POBAX vs. POAAX

Last updated Jun 24, 2026

POBAX (Pacific Funds Portfolio Optimization Moderate-Conservative) and POAAX (Pacific Funds Portfolio Optimization Conservative) are both Diversified Portfolio funds from Pacific Funds Series Trust. Over the past 10 years, POBAX returned 6.00%/yr vs 4.17%/yr for POAAX. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.60% expense ratio.

Performance

POBAX vs. POAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacific Funds Portfolio Optimization Moderate-Conservative (POBAX) and Pacific Funds Portfolio Optimization Conservative (POAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, POBAX achieves a 5.19% return, which is significantly higher than POAAX's 3.38% return. Over the past 10 years, POBAX has outperformed POAAX with an annualized return of 6.00%, while POAAX has yielded a comparatively lower 4.17% annualized return.

POBAX

• 1D: -0.17%
• 1M: 0.95%
• YTD: 5.19%
• 6M: 4.92%
• 1Y: 12.84%
• 3Y*: 10.34%
• 5Y*: 3.69%
• 10Y*: 6.00%

POAAX

• 1D: -0.09%
• 1M: 0.85%
• YTD: 3.38%
• 6M: 3.24%
• 1Y: 9.45%
• 3Y*: 8.09%
• 5Y*: 2.44%
• 10Y*: 4.17%

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

POBAX vs. POAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
POBAX Pacific Funds Portfolio Optimization Moderate-Conservative	5.19%	11.53%	8.17%	11.33%	-16.92%	7.64%	12.39%	15.64%	-5.83%	10.46%
POAAX Pacific Funds Portfolio Optimization Conservative	3.38%	9.54%	6.07%	9.40%	-15.03%	3.96%	10.82%	12.14%	-4.18%	7.80%

Correlation

The correlation between POBAX and POAAX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 2, 2004	0.92

The correlation between POBAX and POAAX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

POBAX vs. POAAX — Risk / Return Rank

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

POBAX

POBAX Risk / Return Rank: 57
POBAX Sharpe Ratio Rank: 55
POBAX Sortino Ratio Rank: 58
POBAX Omega Ratio Rank: 57
POBAX Calmar Ratio Rank: 51
POBAX Martin Ratio Rank: 62

POAAX

POAAX Risk / Return Rank: 54
POAAX Sharpe Ratio Rank: 53
POAAX Sortino Ratio Rank: 55
POAAX Omega Ratio Rank: 56
POAAX Calmar Ratio Rank: 48
POAAX Martin Ratio Rank: 59

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.

POBAX vs. POAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacific Funds Portfolio Optimization Moderate-Conservative (POBAX) and Pacific Funds Portfolio Optimization Conservative (POAAX). 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.

	POBAX	POAAX	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.98	+0.05
Sortino ratio: Return per unit of downside risk	2.92	2.85	+0.07
Omega ratio: Gain probability vs. loss probability	1.38	1.38	0.00
Calmar ratio: Return relative to maximum drawdown	2.61	2.53	+0.08
Martin ratio: Return relative to average drawdown	11.57	11.13	+0.44

POBAX vs. POAAX - Sharpe Ratio Comparison

The current POBAX Sharpe Ratio is 2.02, which is comparable to the POAAX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of POBAX and POAAX, 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

POBAX vs. POAAX - Drawdown Comparison

The maximum POBAX drawdown since its inception was -29.15%, which is greater than POAAX's maximum drawdown of -20.48%. Use the drawdown chart below to compare losses from any high point for POBAX and POAAX.

Drawdown Indicators

	POBAX	POAAX	Difference
Max Drawdown Largest peak-to-trough decline	-29.15%	-20.48%	-8.67%
Max Drawdown (1Y) Largest decline over 1 year	-5.15%	-3.88%	-1.27%
Max Drawdown (3Y) Largest decline over 3 years	-8.39%	-5.23%	-3.16%
Max Drawdown (5Y) Largest decline over 5 years	-22.33%	-20.48%	-1.85%
Max Drawdown (10Y) Largest decline over 10 years	-22.33%	-20.48%	-1.85%
Current Drawdown Current decline from peak	-0.42%	-0.28%	-0.14%
Average Drawdown Average peak-to-trough decline	-3.58%	-2.80%	-0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	0.88%	+0.28%

Volatility

POBAX vs. POAAX - Volatility Comparison

Pacific Funds Portfolio Optimization Moderate-Conservative (POBAX) has a higher volatility of 2.53% compared to Pacific Funds Portfolio Optimization Conservative (POAAX) at 1.87%. This indicates that POBAX's price experiences larger fluctuations and is considered to be riskier than POAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	POBAX	POAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	1.87%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	5.50%	4.13%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	6.65%	4.98%	+1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.44%	7.42%	+4.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.90%	6.47%	+3.43%

POBAX vs. POAAX - Expense Ratio Comparison

Both POBAX and POAAX have an expense ratio of 0.60%.

Dividends

POBAX vs. POAAX - Dividend Comparison

POBAX's dividend yield for the trailing twelve months is around 2.90%, less than POAAX's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
POAAX Pacific Funds Portfolio Optimization Conservative	3.71%	3.84%	4.24%	3.39%	6.99%	4.14%	2.89%	2.04%	12.02%	2.18%	1.28%	3.64%
POBAX Pacific Funds Portfolio Optimization Moderate-Conservative	2.90%	3.06%	3.68%	2.67%	13.64%	6.84%	2.56%	2.31%	20.06%	3.22%	4.32%	5.46%

Frequently Asked Questions

Can I hold both POBAX and POAAX in my portfolio?

With a correlation of 0.96, POBAX and POAAX 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, POBAX or POAAX?

POBAX has higher volatility (2.53%) compared to POAAX (1.87%). In terms of maximum drawdown, POBAX dropped -29.15% vs POAAX's -20.48%.

Which has better risk-adjusted returns?

POBAX currently has the higher Sharpe Ratio (2.02 vs 1.98), 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.