relative to maximum drawdown	1.67	2.17	-0.50
Martin ratio Return relative to average drawdown	5.47	7.45	-1.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIGIX vs. PONAX - Sharpe Ratio Comparison

The current PIGIX Sharpe Ratio is 1.41, which is comparable to the PONAX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of PIGIX and PONAX, 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

	PIGIX	PONAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.96	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.66	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	1.03	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	1.48	-0.43

Drawdowns

PIGIX vs. PONAX - Drawdown Comparison

The maximum PIGIX drawdown since its inception was -23.09%, which is greater than PONAX's maximum drawdown of -13.64%. Use the drawdown chart below to compare losses from any high point for PIGIX and PONAX.

Drawdown Indicators

	PIGIX	PONAX	Difference
Max Drawdown Largest peak-to-trough decline	-23.09%	-13.64%	-9.45%
Max Drawdown (1Y) Largest decline over 1 year	-3.98%	-3.69%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	-6.59%	-3.90%	-2.69%
Max Drawdown (5Y) Largest decline over 5 years	-23.09%	-13.64%	-9.45%
Max Drawdown (10Y) Largest decline over 10 years	-23.09%	-13.64%	-9.45%
Current Drawdown Current decline from peak	-1.35%	-1.03%	-0.32%
Average Drawdown Average peak-to-trough decline	-3.07%	-1.80%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	1.07%	+0.14%

Volatility

PIGIX vs. PONAX - Volatility Comparison

PIMCO Investment Grade Credit Bond Fund (PIGIX) and PIMCO Income Fund Class A (PONAX) have volatilities of 1.67% and 1.67%, 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

	PIGIX	PONAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.67%	1.67%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	3.64%	3.25%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	4.72%	4.10%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.42%	4.81%	+1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.81%	4.21%	+1.60%

PIGIX vs. PONAX - Expense Ratio Comparison

PIGIX has a 0.51% expense ratio, which is lower than PONAX's 1.02% expense ratio.

Dividends

PIGIX vs. PONAX - Dividend Comparison

PIGIX's dividend yield for the trailing twelve months is around 4.86%, less than PONAX's 5.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIGIX PIMCO Investment Grade Credit Bond Fund	4.86%	4.69%	4.37%	3.48%	3.37%	4.50%	3.81%	3.93%	4.22%	4.47%	3.91%	6.70%
PONAX PIMCO Income Fund Class A	5.43%	5.61%	5.86%	5.86%	4.66%	3.62%	4.48%	5.42%	5.24%	4.97%	5.13%	7.45%

Frequently Asked Questions

Can I hold both PIGIX and PONAX in my portfolio?

With a correlation of 0.93, PIGIX and PONAX 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, PIGIX or PONAX?

PONAX has higher volatility (1.67%) compared to PIGIX (1.67%). In terms of maximum drawdown, PIGIX dropped -23.09% vs PONAX's -13.64%.

Which has better risk-adjusted returns?

PONAX currently has the higher Sharpe Ratio (1.96 vs 1.41), 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.