PPYPX vs. AIONX

Last updated Aug 1, 2026

PPYPX (PIMCO RAE International Fund) and AIONX (AQR International Momentum Style Fund Class N) are both Foreign Large Cap Equities funds. Their correlation of 0.86 means they have usually moved in the same direction. PPYPX charges 0.60%/yr vs 0.88%/yr for AIONX.

Performance

PPYPX vs. AIONX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAE International Fund (PPYPX) and AQR International Momentum Style Fund Class N (AIONX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PPYPX

• 1D: 1.05%
• 1M: 6.65%
• 6M: 10.66%
• YTD: 18.86%
• 1Y: 31.14%
• 3Y*: 16.73%
• 5Y*: 10.37%
• 10Y*: 9.42%
• ALL TIME*: 9.22%

AIONX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
PPYPX PIMCO RAE International Fund	$0.00	$0.00	$0.00

PPYPX vs. AIONX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PPYPX PIMCO RAE International Fund	18.86%	31.34%	-1.15%	18.13%	-8.73%	10.68%	2.05%	16.43%	-15.49%	24.89%
AIONX AQR International Momentum Style Fund Class N	6.03%	34.58%	8.41%	16.39%	-19.64%	11.72%	16.32%	22.29%	-15.50%	24.99%

Correlation

The correlation between PPYPX and AIONX is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.86

Over the past year, the correlation between PPYPX and AIONX has dropped to 0.65 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

Return for Risk

PPYPX vs. AIONX — Risk / Return Rank

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

PPYPX

PPYPX Risk / Return Rank: 90
PPYPX Sharpe Ratio Rank: 93
PPYPX Sortino Ratio Rank: 88
PPYPX Omega Ratio Rank: 86
PPYPX Calmar Ratio Rank: 95
PPYPX Martin Ratio Rank: 90

AIONX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

PPYPX vs. AIONX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAE International Fund (PPYPX) and AQR International Momentum Style Fund Class N (AIONX). 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.

	PPYPX	AIONX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	—	—
Sortino ratio: Return per unit of downside risk	3.24	—	—
Omega ratio: Gain probability vs. loss probability	1.44	—	—
Calmar ratio: Return relative to maximum drawdown	4.18	—	—
Martin ratio: Return relative to average drawdown	12.52	—	—

Drawdowns

Drawdown Indicators

	PPYPX	AIONX	Difference
Max Drawdown Largest peak-to-trough decline	-42.48%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.48%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.00%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.48%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-10.03%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	—	—

Volatility

Volatility by Period

	PPYPX	AIONX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.60%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.01%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.47%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	—	—

PPYPX vs. AIONX - Expense Ratio Comparison

PPYPX has a 0.60% expense ratio, which is lower than AIONX's 0.88% expense ratio.

Dividends

PPYPX vs. AIONX - Dividend Comparison

PPYPX's dividend yield for the trailing twelve months is around 6.54%, less than AIONX's 20.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIONX AQR International Momentum Style Fund Class N	20.01%	14.62%	21.87%	11.32%	2.62%	1.77%	0.95%	2.12%	1.85%	1.96%	2.23%	1.30%
PPYPX PIMCO RAE International Fund	6.54%	7.78%	6.57%	10.09%	7.20%	27.06%	2.23%	4.20%	5.96%	2.53%	2.41%	0.00%

Frequently Asked Questions

Can I hold both PPYPX and AIONX in my portfolio?

PPYPX and AIONX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.