PONAX vs. PIPNX
PONAX (PIMCO Income Fund Class A) and PIPNX (PIMCO Income Fund Class I-3) are both Multisector Bonds funds from PIMCO. Over the past 5 years, PONAX returned 2.85%/yr vs 2.89%/yr for PIPNX. Their 1.00 correlation means they have historically moved very closely together. PONAX charges 0.94%/yr vs 0.77%/yr for PIPNX.
Performance
PONAX vs. PIPNX - Performance Comparison
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Returns By Period
In the year-to-date period, PONAX achieves a 0.03% return, which is significantly lower than PIPNX's 0.16% 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%
PIPNX
- 1D
- 0.09%
- 1M
- -1.20%
- 6M
- -0.42%
- YTD
- 0.16%
- 1Y
- 4.45%
- 3Y*
- 6.54%
- 5Y*
- 2.89%
- 10Y*
- —
- ALL TIME*
- 3.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PONAX vs. PIPNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PONAX PIMCO Income Fund Class A | 0.03% | 10.63% | 5.02% | 8.96% | -9.34% | 2.21% | 5.40% | 7.65% | 1.50% |
PIPNX PIMCO Income Fund Class I-3 | 0.16% | 10.91% | 5.32% | 8.08% | -9.14% | 2.50% | 5.68% | 7.92% | 1.22% |
Correlation
The correlation between PONAX and PIPNX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 2018 | 1.00 |
The correlation between PONAX and PIPNX 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. PIPNX — Risk / Return Rank
PONAX
PIPNX
PONAX vs. PIPNX - 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 Class I-3 (PIPNX). 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 | PIPNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.26 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.47 | 1.55 | -0.07 |
| Martin ratioReturn relative to average drawdown | 4.57 | 4.88 | -0.31 |
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Drawdowns
PONAX vs. PIPNX - Drawdown Comparison
The maximum PONAX drawdown since its inception was -13.64%, roughly equal to the maximum PIPNX drawdown of -13.42%. Use the drawdown chart below to compare losses from any high point for PONAX and PIPNX.
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Drawdown Indicators
| PONAX | PIPNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.64% | -13.42% | -0.22% |
Max Drawdown (1Y)Largest decline over 1 year | -3.69% | -3.69% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -3.69% | -3.69% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -13.64% | -13.42% | -0.22% |
Max Drawdown (10Y)Largest decline over 10 years | -13.64% | — | — |
Current DrawdownCurrent decline from peak | -1.82% | -1.74% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -1.79% | -2.38% | +0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 1.16% | +0.03% |
Volatility
PONAX vs. PIPNX - Volatility Comparison
PIMCO Income Fund Class A (PONAX) and PIMCO Income Fund Class I-3 (PIPNX) have volatilities of 1.15% and 1.15%, 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 | PIPNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 1.15% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 3.52% | 3.54% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.10% | 4.13% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.86% | 4.87% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.22% | 4.55% | -0.33% |
PONAX vs. PIPNX - Expense Ratio Comparison
PONAX has a 0.94% expense ratio, which is higher than PIPNX's 0.77% expense ratio.
Dividends
PONAX vs. PIPNX - Dividend Comparison
PONAX's dividend yield for the trailing twelve months is around 4.95%, less than PIPNX's 5.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIPNX PIMCO Income Fund Class I-3 | 5.18% | 5.86% | 6.15% | 5.08% | 4.89% | 3.91% | 4.73% | 5.66% | 3.66% | 0.00% | 0.00% | 0.00% |
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
With a correlation of 1.00, PONAX and PIPNX 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.
PIPNX has higher volatility (1.15%) compared to PONAX (1.15%). In terms of maximum drawdown, PONAX dropped -13.64% vs PIPNX's -13.42%.
PIPNX currently has the higher Sharpe Ratio (1.38 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.
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