PONAX vs. QYLD

Last updated Jun 20, 2026

PONAX (PIMCO Income Fund Class A) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both funds - PONAX is a Multisector Bonds fund actively managed by PIMCO, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. PONAX is actively managed, while QYLD is passively managed. Over the past 10 years, PONAX returned 4.31%/yr vs 10.07%/yr for QYLD. At a 0.24 correlation, their price movements are largely independent. PONAX charges 0.94%/yr vs 0.60%/yr for QYLD.

Performance

PONAX vs. QYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Income Fund Class A (PONAX) and Global X NASDAQ 100 Covered Call ETF (QYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PONAX achieves a 0.83% return, which is significantly lower than QYLD's 10.20% return. Over the past 10 years, PONAX has underperformed QYLD with an annualized return of 4.31%, while QYLD has yielded a comparatively higher 10.07% annualized return.

PONAX

• 1D: 0.09%
• 1M: 1.54%
• YTD: 0.83%
• 6M: 1.39%
• 1Y: 7.45%
• 3Y*: 7.30%
• 5Y*: 3.19%
• 10Y*: 4.31%

QYLD

• 1D: 2.43%
• 1M: 4.04%
• YTD: 10.20%
• 6M: 10.75%
• 1Y: 25.53%
• 3Y*: 14.59%
• 5Y*: 8.95%
• 10Y*: 10.07%

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

PONAX vs. QYLD - 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%
QYLD Global X NASDAQ 100 Covered Call ETF	10.20%	9.28%	19.35%	22.77%	-19.08%	10.41%	8.72%	22.69%	-3.07%	18.79%

Correlation

The correlation between PONAX and QYLD is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Dec 12, 2013	0.24

The correlation between PONAX and QYLD shifts across timeframes, from 0.23 (3 years) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PONAX vs. QYLD — Risk / Return Rank

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

PONAX

PONAX Risk / Return Rank: 44
PONAX Sharpe Ratio Rank: 48
PONAX Sortino Ratio Rank: 53
PONAX Omega Ratio Rank: 51
PONAX Calmar Ratio Rank: 34
PONAX Martin Ratio Rank: 33

QYLD

QYLD Risk / Return Rank: 91
QYLD Sharpe Ratio Rank: 87
QYLD Sortino Ratio Rank: 89
QYLD Omega Ratio Rank: 93
QYLD Calmar Ratio Rank: 90
QYLD Martin Ratio Rank: 95

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. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Fund Class A (PONAX) and Global X NASDAQ 100 Covered Call ETF (QYLD). 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	QYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.70	-0.88
Sortino ratio: Return per unit of downside risk	2.70	3.84	-1.14
Omega ratio: Gain probability vs. loss probability	1.35	1.60	-0.25
Calmar ratio: Return relative to maximum drawdown	2.03	5.16	-3.13
Martin ratio: Return relative to average drawdown	6.75	29.06	-22.31

PONAX vs. QYLD - Sharpe Ratio Comparison

The current PONAX Sharpe Ratio is 1.82, which is lower than the QYLD Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of PONAX and QYLD, 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. QYLD - Drawdown Comparison

The maximum PONAX drawdown since its inception was -13.64%, smaller than the maximum QYLD drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for PONAX and QYLD.

Drawdown Indicators

	PONAX	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	-13.64%	-24.75%	+11.11%
Max Drawdown (1Y) Largest decline over 1 year	-3.69%	-4.97%	+1.28%
Max Drawdown (3Y) Largest decline over 3 years	-3.90%	-19.06%	+15.16%
Max Drawdown (5Y) Largest decline over 5 years	-13.64%	-24.61%	+10.97%
Max Drawdown (10Y) Largest decline over 10 years	-13.64%	-24.75%	+11.11%
Current Drawdown Current decline from peak	-1.03%	0.00%	-1.03%
Average Drawdown Average peak-to-trough decline	-1.79%	-3.83%	+2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	0.88%	+0.23%

Volatility

PONAX vs. QYLD - Volatility Comparison

The current volatility for PIMCO Income Fund Class A (PONAX) is 1.41%, while Global X NASDAQ 100 Covered Call ETF (QYLD) has a volatility of 4.30%. This indicates that PONAX experiences smaller price fluctuations and is considered to be less risky than QYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PONAX	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	4.30%	-2.89%
Volatility (6M) Calculated over the trailing 6-month period	3.36%	8.24%	-4.88%
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	9.49%	-5.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.83%	14.81%	-9.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.22%	15.54%	-11.32%

PONAX vs. QYLD - Expense Ratio Comparison

PONAX has a 0.94% expense ratio, which is higher than QYLD's 0.60% expense ratio.

Dividends

PONAX vs. QYLD - Dividend Comparison

PONAX's dividend yield for the trailing twelve months is around 5.43%, less than QYLD's 11.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QYLD Global X NASDAQ 100 Covered Call ETF	11.22%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%

Frequently Asked Questions

Can I hold both PONAX and QYLD in my portfolio?

PONAX and QYLD have a correlation of 0.33, 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 QYLD?

QYLD has higher volatility (4.30%) compared to PONAX (1.41%). In terms of maximum drawdown, PONAX dropped -13.64% vs QYLD's -24.75%.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (2.70 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.