PPYPX vs. PFORX

Last updated Jun 3, 2026

PPYPX (PIMCO RAE International Fund) and PFORX (PIMCO International Bond Fund (U.S. Dollar-Hedged)) are both mutual funds - PPYPX is a Foreign Large Cap Equities fund managed by PIMCO, while PFORX is a Global Bonds fund managed by PIMCO. Over the past 10 years, PPYPX returned 8.88%/yr vs 2.87%/yr for PFORX. At a 0.05 correlation, their price movements are largely independent. PPYPX charges 0.60%/yr vs 0.50%/yr for PFORX.

Performance

PPYPX vs. PFORX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAE International Fund (PPYPX) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PPYPX achieves a 13.69% return, which is significantly higher than PFORX's -0.18% return. Over the past 10 years, PPYPX has outperformed PFORX with an annualized return of 8.88%, while PFORX has yielded a comparatively lower 2.87% annualized return.

PPYPX

• 1D: 0.00%
• 1M: 1.50%
• YTD: 13.69%
• 6M: 12.96%
• 1Y: 26.90%
• 3Y*: 17.99%
• 5Y*: 8.40%
• 10Y*: 8.88%

PFORX

• 1D: -0.31%
• 1M: 0.76%
• YTD: -0.18%
• 6M: -0.05%
• 1Y: 2.68%
• 3Y*: 5.27%
• 5Y*: 1.48%
• 10Y*: 2.87%

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

PPYPX vs. PFORX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PPYPX PIMCO RAE International Fund	13.69%	31.34%	-1.15%	18.13%	-8.73%	10.68%	2.05%	16.43%	-15.49%	24.89%
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged)	-0.18%	4.33%	5.70%	9.52%	-10.33%	-1.67%	6.17%	7.64%	2.64%	3.52%

Correlation

The correlation between PPYPX and PFORX 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	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.05

Over the past year, PPYPX and PFORX have become more correlated (0.35) than their long-term average of 0.05, meaning their price movements have been converging.

Return for Risk

PPYPX vs. PFORX — Risk / Return Rank

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

PPYPX

PPYPX Risk / Return Rank: 62
PPYPX Sharpe Ratio Rank: 58
PPYPX Sortino Ratio Rank: 50
PPYPX Omega Ratio Rank: 53
PPYPX Calmar Ratio Rank: 84
PPYPX Martin Ratio Rank: 67

PFORX

PFORX Risk / Return Rank: 9
PFORX Sharpe Ratio Rank: 9
PFORX Sortino Ratio Rank: 9
PFORX Omega Ratio Rank: 9
PFORX Calmar Ratio Rank: 8
PFORX Martin Ratio Rank: 8

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. PFORX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAE International Fund (PPYPX) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX). 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.

	PPYPX	PFORX	Difference
Sharpe ratio Return per unit of total volatility	2.24	0.74	+1.50
Sortino ratio Return per unit of downside risk	2.98	1.12	+1.87
Omega ratio Gain probability vs. loss probability	1.40	1.15	+0.25
Calmar ratio Return relative to maximum drawdown	3.92	0.85	+3.07
Martin ratio Return relative to average drawdown	13.05	2.61	+10.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPYPX vs. PFORX - Sharpe Ratio Comparison

The current PPYPX Sharpe Ratio is 2.24, which is higher than the PFORX Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of PPYPX and PFORX, 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

	PPYPX	PFORX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	0.74	+1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.41	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.91	-0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	1.26	-0.79

Drawdowns

PPYPX vs. PFORX - Drawdown Comparison

The maximum PPYPX drawdown since its inception was -42.48%, which is greater than PFORX's maximum drawdown of -13.87%. Use the drawdown chart below to compare losses from any high point for PPYPX and PFORX.

Drawdown Indicators

	PPYPX	PFORX	Difference
Max Drawdown Largest peak-to-trough decline	-42.48%	-13.87%	-28.61%
Max Drawdown (1Y) Largest decline over 1 year	-7.48%	-3.99%	-3.49%
Max Drawdown (3Y) Largest decline over 3 years	-14.00%	-3.99%	-10.01%
Max Drawdown (5Y) Largest decline over 5 years	-35.65%	-13.71%	-21.94%
Max Drawdown (10Y) Largest decline over 10 years	-42.48%	-13.87%	-28.61%
Current Drawdown Current decline from peak	-1.55%	-1.67%	+0.12%
Average Drawdown Average peak-to-trough decline	-10.16%	-1.95%	-8.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	1.30%	+0.95%

Volatility

PPYPX vs. PFORX - Volatility Comparison

PIMCO RAE International Fund (PPYPX) has a higher volatility of 3.10% compared to PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX) at 1.44%. This indicates that PPYPX's price experiences larger fluctuations and is considered to be riskier than PFORX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPYPX	PFORX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	1.44%	+1.66%
Volatility (6M) Calculated over the trailing 6-month period	9.95%	3.36%	+6.59%
Volatility (1Y) Calculated over the trailing 1-year period	12.80%	3.78%	+9.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.54%	3.61%	+15.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.02%	3.16%	+15.86%

PPYPX vs. PFORX - Expense Ratio Comparison

PPYPX has a 0.60% expense ratio, which is higher than PFORX's 0.50% expense ratio.

Dividends

PPYPX vs. PFORX - Dividend Comparison

PPYPX's dividend yield for the trailing twelve months is around 6.84%, more than PFORX's 4.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged)	4.12%	4.23%	4.91%	3.02%	3.65%	1.55%	2.46%	6.86%	2.90%	1.46%	1.38%	9.12%
PPYPX PIMCO RAE International Fund	6.84%	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 PFORX in my portfolio?

PPYPX and PFORX 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, PPYPX or PFORX?

PPYPX has higher volatility (3.10%) compared to PFORX (1.44%). In terms of maximum drawdown, PPYPX dropped -42.48% vs PFORX's -13.87%.

Which has better risk-adjusted returns?

PPYPX currently has the higher Sharpe Ratio (2.24 vs 0.74), 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.