PPCRX vs. PONAX
PPCRX (PIMCO Credit Opportunities Bond Fund) and PONAX (PIMCO Income Fund Class A) are both mutual funds - PPCRX is a Nontraditional Bonds fund managed by PIMCO, while PONAX is a Multisector Bonds fund actively managed by PIMCO. Over the past 10 years, PPCRX returned 3.85%/yr vs 4.27%/yr for PONAX. A 0.63 correlation means they provide meaningful diversification when combined. PPCRX charges 1.00%/yr vs 0.94%/yr for PONAX.
Performance
PPCRX vs. PONAX - Performance Comparison
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Returns By Period
In the year-to-date period, PPCRX achieves a -0.12% return, which is significantly lower than PONAX's 1.34% return. Over the past 10 years, PPCRX has underperformed PONAX with an annualized return of 3.85%, while PONAX has yielded a comparatively higher 4.27% annualized return.
PPCRX
- 1D
- -0.21%
- 1M
- 0.53%
- 6M
- -0.12%
- YTD
- -0.12%
- 1Y
- 1.83%
- 3Y*
- 4.69%
- 5Y*
- 2.84%
- 10Y*
- 3.85%
PONAX
- 1D
- 0.04%
- 1M
- 0.69%
- 6M
- 1.34%
- YTD
- 1.34%
- 1Y
- 6.38%
- 3Y*
- 7.37%
- 5Y*
- 3.20%
- 10Y*
- 4.27%
PPCRX vs. PONAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PPCRX PIMCO Credit Opportunities Bond Fund | -0.12% | 4.39% | 5.74% | 8.55% | -3.41% | 1.26% | 3.33% | 8.39% | -0.99% | 6.83% |
PONAX PIMCO Income Fund Class A | 1.34% | 10.63% | 5.02% | 8.96% | -9.34% | 2.21% | 5.40% | 7.65% | 0.21% | 8.19% |
Correlation
The correlation between PPCRX and PONAX is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Sep 2, 2011 | 0.63 |
The correlation between PPCRX and PONAX shifts across timeframes, from 0.63 (all time) to 0.82 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PPCRX vs. PONAX — Risk / Return Rank
PPCRX
PONAX
PPCRX vs. PONAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Credit Opportunities Bond Fund (PPCRX) and PIMCO Income Fund Class A (PONAX). 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.
| PPCRX | PONAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.67 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.30 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 1.74 | -1.36 |
| Martin ratioReturn relative to average drawdown | 0.96 | 5.72 | -4.76 |
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Drawdowns
PPCRX vs. PONAX - Drawdown Comparison
The maximum PPCRX drawdown since its inception was -14.38%, which is greater than PONAX's maximum drawdown of -13.64%. Use the drawdown chart below to compare losses from any high point for PPCRX and PONAX.
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Drawdown Indicators
| PPCRX | PONAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.38% | -13.64% | -0.74% |
Max Drawdown (1Y)Largest decline over 1 year | -4.58% | -3.69% | -0.89% |
Max Drawdown (3Y)Largest decline over 3 years | -4.58% | -3.90% | -0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -8.11% | -13.64% | +5.53% |
Max Drawdown (10Y)Largest decline over 10 years | -14.38% | -13.64% | -0.74% |
Current DrawdownCurrent decline from peak | -1.83% | -0.54% | -1.29% |
Average DrawdownAverage peak-to-trough decline | -1.32% | -1.79% | +0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.79% | 1.12% | +0.67% |
Volatility
PPCRX vs. PONAX - Volatility Comparison
The current volatility for PIMCO Credit Opportunities Bond Fund (PPCRX) is 1.16%, while PIMCO Income Fund Class A (PONAX) has a volatility of 1.23%. This indicates that PPCRX experiences smaller price fluctuations and is considered to be less risky than PONAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PPCRX | PONAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.23% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 3.39% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.71% | 4.11% | -0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.34% | 4.83% | -1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.32% | 4.21% | -0.89% |
PPCRX vs. PONAX - Expense Ratio Comparison
PPCRX has a 1.00% expense ratio, which is higher than PONAX's 0.94% expense ratio.
Dividends
PPCRX vs. PONAX - Dividend Comparison
PPCRX's dividend yield for the trailing twelve months is around 2.76%, less than PONAX's 5.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PONAX PIMCO Income Fund Class A | 5.36% | 5.61% | 5.86% | 5.86% | 4.66% | 3.62% | 4.48% | 5.42% | 5.24% | 4.97% | 5.13% | 7.45% |
PPCRX PIMCO Credit Opportunities Bond Fund | 2.76% | 2.42% | 4.19% | 4.24% | 3.70% | 3.34% | 3.63% | 3.95% | 4.29% | 3.20% | 3.17% | 3.71% |
Frequently Asked Questions
PPCRX and PONAX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PONAX has higher volatility (1.23%) compared to PPCRX (1.16%). In terms of maximum drawdown, PPCRX dropped -14.38% vs PONAX's -13.64%.
PONAX currently has the higher Sharpe Ratio (1.58 vs 0.47), 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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