PIPNX vs. PIMIX

Last updated Jun 24, 2026

PIPNX (PIMCO Income Fund Class I-3) and PIMIX (PIMCO Income Fund Institutional Class) are both Multisector Bonds funds from PIMCO. Over the past 5 years, PIPNX returned 3.14%/yr vs 3.49%/yr for PIMIX. With a 1.00 correlation, they move nearly in lockstep. PIPNX charges 0.77%/yr vs 0.54%/yr for PIMIX.

Performance

PIPNX vs. PIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Income Fund Class I-3 (PIPNX) 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, PIPNX achieves a 0.66% return, which is significantly lower than PIMIX's 0.72% return.

PIPNX

• 1D: -0.28%
• 1M: 0.90%
• YTD: 0.66%
• 6M: 1.24%
• 1Y: 7.12%
• 3Y*: 7.26%
• 5Y*: 3.14%
• 10Y*: —

PIMIX

• 1D: -0.28%
• 1M: 0.91%
• YTD: 0.72%
• 6M: 1.32%
• 1Y: 7.28%
• 3Y*: 7.60%
• 5Y*: 3.49%
• 10Y*: 4.72%

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

PIPNX vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PIPNX PIMCO Income Fund Class I-3	0.66%	10.91%	5.32%	8.08%	-9.14%	2.50%	5.68%	7.92%	1.22%
PIMIX PIMCO Income Fund Institutional Class	0.72%	11.08%	5.45%	9.36%	-9.07%	2.62%	5.84%	8.10%	1.80%

Correlation

The correlation between PIPNX and PIMIX 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 (All Time) Calculated using the full available price history since Apr 30, 2018	1.00

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

Return for Risk

PIPNX vs. PIMIX — Risk / Return Rank

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

PIPNX

PIPNX Risk / Return Rank: 40
PIPNX Sharpe Ratio Rank: 44
PIPNX Sortino Ratio Rank: 47
PIPNX Omega Ratio Rank: 47
PIPNX Calmar Ratio Rank: 32
PIPNX Martin Ratio Rank: 32

PIMIX

PIMIX Risk / Return Rank: 42
PIMIX Sharpe Ratio Rank: 45
PIMIX Sortino Ratio Rank: 50
PIMIX Omega Ratio Rank: 49
PIMIX Calmar Ratio Rank: 34
PIMIX 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.

PIPNX vs. PIMIX - Risk-Adjusted Trends Comparison

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

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PIPNX	PIMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.83	-0.03
Sortino ratio: Return per unit of downside risk	2.68	2.73	-0.06
Omega ratio: Gain probability vs. loss probability	1.34	1.35	-0.01
Calmar ratio: Return relative to maximum drawdown	2.03	2.07	-0.04
Martin ratio: Return relative to average drawdown	6.78	6.98	-0.20

PIPNX vs. PIMIX - Sharpe Ratio Comparison

The current PIPNX Sharpe Ratio is 1.80, which is comparable to the PIMIX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of PIPNX 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.

Drawdowns

PIPNX vs. PIMIX - Drawdown Comparison

The maximum PIPNX drawdown since its inception was -13.42%, roughly equal to the maximum PIMIX drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for PIPNX and PIMIX.

Drawdown Indicators

	PIPNX	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-13.42%	-13.39%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-3.69%	-3.69%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-3.95%	-3.84%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-13.42%	-13.34%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-13.39%	—
Current Drawdown Current decline from peak	-1.24%	-1.21%	-0.03%
Average Drawdown Average peak-to-trough decline	-2.39%	-1.69%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	1.09%	+0.01%

Volatility

PIPNX vs. PIMIX - Volatility Comparison

PIMCO Income Fund Class I-3 (PIPNX) and PIMCO Income Fund Institutional Class (PIMIX) have volatilities of 1.34% and 1.34%, 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

	PIPNX	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	1.34%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	3.41%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	4.17%	4.19%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.85%	4.87%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.56%	4.26%	+0.30%

PIPNX vs. PIMIX - Expense Ratio Comparison

PIPNX has a 0.77% expense ratio, which is higher than PIMIX's 0.54% expense ratio.

Dividends

PIPNX vs. PIMIX - Dividend Comparison

PIPNX's dividend yield for the trailing twelve months is around 5.69%, less than PIMIX's 5.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIMIX PIMCO Income Fund Institutional Class	5.85%	6.01%	6.27%	6.21%	4.98%	4.02%	4.88%	5.83%	5.66%	5.37%	5.52%	7.88%
PIPNX PIMCO Income Fund Class I-3	5.69%	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 PIMIX in my portfolio?

With a correlation of 1.00, PIPNX and PIMIX 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, PIPNX or PIMIX?

PIMIX has higher volatility (1.34%) compared to PIPNX (1.34%). In terms of maximum drawdown, PIPNX dropped -13.42% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

PIMIX currently has the higher Sharpe Ratio (1.83 vs 1.80), 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.