PONPX vs. PFN

Last updated Jun 4, 2026

PONPX (PIMCO Income Fund Class I-2) and PFN (PIMCO Income Strategy Fund II) are both mutual funds - PONPX is a Total Bond Market fund managed by PIMCO, while PFN is a Multisector Bonds fund managed by PIMCO. Over the past 10 years, PONPX returned 4.60%/yr vs 7.89%/yr for PFN. At a 0.23 correlation, their price movements are largely independent. PONPX charges 0.72%/yr vs 1.74%/yr for PFN.

Performance

PONPX vs. PFN - Performance Comparison

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

Returns By Period

In the year-to-date period, PONPX achieves a 0.96% return, which is significantly higher than PFN's -4.15% return. Over the past 10 years, PONPX has underperformed PFN with an annualized return of 4.60%, while PFN has yielded a comparatively higher 7.89% annualized return.

PONPX

• 1D: 0.18%
• 1M: 0.90%
• YTD: 0.96%
• 6M: 1.36%
• 1Y: 8.28%
• 3Y*: 7.76%
• 5Y*: 3.42%
• 10Y*: 4.60%

PFN

• 1D: -1.16%
• 1M: -3.36%
• YTD: -4.15%
• 6M: -2.44%
• 1Y: 5.30%
• 3Y*: 10.63%
• 5Y*: 1.97%
• 10Y*: 7.89%

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

PONPX vs. PFN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PONPX PIMCO Income Fund Class I-2	0.96%	10.96%	5.33%	9.24%	-9.14%	2.51%	5.73%	7.99%	0.53%	8.52%
PFN PIMCO Income Strategy Fund II	-4.15%	13.07%	15.72%	15.43%	-17.65%	5.14%	3.97%	21.84%	0.94%	20.58%

Correlation

The correlation between PONPX and PFN is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jan 5, 2009	0.23

The correlation between PONPX and PFN shifts across timeframes, from 0.23 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PONPX vs. PFN — Risk / Return Rank

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

PONPX

PONPX Risk / Return Rank: 44
PONPX Sharpe Ratio Rank: 47
PONPX Sortino Ratio Rank: 52
PONPX Omega Ratio Rank: 51
PONPX Calmar Ratio Rank: 36
PONPX Martin Ratio Rank: 35

PFN

PFN Risk / Return Rank: 6
PFN Sharpe Ratio Rank: 6
PFN Sortino Ratio Rank: 6
PFN Omega Ratio Rank: 7
PFN Calmar Ratio Rank: 5
PFN Martin Ratio Rank: 7

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.

PONPX vs. PFN - Risk-Adjusted Trends Comparison

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

	PONPX	PFN	Difference
Sharpe ratio: Return per unit of total volatility	2.02	0.53	+1.49
Sortino ratio: Return per unit of downside risk	3.03	0.82	+2.21
Omega ratio: Gain probability vs. loss probability	1.39	1.11	+0.28
Calmar ratio: Return relative to maximum drawdown	2.26	0.49	+1.77
Martin ratio: Return relative to average drawdown	7.83	1.95	+5.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PONPX vs. PFN - Sharpe Ratio Comparison

The current PONPX Sharpe Ratio is 2.02, which is higher than the PFN Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of PONPX and PFN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PONPX	PFN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	0.53	+1.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.14	+0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.09	0.44	+0.66
Sharpe Ratio (All Time) Calculated using the full available price history	1.83	0.28	+1.54

Drawdowns

PONPX vs. PFN - Drawdown Comparison

The maximum PONPX drawdown since its inception was -13.41%, smaller than the maximum PFN drawdown of -80.08%. Use the drawdown chart below to compare losses from any high point for PONPX and PFN.

Drawdown Indicators

	PONPX	PFN	Difference
Max Drawdown Largest peak-to-trough decline	-13.41%	-80.08%	+66.67%
Max Drawdown (1Y) Largest decline over 1 year	-3.69%	-10.77%	+7.08%
Max Drawdown (3Y) Largest decline over 3 years	-3.86%	-14.31%	+10.45%
Max Drawdown (5Y) Largest decline over 5 years	-13.41%	-33.45%	+20.04%
Max Drawdown (10Y) Largest decline over 10 years	-13.41%	-45.70%	+32.29%
Current Drawdown Current decline from peak	-0.96%	-5.19%	+4.23%
Average Drawdown Average peak-to-trough decline	-1.45%	-11.83%	+10.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	2.72%	-1.66%

Volatility

PONPX vs. PFN - Volatility Comparison

The current volatility for PIMCO Income Fund Class I-2 (PONPX) is 1.68%, while PIMCO Income Strategy Fund II (PFN) has a volatility of 3.39%. This indicates that PONPX experiences smaller price fluctuations and is considered to be less risky than PFN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PONPX	PFN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	3.39%	-1.71%
Volatility (6M) Calculated over the trailing 6-month period	3.28%	8.89%	-5.61%
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	10.05%	-5.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.83%	14.66%	-9.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.24%	18.19%	-13.95%

PONPX vs. PFN - Expense Ratio Comparison

PONPX has a 0.72% expense ratio, which is lower than PFN's 1.74% expense ratio.

Dividends

PONPX vs. PFN - Dividend Comparison

PONPX's dividend yield for the trailing twelve months is around 5.73%, less than PFN's 12.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFN PIMCO Income Strategy Fund II	12.60%	11.49%	11.57%	11.92%	12.19%	9.71%	9.67%	9.07%	10.81%	9.20%	10.12%	11.74%
PONPX PIMCO Income Fund Class I-2	5.73%	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 PFN in my portfolio?

PONPX and PFN have a correlation of 0.35, 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 PFN?

PFN has higher volatility (3.39%) compared to PONPX (1.68%). In terms of maximum drawdown, PONPX dropped -13.41% vs PFN's -80.08%.

Which has better risk-adjusted returns?

PONPX currently has the higher Sharpe Ratio (2.02 vs 0.53), 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.