PONAX vs. PCRAX

Last updated Aug 1, 2026

PONAX (PIMCO Income Fund Class A) and PCRAX (PIMCO Commodity Real Return Strategy Fund Class A) are both mutual funds - PONAX is a Multisector Bonds fund actively managed by PIMCO, while PCRAX is a Commodities fund actively managed by PIMCO. Both are actively managed. Over the past 10 years, PONAX returned 4.03%/yr vs 8.17%/yr for PCRAX. Their 0.18 correlation means their historical movements had little consistent relationship. PONAX charges 0.94%/yr vs 1.30%/yr for PCRAX.

Performance

PONAX vs. PCRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Income Fund Class A (PONAX) and PIMCO Commodity Real Return Strategy Fund Class A (PCRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PONAX achieves a 0.03% return, which is significantly lower than PCRAX's 21.45% return. Over the past 10 years, PONAX has underperformed PCRAX with an annualized return of 4.03%, while PCRAX has yielded a comparatively higher 8.17% annualized return.

PONAX

• 1D: 0.09%
• 1M: -1.20%
• 6M: -0.53%
• YTD: 0.03%
• 1Y: 4.21%
• 3Y*: 6.49%
• 5Y*: 2.85%
• 10Y*: 4.03%
• ALL TIME*: 6.16%

PCRAX

• 1D: 0.00%
• 1M: 6.94%
• 6M: 11.68%
• YTD: 21.45%
• 1Y: 32.57%
• 3Y*: 13.77%
• 5Y*: 10.41%
• 10Y*: 8.17%
• ALL TIME*: 4.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PCRAX PIMCO Commodity Real Return Strategy Fund Class A	$0.00	$0.00	$0.00
PONAX PIMCO Income Fund Class A	$0.00	$0.00	$0.00

PONAX vs. PCRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PONAX PIMCO Income Fund Class A	0.03%	10.63%	5.02%	8.96%	-9.34%	2.21%	5.40%	7.65%	0.21%	8.19%
PCRAX PIMCO Commodity Real Return Strategy Fund Class A	21.45%	16.56%	10.08%	-6.38%	8.54%	32.65%	0.39%	11.77%	-14.24%	2.35%

Correlation

The correlation between PONAX and PCRAX is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.23
Correlation (3Y) Balances recent behavior with more history.	0.03
Correlation (5Y) Shows whether the relationship held over a longer period.	0.13
Correlation (10Y) Provides a long-term view across more market conditions.	0.17
Correlation (All Time) Calculated using the full available price history since Apr 2, 2007	0.18

The correlation between PONAX and PCRAX shifts across timeframes, from -0.23 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PONAX vs. PCRAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PONAX

PONAX Risk / Return Rank: 45
PONAX Sharpe Ratio Rank: 52
PONAX Sortino Ratio Rank: 53
PONAX Omega Ratio Rank: 54
PONAX Calmar Ratio Rank: 36
PONAX Martin Ratio Rank: 32

PCRAX

PCRAX Risk / Return Rank: 64
PCRAX Sharpe Ratio Rank: 75
PCRAX Sortino Ratio Rank: 67
PCRAX Omega Ratio Rank: 70
PCRAX Calmar Ratio Rank: 59
PCRAX Martin Ratio Rank: 49

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PONAX vs. PCRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Fund Class A (PONAX) and PIMCO Commodity Real Return Strategy Fund Class A (PCRAX). 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.

	PONAX	PCRAX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.79	-0.46
Sortino ratio: Return per unit of downside risk	1.92	2.34	-0.42
Omega ratio: Gain probability vs. loss probability	1.25	1.31	-0.07
Calmar ratio: Return relative to maximum drawdown	1.47	2.09	-0.62
Martin ratio: Return relative to average drawdown	4.57	6.98	-2.41

PONAX vs. PCRAX - Sharpe Ratio Comparison

The current PONAX Sharpe Ratio is 1.33, which is comparable to the PCRAX Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of PONAX and PCRAX, 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

PONAX vs. PCRAX - Drawdown Comparison

The maximum PONAX drawdown since its inception was -13.64%, smaller than the maximum PCRAX drawdown of -82.98%. Use the drawdown chart below to compare losses from any high point for PONAX and PCRAX.

Drawdown Indicators

	PONAX	PCRAX	Difference
Max Drawdown Largest peak-to-trough decline	-13.64%	-82.98%	+69.34%
Max Drawdown (1Y) Largest decline over 1 year	-3.69%	-14.50%	+10.81%
Max Drawdown (3Y) Largest decline over 3 years	-3.69%	-14.50%	+10.81%
Max Drawdown (5Y) Largest decline over 5 years	-13.64%	-34.95%	+21.31%
Max Drawdown (10Y) Largest decline over 10 years	-13.64%	-39.45%	+25.81%
Current Drawdown Current decline from peak	-1.82%	-45.55%	+43.73%
Average Drawdown Average peak-to-trough decline	-1.79%	-48.85%	+47.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	4.36%	-3.17%

Volatility

PONAX vs. PCRAX - Volatility Comparison

The current volatility for PIMCO Income Fund Class A (PONAX) is 1.15%, while PIMCO Commodity Real Return Strategy Fund Class A (PCRAX) has a volatility of 4.52%. This indicates that PONAX experiences smaller price fluctuations and is considered to be less risky than PCRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PONAX	PCRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	4.52%	-3.37%
Volatility (6M) Calculated over the trailing 6-month period	3.52%	14.04%	-10.52%
Volatility (1Y) Calculated over the trailing 1-year period	4.10%	16.97%	-12.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.86%	19.76%	-14.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.22%	17.19%	-12.97%

PONAX vs. PCRAX - Expense Ratio Comparison

PONAX has a 0.94% expense ratio, which is lower than PCRAX's 1.30% expense ratio.

Dividends

PONAX vs. PCRAX - Dividend Comparison

PONAX's dividend yield for the trailing twelve months is around 4.95%, less than PCRAX's 10.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCRAX PIMCO Commodity Real Return Strategy Fund Class A	10.53%	5.72%	8.12%	6.65%	48.19%	23.28%	1.23%	3.70%	5.69%	7.90%	0.60%	5.07%
PONAX PIMCO Income Fund Class A	4.95%	5.61%	5.86%	5.86%	4.66%	3.62%	4.48%	5.42%	5.24%	4.97%	5.13%	7.45%

Frequently Asked Questions

Can I hold both PONAX and PCRAX in my portfolio?

PONAX and PCRAX have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PONAX or PCRAX?

PCRAX has higher volatility (4.52%) compared to PONAX (1.15%). In terms of maximum drawdown, PONAX dropped -13.64% vs PCRAX's -82.98%.

Which has better risk-adjusted returns?

PCRAX currently has the higher Sharpe Ratio (1.79 vs 1.33), 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.