PONPX vs. PCLPX

Last updated Aug 4, 2026

PONPX (PIMCO Income Fund Class I-2) and PCLPX (PIMCO CommoditiesPLUS Strategy I2) are both mutual funds - PONPX is a Multisector Bonds fund actively managed by PIMCO, while PCLPX is a Commodities fund actively managed by PIMCO. Both are actively managed. Over the past 10 years, PONPX returned 4.32%/yr vs 12.29%/yr for PCLPX. Their 0.09 correlation means their historical movements had little consistent relationship. PONPX charges 0.64%/yr vs 0.92%/yr for PCLPX.

Performance

PONPX vs. PCLPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Income Fund Class I-2 (PONPX) and PIMCO CommoditiesPLUS Strategy I2 (PCLPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PONPX achieves a -0.10% return, which is significantly lower than PCLPX's 34.49% return. Over the past 10 years, PONPX has underperformed PCLPX with an annualized return of 4.32%, while PCLPX has yielded a comparatively higher 12.29% annualized return.

PONPX

• 1D: -0.28%
• 1M: -1.47%
• 6M: -0.59%
• YTD: -0.10%
• 1Y: 4.21%
• 3Y*: 6.84%
• 5Y*: 3.07%
• 10Y*: 4.32%
• ALL TIME*: 7.22%

PCLPX

• 1D: 0.24%
• 1M: 10.07%
• 6M: 30.04%
• YTD: 34.49%
• 1Y: 39.05%
• 3Y*: 12.47%
• 5Y*: 14.45%
• 10Y*: 12.29%
• ALL TIME*: 5.29%

*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)
PCLPX PIMCO CommoditiesPLUS Strategy I2	$0.00	$0.00	$0.00
PONPX PIMCO Income Fund Class I-2	$0.00	$0.00	$0.00

PONPX vs. PCLPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PONPX PIMCO Income Fund Class I-2	-0.10%	10.96%	5.33%	9.24%	-9.14%	2.51%	5.73%	7.99%	0.53%	8.52%
PCLPX PIMCO CommoditiesPLUS Strategy I2	34.49%	4.45%	5.92%	0.24%	23.04%	43.50%	-9.12%	19.39%	-12.15%	10.53%

Correlation

The correlation between PONPX and PCLPX is -0.42, 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.	-0.42
Correlation (3Y) Balances recent behavior with more history.	-0.18
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.03
Correlation (10Y) Provides a long-term view across more market conditions.	0.05
Correlation (All Time) Calculated using the full available price history since May 28, 2010	0.09

The correlation between PONPX and PCLPX shifts across timeframes, from -0.42 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PONPX vs. PCLPX — Risk / Return Rank

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

PONPX

PONPX Risk / Return Rank: 32
PONPX Sharpe Ratio Rank: 35
PONPX Sortino Ratio Rank: 35
PONPX Omega Ratio Rank: 36
PONPX Calmar Ratio Rank: 27
PONPX Martin Ratio Rank: 27

PCLPX

PCLPX Risk / Return Rank: 69
PCLPX Sharpe Ratio Rank: 78
PCLPX Sortino Ratio Rank: 70
PCLPX Omega Ratio Rank: 70
PCLPX Calmar Ratio Rank: 70
PCLPX Martin Ratio Rank: 58

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.

PONPX vs. PCLPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Fund Class I-2 (PONPX) and PIMCO CommoditiesPLUS Strategy I2 (PCLPX). 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.

	PONPX	PCLPX	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.88	-0.69
Sortino ratio: Return per unit of downside risk	1.73	2.49	-0.75
Omega ratio: Gain probability vs. loss probability	1.22	1.32	-0.10
Calmar ratio: Return relative to maximum drawdown	1.33	2.42	-1.09
Martin ratio: Return relative to average drawdown	4.20	8.18	-3.98

PONPX vs. PCLPX - Sharpe Ratio Comparison

The current PONPX Sharpe Ratio is 1.20, which is lower than the PCLPX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of PONPX and PCLPX, 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

PONPX vs. PCLPX - Drawdown Comparison

The maximum PONPX drawdown since its inception was -13.41%, smaller than the maximum PCLPX drawdown of -66.98%. Use the drawdown chart below to compare losses from any high point for PONPX and PCLPX.

Drawdown Indicators

	PONPX	PCLPX	Difference
Max Drawdown Largest peak-to-trough decline	-13.41%	-66.98%	+53.57%
Max Drawdown (1Y) Largest decline over 1 year	-3.69%	-15.49%	+11.80%
Max Drawdown (3Y) Largest decline over 3 years	-3.69%	-15.49%	+11.80%
Max Drawdown (5Y) Largest decline over 5 years	-13.41%	-21.53%	+8.12%
Max Drawdown (10Y) Largest decline over 10 years	-13.41%	-51.87%	+38.46%
Current Drawdown Current decline from peak	-1.99%	-6.36%	+4.37%
Average Drawdown Average peak-to-trough decline	-1.44%	-24.50%	+23.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	4.62%	-3.45%

Volatility

PONPX vs. PCLPX - Volatility Comparison

The current volatility for PIMCO Income Fund Class I-2 (PONPX) is 1.17%, while PIMCO CommoditiesPLUS Strategy I2 (PCLPX) has a volatility of 6.01%. This indicates that PONPX experiences smaller price fluctuations and is considered to be less risky than PCLPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PONPX	PCLPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	6.01%	-4.84%
Volatility (6M) Calculated over the trailing 6-month period	3.56%	17.79%	-14.23%
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	19.93%	-15.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.88%	19.59%	-14.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.25%	40.59%	-36.34%

PONPX vs. PCLPX - Expense Ratio Comparison

PONPX has a 0.64% expense ratio, which is lower than PCLPX's 0.92% expense ratio.

Dividends

PONPX vs. PCLPX - Dividend Comparison

PONPX's dividend yield for the trailing twelve months is around 5.24%, less than PCLPX's 10.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCLPX PIMCO CommoditiesPLUS Strategy I2	10.52%	1.31%	5.22%	4.65%	43.16%	74.10%	0.71%	2.39%	18.62%	12.52%	0.15%	1.92%
PONPX PIMCO Income Fund Class I-2	5.24%	5.91%	6.16%	6.11%	4.89%	3.92%	4.78%	5.73%	5.56%	5.27%	5.42%	7.77%

Frequently Asked Questions

Can I hold both PONPX and PCLPX in my portfolio?

PONPX and PCLPX have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PONPX or PCLPX?

PCLPX has higher volatility (6.01%) compared to PONPX (1.17%). In terms of maximum drawdown, PONPX dropped -13.41% vs PCLPX's -66.98%.

Which has better risk-adjusted returns?

PCLPX currently has the higher Sharpe Ratio (1.88 vs 1.20), 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.