PQTAX vs. ABYAX

Last updated Jun 24, 2026

PQTAX (PIMCO TRENDS Managed Futures Strategy Fund Class A) and ABYAX (Abbey Capital Futures Strategy Fund Class A) are both Systematic Trend funds. Over the past 10 years, PQTAX returned 4.12%/yr vs 3.06%/yr for ABYAX. A 0.76 correlation means they provide meaningful diversification when combined. PQTAX charges 1.81%/yr vs 2.04%/yr for ABYAX.

Performance

PQTAX vs. ABYAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO TRENDS Managed Futures Strategy Fund Class A (PQTAX) and Abbey Capital Futures Strategy Fund Class A (ABYAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PQTAX achieves a 5.92% return, which is significantly lower than ABYAX's 6.92% return. Over the past 10 years, PQTAX has outperformed ABYAX with an annualized return of 4.12%, while ABYAX has yielded a comparatively lower 3.06% annualized return.

PQTAX

• 1D: 0.65%
• 1M: 0.16%
• YTD: 5.92%
• 6M: 6.13%
• 1Y: 20.10%
• 3Y*: 0.70%
• 5Y*: 3.45%
• 10Y*: 4.12%

ABYAX

• 1D: 0.60%
• 1M: -0.59%
• YTD: 6.92%
• 6M: 6.63%
• 1Y: 15.90%
• 3Y*: 2.14%
• 5Y*: 3.69%
• 10Y*: 3.06%

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

PQTAX vs. ABYAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQTAX PIMCO TRENDS Managed Futures Strategy Fund Class A	5.92%	2.06%	-3.31%	-4.52%	11.06%	14.52%	8.48%	2.63%	1.98%	4.51%
ABYAX Abbey Capital Futures Strategy Fund Class A	6.92%	1.47%	0.77%	-3.55%	16.76%	3.19%	7.59%	8.65%	-6.49%	-0.26%

Correlation

The correlation between PQTAX and ABYAX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Sep 2, 2014	0.76

The correlation between PQTAX and ABYAX has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

Return for Risk

PQTAX vs. ABYAX — Risk / Return Rank

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

PQTAX

PQTAX Risk / Return Rank: 77
PQTAX Sharpe Ratio Rank: 80
PQTAX Sortino Ratio Rank: 72
PQTAX Omega Ratio Rank: 76
PQTAX Calmar Ratio Rank: 91
PQTAX Martin Ratio Rank: 66

ABYAX

ABYAX Risk / Return Rank: 66
ABYAX Sharpe Ratio Rank: 55
ABYAX Sortino Ratio Rank: 51
ABYAX Omega Ratio Rank: 52
ABYAX Calmar Ratio Rank: 95
ABYAX Martin Ratio Rank: 78

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.

PQTAX vs. ABYAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO TRENDS Managed Futures Strategy Fund Class A (PQTAX) and Abbey Capital Futures Strategy Fund Class A (ABYAX). 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.

	PQTAX	ABYAX	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.01	+0.41
Sortino ratio: Return per unit of downside risk	3.22	2.79	+0.44
Omega ratio: Gain probability vs. loss probability	1.45	1.37	+0.08
Calmar ratio: Return relative to maximum drawdown	4.43	5.44	-1.01
Martin ratio: Return relative to average drawdown	12.01	13.60	-1.59

PQTAX vs. ABYAX - Sharpe Ratio Comparison

The current PQTAX Sharpe Ratio is 2.43, which is comparable to the ABYAX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of PQTAX and ABYAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PQTAX vs. ABYAX - Drawdown Comparison

The maximum PQTAX drawdown since its inception was -28.39%, which is greater than ABYAX's maximum drawdown of -17.96%. Use the drawdown chart below to compare losses from any high point for PQTAX and ABYAX.

Drawdown Indicators

	PQTAX	ABYAX	Difference
Max Drawdown Largest peak-to-trough decline	-28.39%	-17.96%	-10.43%
Max Drawdown (1Y) Largest decline over 1 year	-4.66%	-2.87%	-1.79%
Max Drawdown (3Y) Largest decline over 3 years	-18.94%	-14.21%	-4.73%
Max Drawdown (5Y) Largest decline over 5 years	-28.39%	-15.23%	-13.16%
Max Drawdown (10Y) Largest decline over 10 years	-28.39%	-15.23%	-13.16%
Current Drawdown Current decline from peak	-12.48%	-1.66%	-10.82%
Average Drawdown Average peak-to-trough decline	-9.39%	-7.20%	-2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	1.15%	+0.56%

Volatility

PQTAX vs. ABYAX - Volatility Comparison

PIMCO TRENDS Managed Futures Strategy Fund Class A (PQTAX) and Abbey Capital Futures Strategy Fund Class A (ABYAX) have volatilities of 1.97% and 1.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQTAX	ABYAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	1.90%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	6.75%	5.92%	+0.83%
Volatility (1Y) Calculated over the trailing 1-year period	8.54%	7.78%	+0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.94%	7.93%	+2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.44%	8.00%	+1.44%

PQTAX vs. ABYAX - Expense Ratio Comparison

PQTAX has a 1.81% expense ratio, which is lower than ABYAX's 2.04% expense ratio.

Dividends

PQTAX vs. ABYAX - Dividend Comparison

PQTAX's dividend yield for the trailing twelve months is around 1.23%, more than ABYAX's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ABYAX Abbey Capital Futures Strategy Fund Class A	1.19%	1.27%	1.68%	0.99%	15.33%	3.57%	1.36%	8.50%	0.00%	0.00%	0.00%	0.06%
PQTAX PIMCO TRENDS Managed Futures Strategy Fund Class A	1.23%	0.00%	0.00%	0.00%	14.61%	2.22%	4.46%	2.29%	0.10%	2.54%	0.00%	7.65%

Frequently Asked Questions

Can I hold both PQTAX and ABYAX in my portfolio?

PQTAX and ABYAX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PQTAX or ABYAX?

PQTAX has higher volatility (1.97%) compared to ABYAX (1.90%). In terms of maximum drawdown, PQTAX dropped -28.39% vs ABYAX's -17.96%.

Which has better risk-adjusted returns?

PQTAX currently has the higher Sharpe Ratio (2.43 vs 2.01), 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.