PPYPX vs. AIONX

Last updated Jun 23, 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 suggests significant overlap in exposure. 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: -0.81%
• 1M: -3.16%
• YTD: 10.10%
• 6M: 6.98%
• 1Y: 24.34%
• 3Y*: 15.56%
• 5Y*: 8.79%
• 10Y*: 8.62%

AIONX

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

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

PPYPX vs. AIONX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PPYPX PIMCO RAE International Fund	10.10%	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 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.86

The correlation between PPYPX and AIONX shifts across timeframes, from 0.70 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PPYPX vs. AIONX — Risk / Return Rank

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

PPYPX

PPYPX Risk / Return Rank: 50
PPYPX Sharpe Ratio Rank: 44
PPYPX Sortino Ratio Rank: 40
PPYPX Omega Ratio Rank: 42
PPYPX Calmar Ratio Rank: 72
PPYPX Martin Ratio Rank: 53

AIONX

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

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.

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	1.81	—	—
Sortino ratio: Return per unit of downside risk	2.46	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	3.14	—	—
Martin ratio: Return relative to average drawdown	10.17	—	—

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	-4.66%	—	—
Average Drawdown Average peak-to-trough decline	-10.11%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	—	—

Volatility

Volatility by Period

	PPYPX	AIONX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.23%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.98%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.54%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.98%	—	—

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 7.06%, 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	7.06%	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 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.