PONAX vs. PIMIX
PONAX (PIMCO Income Fund Class A) and PIMIX (PIMCO Income Fund Institutional Class) are both Multisector Bonds funds from PIMCO. Both are actively managed. Over the past 10 years, PONAX returned 4.31%/yr vs 4.72%/yr for PIMIX. With a 1.00 correlation, they move nearly in lockstep. PONAX charges 0.94%/yr vs 0.54%/yr for PIMIX.
Performance
PONAX vs. PIMIX - Performance Comparison
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Returns By Period
In the year-to-date period, PONAX achieves a 0.83% return, which is significantly lower than PIMIX's 1.00% return. Over the past 10 years, PONAX has underperformed PIMIX with an annualized return of 4.31%, while PIMIX has yielded a comparatively higher 4.72% annualized return.
PONAX
- 1D
- 0.09%
- 1M
- 1.16%
- YTD
- 0.83%
- 6M
- 1.39%
- 1Y
- 7.45%
- 3Y*
- 7.30%
- 5Y*
- 3.19%
- 10Y*
- 4.31%
PIMIX
- 1D
- 0.09%
- 1M
- 1.19%
- YTD
- 1.00%
- 6M
- 1.60%
- 1Y
- 7.88%
- 3Y*
- 7.73%
- 5Y*
- 3.58%
- 10Y*
- 4.72%
PONAX vs. PIMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PONAX PIMCO Income Fund Class A | 0.83% | 10.63% | 5.02% | 8.96% | -9.34% | 2.21% | 5.40% | 7.65% | 0.21% | 8.19% |
PIMIX PIMCO Income Fund Institutional Class | 1.00% | 11.08% | 5.45% | 9.36% | -9.07% | 2.62% | 5.84% | 8.10% | 0.63% | 8.63% |
Correlation
The correlation between PONAX 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 (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2007 | 1.00 |
The correlation between PONAX and PIMIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
PONAX vs. PIMIX — Risk / Return Rank
PONAX
PIMIX
PONAX vs. PIMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Fund Class A (PONAX) 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.
| PONAX | PIMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.37 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | 2.15 | -0.12 |
| Martin ratioReturn relative to average drawdown | 6.75 | 7.27 | -0.52 |
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Drawdowns
PONAX vs. PIMIX - Drawdown Comparison
The maximum PONAX drawdown since its inception was -13.64%, roughly equal to the maximum PIMIX drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for PONAX and PIMIX.
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Drawdown Indicators
| PONAX | PIMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.64% | -13.39% | -0.25% |
Max Drawdown (1Y)Largest decline over 1 year | -3.69% | -3.69% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -3.90% | -3.84% | -0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -13.64% | -13.34% | -0.30% |
Max Drawdown (10Y)Largest decline over 10 years | -13.64% | -13.39% | -0.25% |
Current DrawdownCurrent decline from peak | -1.03% | -0.93% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -1.79% | -1.69% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 1.09% | +0.02% |
Volatility
PONAX vs. PIMIX - Volatility Comparison
PIMCO Income Fund Class A (PONAX) and PIMCO Income Fund Institutional Class (PIMIX) have volatilities of 1.41% and 1.42%, 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.
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Volatility by Period
| PONAX | PIMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | 1.42% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 3.36% | 3.39% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.12% | 4.17% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.83% | 4.86% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.22% | 4.26% | -0.04% |
PONAX vs. PIMIX - Expense Ratio Comparison
PONAX has a 0.94% expense ratio, which is higher than PIMIX's 0.54% expense ratio.
Dividends
PONAX vs. PIMIX - Dividend Comparison
PONAX's dividend yield for the trailing twelve months is around 5.43%, less than PIMIX's 5.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIMIX PIMCO Income Fund Institutional Class | 5.83% | 6.01% | 6.27% | 6.21% | 4.98% | 4.02% | 4.88% | 5.83% | 5.66% | 5.37% | 5.52% | 7.88% |
PONAX PIMCO Income Fund Class A | 5.43% | 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
With a correlation of 1.00, PONAX 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.
PIMIX has higher volatility (1.42%) compared to PONAX (1.41%). In terms of maximum drawdown, PONAX dropped -13.64% vs PIMIX's -13.39%.
PIMIX currently has the higher Sharpe Ratio (1.91 vs 1.82), 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.
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