PONAX vs. PTTRX

Last updated Jun 24, 2026

PONAX (PIMCO Income Fund Class A) and PTTRX (PIMCO Total Return Fund Institutional Class) are both mutual funds - PONAX is a Multisector Bonds fund actively managed by PIMCO, while PTTRX is a Intermediate Core-Plus Bond fund actively managed by PIMCO. Both are actively managed. Over the past 10 years, PONAX returned 4.31%/yr vs 2.27%/yr for PTTRX. A 0.69 correlation means they provide meaningful diversification when combined. PONAX charges 0.94%/yr vs 0.53%/yr for PTTRX.

Performance

PONAX vs. PTTRX - Performance Comparison

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

Returns By Period

In the year-to-date period, PONAX achieves a 0.55% return, which is significantly higher than PTTRX's 0.30% return. Over the past 10 years, PONAX has outperformed PTTRX with an annualized return of 4.31%, while PTTRX has yielded a comparatively lower 2.27% annualized return.

PONAX

• 1D: -0.28%
• 1M: 0.88%
• YTD: 0.55%
• 6M: 1.11%
• 1Y: 6.85%
• 3Y*: 7.17%
• 5Y*: 3.10%
• 10Y*: 4.31%

PTTRX

• 1D: -0.34%
• 1M: 0.88%
• YTD: 0.30%
• 6M: 0.80%
• 1Y: 6.09%
• 3Y*: 5.37%
• 5Y*: 0.57%
• 10Y*: 2.27%

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

PONAX vs. PTTRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PONAX PIMCO Income Fund Class A	0.55%	10.63%	5.02%	8.96%	-9.34%	2.21%	5.40%	7.65%	0.21%	8.19%
PTTRX PIMCO Total Return Fund Institutional Class	0.30%	9.35%	2.62%	6.33%	-14.72%	-0.59%	8.88%	8.36%	-0.24%	5.13%

Correlation

The correlation between PONAX and PTTRX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Apr 2, 2007	0.69

Over the past year, PONAX and PTTRX have become more correlated (0.94) than their long-term average of 0.69, meaning their price movements have been converging.

Return for Risk

PONAX vs. PTTRX — Risk / Return Rank

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

PONAX

PONAX Risk / Return Rank: 38
PONAX Sharpe Ratio Rank: 42
PONAX Sortino Ratio Rank: 45
PONAX Omega Ratio Rank: 45
PONAX Calmar Ratio Rank: 30
PONAX Martin Ratio Rank: 30

PTTRX

PTTRX Risk / Return Rank: 26
PTTRX Sharpe Ratio Rank: 27
PTTRX Sortino Ratio Rank: 28
PTTRX Omega Ratio Rank: 27
PTTRX Calmar Ratio Rank: 25
PTTRX Martin Ratio Rank: 22

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.

PONAX vs. PTTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Fund Class A (PONAX) and PIMCO Total Return Fund Institutional Class (PTTRX). 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	PTTRX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.38	+0.36
Sortino ratio: Return per unit of downside risk	2.58	2.04	+0.55
Omega ratio: Gain probability vs. loss probability	1.33	1.25	+0.08
Calmar ratio: Return relative to maximum drawdown	1.95	1.73	+0.22
Martin ratio: Return relative to average drawdown	6.46	5.09	+1.37

PONAX vs. PTTRX - Sharpe Ratio Comparison

The current PONAX Sharpe Ratio is 1.74, which is comparable to the PTTRX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of PONAX and PTTRX, 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. PTTRX - Drawdown Comparison

The maximum PONAX drawdown since its inception was -13.64%, smaller than the maximum PTTRX drawdown of -19.28%. Use the drawdown chart below to compare losses from any high point for PONAX and PTTRX.

Drawdown Indicators

	PONAX	PTTRX	Difference
Max Drawdown Largest peak-to-trough decline	-13.64%	-19.28%	+5.64%
Max Drawdown (1Y) Largest decline over 1 year	-3.69%	-3.69%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-3.90%	-6.18%	+2.28%
Max Drawdown (5Y) Largest decline over 5 years	-13.64%	-19.28%	+5.64%
Max Drawdown (10Y) Largest decline over 10 years	-13.64%	-19.28%	+5.64%
Current Drawdown Current decline from peak	-1.31%	-1.82%	+0.51%
Average Drawdown Average peak-to-trough decline	-1.79%	-2.19%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	1.25%	-0.14%

Volatility

PONAX vs. PTTRX - Volatility Comparison

PIMCO Income Fund Class A (PONAX) and PIMCO Total Return Fund Institutional Class (PTTRX) have volatilities of 1.33% and 1.39%, 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.

Volatility by Period

	PONAX	PTTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	1.39%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.38%	3.63%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	4.63%	-0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.83%	6.28%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.22%	5.24%	-1.02%

PONAX vs. PTTRX - Expense Ratio Comparison

PONAX has a 0.94% expense ratio, which is higher than PTTRX's 0.53% expense ratio.

Dividends

PONAX vs. PTTRX - Dividend Comparison

PONAX's dividend yield for the trailing twelve months is around 5.44%, more than PTTRX's 4.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PONAX PIMCO Income Fund Class A	5.44%	5.61%	5.86%	5.86%	4.66%	3.62%	4.48%	5.42%	5.24%	4.97%	5.13%	7.45%
PTTRX PIMCO Total Return Fund Institutional Class	4.56%	4.47%	4.61%	3.81%	3.63%	2.59%	6.11%	3.96%	3.13%	2.63%	3.02%	6.64%

Frequently Asked Questions

Can I hold both PONAX and PTTRX in my portfolio?

With a correlation of 0.94, PONAX and PTTRX 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, PONAX or PTTRX?

PTTRX has higher volatility (1.39%) compared to PONAX (1.33%). In terms of maximum drawdown, PONAX dropped -13.64% vs PTTRX's -19.28%.

Which has better risk-adjusted returns?

PONAX currently has the higher Sharpe Ratio (1.74 vs 1.38), 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.