PIPNX vs. PONPX

Last updated Jun 4, 2026

PIPNX (PIMCO Income Fund Class I-3) and PONPX (PIMCO Income Fund Class I-2) are both mutual funds - PIPNX is a Multisector Bonds fund managed by PIMCO, while PONPX is a Total Bond Market fund managed by PIMCO. Over the past 5 years, PIPNX returned 3.18%/yr vs 3.42%/yr for PONPX. With a 1.00 correlation, they move nearly in lockstep. PIPNX charges 0.77%/yr vs 0.72%/yr for PONPX.

Performance

PIPNX vs. PONPX - 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 Class I-2 (PONPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PIPNX having a 0.94% return and PONPX slightly higher at 0.96%.

PIPNX

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

PONPX

• 1D: 0.18%
• 1M: 0.90%
• YTD: 0.96%
• 6M: 1.36%
• 1Y: 8.28%
• 3Y*: 7.76%
• 5Y*: 3.42%
• 10Y*: 4.60%

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

PIPNX vs. PONPX - 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%
PONPX PIMCO Income Fund Class I-2	0.96%	10.96%	5.33%	9.24%	-9.14%	2.51%	5.73%	7.99%	1.27%

Correlation

The correlation between PIPNX and PONPX 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 May 1, 2018	1.00

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

Return for Risk

PIPNX vs. PONPX — 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

PONPX

PONPX Risk / Return Rank: 44
PONPX Sharpe Ratio Rank: 47
PONPX Sortino Ratio Rank: 52
PONPX Omega Ratio Rank: 51
PONPX Calmar Ratio Rank: 36
PONPX Martin Ratio Rank: 35

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. PONPX - 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 Class I-2 (PONPX). 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	PONPX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.02	-0.01
Sortino ratio: Return per unit of downside risk	3.01	3.03	-0.02
Omega ratio: Gain probability vs. loss probability	1.39	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	2.25	2.26	-0.01
Martin ratio: Return relative to average drawdown	7.77	7.83	-0.07
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. PONPX - Sharpe Ratio Comparison

The current PIPNX Sharpe Ratio is 2.01, which is comparable to the PONPX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of PIPNX and PONPX, 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	PONPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	2.02	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.71	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.83	-0.95

Drawdowns

PIPNX vs. PONPX - Drawdown Comparison

The maximum PIPNX drawdown since its inception was -13.42%, roughly equal to the maximum PONPX drawdown of -13.41%. Use the drawdown chart below to compare losses from any high point for PIPNX and PONPX.

Drawdown Indicators

	PIPNX	PONPX	Difference
Max Drawdown Largest peak-to-trough decline	-13.42%	-13.41%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-3.69%	-3.69%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-3.95%	-3.86%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-13.42%	-13.41%	-0.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-13.41%	—
Current Drawdown Current decline from peak	-0.97%	-0.96%	-0.01%
Average Drawdown Average peak-to-trough decline	-2.40%	-1.45%	-0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	1.06%	0.00%

Volatility

PIPNX vs. PONPX - Volatility Comparison

PIMCO Income Fund Class I-3 (PIPNX) and PIMCO Income Fund Class I-2 (PONPX) have volatilities of 1.68% and 1.68%, 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	PONPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	1.68%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	3.27%	3.28%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	4.13%	4.14%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.82%	4.83%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.56%	4.24%	+0.32%

PIPNX vs. PONPX - Expense Ratio Comparison

PIPNX has a 0.77% expense ratio, which is higher than PONPX's 0.72% expense ratio.

Dividends

PIPNX vs. PONPX - Dividend Comparison

PIPNX's dividend yield for the trailing twelve months is around 5.68%, which matches PONPX's 5.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PONPX PIMCO Income Fund Class I-2	5.73%	5.91%	6.16%	6.11%	4.89%	3.92%	4.78%	5.73%	5.56%	5.27%	5.42%	7.77%

Frequently Asked Questions

Can I hold both PIPNX and PONPX in my portfolio?

With a correlation of 1.00, PIPNX and PONPX 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 PONPX?

PONPX has higher volatility (1.68%) compared to PIPNX (1.68%). In terms of maximum drawdown, PIPNX dropped -13.42% vs PONPX's -13.41%.

Which has better risk-adjusted returns?

PONPX currently has the higher Sharpe Ratio (2.02 vs 2.01), 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.