POCAX vs. POBAX

Last updated Jun 3, 2026

POCAX (Pacific Funds Portfolio Optimization Moderate) and POBAX (Pacific Funds Portfolio Optimization Moderate-Conservative) are both Diversified Portfolio funds from Pacific Funds Series Trust. Over the past 10 years, POCAX returned 7.87%/yr vs 5.86%/yr for POBAX. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.60% expense ratio.

Performance

POCAX vs. POBAX - Performance Comparison

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

Returns By Period

In the year-to-date period, POCAX achieves a 7.64% return, which is significantly higher than POBAX's 5.37% return. Over the past 10 years, POCAX has outperformed POBAX with an annualized return of 7.87%, while POBAX has yielded a comparatively lower 5.86% annualized return.

POCAX

• 1D: 0.08%
• 1M: 2.99%
• YTD: 7.64%
• 6M: 7.68%
• 1Y: 18.76%
• 3Y*: 13.41%
• 5Y*: 5.46%
• 10Y*: 7.87%

POBAX

• 1D: 0.09%
• 1M: 2.08%
• YTD: 5.37%
• 6M: 5.65%
• 1Y: 14.31%
• 3Y*: 10.56%
• 5Y*: 3.75%
• 10Y*: 5.86%

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

POCAX vs. POBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
POCAX Pacific Funds Portfolio Optimization Moderate	7.64%	12.91%	11.62%	13.95%	-18.67%	11.94%	14.65%	20.36%	-7.41%	13.51%
POBAX Pacific Funds Portfolio Optimization Moderate-Conservative	5.37%	11.53%	8.17%	11.33%	-16.92%	7.64%	12.39%	15.64%	-5.83%	10.46%

Correlation

The correlation between POCAX and POBAX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 5, 2004	0.97

The correlation between POCAX and POBAX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

POCAX vs. POBAX — Risk / Return Rank

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

POCAX

POCAX Risk / Return Rank: 62
POCAX Sharpe Ratio Rank: 60
POCAX Sortino Ratio Rank: 60
POCAX Omega Ratio Rank: 59
POCAX Calmar Ratio Rank: 60
POCAX Martin Ratio Rank: 70

POBAX

POBAX Risk / Return Rank: 62
POBAX Sharpe Ratio Rank: 62
POBAX Sortino Ratio Rank: 65
POBAX Omega Ratio Rank: 63
POBAX Calmar Ratio Rank: 55
POBAX Martin Ratio Rank: 66

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.

POCAX vs. POBAX - Risk-Adjusted Trends Comparison

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

	POCAX	POBAX	Difference
Sharpe ratio Return per unit of total volatility	2.29	2.32	-0.03
Sortino ratio Return per unit of downside risk	3.27	3.38	-0.12
Omega ratio Gain probability vs. loss probability	1.43	1.44	-0.02
Calmar ratio Return relative to maximum drawdown	2.96	2.84	+0.12
Martin ratio Return relative to average drawdown	13.48	12.88	+0.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

POCAX vs. POBAX - Sharpe Ratio Comparison

The current POCAX Sharpe Ratio is 2.29, which is comparable to the POBAX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of POCAX and POBAX, 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

	POCAX	POBAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	2.32	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.33	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.59	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.59	-0.09

Drawdowns

POCAX vs. POBAX - Drawdown Comparison

The maximum POCAX drawdown since its inception was -40.19%, which is greater than POBAX's maximum drawdown of -29.15%. Use the drawdown chart below to compare losses from any high point for POCAX and POBAX.

Drawdown Indicators

	POCAX	POBAX	Difference
Max Drawdown Largest peak-to-trough decline	-40.19%	-29.15%	-11.04%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-5.15%	-1.32%
Max Drawdown (3Y) Largest decline over 3 years	-12.03%	-8.39%	-3.64%
Max Drawdown (5Y) Largest decline over 5 years	-24.92%	-22.33%	-2.59%
Max Drawdown (10Y) Largest decline over 10 years	-26.59%	-22.33%	-4.26%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.94%	-3.59%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.42%	1.14%	+0.28%

Volatility

POCAX vs. POBAX - Volatility Comparison

Pacific Funds Portfolio Optimization Moderate (POCAX) has a higher volatility of 2.43% compared to Pacific Funds Portfolio Optimization Moderate-Conservative (POBAX) at 2.04%. This indicates that POCAX's price experiences larger fluctuations and is considered to be riskier than POBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	POCAX	POBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.43%	2.04%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	6.62%	5.09%	+1.53%
Volatility (1Y) Calculated over the trailing 1-year period	8.34%	6.27%	+2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	11.40%	+5.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.46%	9.88%	+4.58%

POCAX vs. POBAX - Expense Ratio Comparison

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

Dividends

POCAX vs. POBAX - Dividend Comparison

POCAX's dividend yield for the trailing twelve months is around 6.85%, more than POBAX's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
POCAX Pacific Funds Portfolio Optimization Moderate	6.85%	7.37%	2.97%	1.68%	22.92%	8.62%	3.11%	5.02%	22.38%	3.85%	5.44%	6.68%

Frequently Asked Questions

Can I hold both POCAX and POBAX in my portfolio?

With a correlation of 0.98, POCAX and POBAX 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, POCAX or POBAX?

POCAX has higher volatility (2.43%) compared to POBAX (2.04%). In terms of maximum drawdown, POCAX dropped -40.19% vs POBAX's -29.15%.

Which has better risk-adjusted returns?

POBAX currently has the higher Sharpe Ratio (2.32 vs 2.29), 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.