PIPNX vs. DODIX

Last updated Jun 4, 2026

PIPNX (PIMCO Income Fund Class I-3) and DODIX (Dodge & Cox Income Fund) are both mutual funds - PIPNX is a Multisector Bonds fund managed by PIMCO, while DODIX is a Total Bond Market fund managed by Dodge & Cox. Over the past 5 years, PIPNX returned 3.18%/yr vs 1.31%/yr for DODIX. A 0.74 correlation means they provide meaningful diversification when combined. PIPNX charges 0.77%/yr vs 0.41%/yr for DODIX.

Performance

PIPNX vs. DODIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Income Fund Class I-3 (PIPNX) and Dodge & Cox Income Fund (DODIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIPNX achieves a 0.94% return, which is significantly higher than DODIX's 0.51% return.

PIPNX

• 1D: 0.18%
• 1M: 0.90%
• YTD: 0.94%
• 6M: 1.34%
• 1Y: 8.23%
• 3Y*: 7.53%
• 5Y*: 3.18%
• 10Y*: —

DODIX

• 1D: 0.08%
• 1M: 0.55%
• YTD: 0.51%
• 6M: 0.47%
• 1Y: 6.43%
• 3Y*: 5.26%
• 5Y*: 1.31%
• 10Y*: 2.93%

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

PIPNX vs. DODIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PIPNX PIMCO Income Fund Class I-3	0.94%	10.91%	5.32%	8.08%	-9.14%	2.50%	5.68%	7.92%	1.22%
DODIX Dodge & Cox Income Fund	0.51%	8.32%	2.25%	7.69%	-11.42%	-0.92%	9.46%	9.73%	1.05%

Correlation

The correlation between PIPNX and DODIX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since May 1, 2018	0.74

The correlation between PIPNX and DODIX shifts across timeframes, from 0.74 (all time) to 0.85 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PIPNX vs. DODIX — Risk / Return Rank

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

PIPNX

PIPNX Risk / Return Rank: 44
PIPNX Sharpe Ratio Rank: 47
PIPNX Sortino Ratio Rank: 51
PIPNX Omega Ratio Rank: 50
PIPNX Calmar Ratio Rank: 35
PIPNX Martin Ratio Rank: 35

DODIX

DODIX Risk / Return Rank: 29
DODIX Sharpe Ratio Rank: 30
DODIX Sortino Ratio Rank: 32
DODIX Omega Ratio Rank: 30
DODIX Calmar Ratio Rank: 30
DODIX Martin Ratio Rank: 25

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.

PIPNX vs. DODIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Fund Class I-3 (PIPNX) and Dodge & Cox Income Fund (DODIX). 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.

	PIPNX	DODIX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.57	+0.44
Sortino ratio: Return per unit of downside risk	3.01	2.33	+0.68
Omega ratio: Gain probability vs. loss probability	1.39	1.29	+0.10
Calmar ratio: Return relative to maximum drawdown	2.25	2.04	+0.21
Martin ratio: Return relative to average drawdown	7.77	6.23	+1.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIPNX vs. DODIX - Sharpe Ratio Comparison

The current PIPNX Sharpe Ratio is 2.01, which is comparable to the DODIX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of PIPNX and DODIX, 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

	PIPNX	DODIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.57	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.24	+0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.47	-0.60

Drawdowns

PIPNX vs. DODIX - Drawdown Comparison

The maximum PIPNX drawdown since its inception was -13.42%, smaller than the maximum DODIX drawdown of -16.89%. Use the drawdown chart below to compare losses from any high point for PIPNX and DODIX.

Drawdown Indicators

	PIPNX	DODIX	Difference
Max Drawdown Largest peak-to-trough decline	-13.42%	-16.89%	+3.47%
Max Drawdown (1Y) Largest decline over 1 year	-3.69%	-3.17%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-3.95%	-5.68%	+1.73%
Max Drawdown (5Y) Largest decline over 5 years	-13.42%	-16.89%	+3.47%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.89%	—
Current Drawdown Current decline from peak	-0.97%	-1.63%	+0.66%
Average Drawdown Average peak-to-trough decline	-2.40%	-1.50%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	1.04%	+0.02%

Volatility

PIPNX vs. DODIX - Volatility Comparison

PIMCO Income Fund Class I-3 (PIPNX) has a higher volatility of 1.68% compared to Dodge & Cox Income Fund (DODIX) at 1.43%. This indicates that PIPNX's price experiences larger fluctuations and is considered to be riskier than DODIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIPNX	DODIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	1.43%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	3.27%	3.00%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	4.13%	4.11%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.82%	5.56%	-0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.56%	4.45%	+0.11%

PIPNX vs. DODIX - Expense Ratio Comparison

PIPNX has a 0.77% expense ratio, which is higher than DODIX's 0.41% expense ratio.

Dividends

PIPNX vs. DODIX - Dividend Comparison

PIPNX's dividend yield for the trailing twelve months is around 5.68%, more than DODIX's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODIX Dodge & Cox Income Fund	4.26%	4.23%	4.24%	3.86%	2.19%	3.23%	4.66%	3.63%	3.43%	3.03%	3.25%	3.09%
PIPNX PIMCO Income Fund Class I-3	5.68%	5.86%	6.15%	5.08%	4.89%	3.91%	4.73%	5.66%	3.66%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PIPNX and DODIX in my portfolio?

PIPNX and DODIX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIPNX or DODIX?

PIPNX has higher volatility (1.68%) compared to DODIX (1.43%). In terms of maximum drawdown, PIPNX dropped -13.42% vs DODIX's -16.89%.

Which has better risk-adjusted returns?

PIPNX currently has the higher Sharpe Ratio (2.01 vs 1.57), 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.