PQTAX vs. PONPX

Last updated Jun 4, 2026

PQTAX (PIMCO TRENDS Managed Futures Strategy Fund Class A) and PONPX (PIMCO Income Fund Class I-2) are both mutual funds - PQTAX is a Systematic Trend fund managed by PIMCO, while PONPX is a Total Bond Market fund managed by PIMCO. Over the past 10 years, PQTAX returned 4.17%/yr vs 4.60%/yr for PONPX. At a correlation of -0.09, they often move in opposite directions. PQTAX charges 1.81%/yr vs 0.72%/yr for PONPX.

Performance

PQTAX vs. PONPX - 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 PIMCO Income Fund Class I-2 (PONPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PQTAX achieves a 6.24% return, which is significantly higher than PONPX's 0.96% return. Over the past 10 years, PQTAX has underperformed PONPX with an annualized return of 4.17%, while PONPX has yielded a comparatively higher 4.60% annualized return.

PQTAX

• 1D: 0.27%
• 1M: 1.56%
• YTD: 6.24%
• 6M: 8.42%
• 1Y: 20.59%
• 3Y*: 0.33%
• 5Y*: 3.43%
• 10Y*: 4.17%

PONPX

• 1D: 0.18%
• 1M: 0.90%
• YTD: 0.96%
• 6M: 1.36%
• 1Y: 8.28%
• 3Y*: 7.76%
• 5Y*: 3.42%
• 10Y*: 4.60%

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

PQTAX vs. PONPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQTAX PIMCO TRENDS Managed Futures Strategy Fund Class A	6.24%	2.06%	-3.31%	-4.52%	11.06%	14.52%	8.48%	2.63%	1.98%	4.51%
PONPX PIMCO Income Fund Class I-2	0.96%	10.96%	5.33%	9.24%	-9.14%	2.51%	5.73%	7.99%	0.53%	8.52%

Correlation

The correlation between PQTAX and PONPX is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.19
Correlation (10Y) Calculated over the trailing 10-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	-0.09

The correlation between PQTAX and PONPX shifts across timeframes, from -0.19 (5 years) to 0.05 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PQTAX vs. PONPX — Risk / Return Rank

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

PQTAX

PQTAX Risk / Return Rank: 68
PQTAX Sharpe Ratio Rank: 67
PQTAX Sortino Ratio Rank: 57
PQTAX Omega Ratio Rank: 63
PQTAX Calmar Ratio Rank: 88
PQTAX Martin Ratio Rank: 63

PONPX

PONPX Risk / Return Rank: 44
PONPX Sharpe Ratio Rank: 47
PONPX Sortino Ratio Rank: 52
PONPX Omega Ratio Rank: 51
PONPX Calmar Ratio Rank: 36
PONPX Martin Ratio Rank: 35

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. PONPX - 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 PIMCO Income Fund Class I-2 (PONPX). 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.

	PQTAX	PONPX	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.02	+0.38
Sortino ratio: Return per unit of downside risk	3.18	3.03	+0.15
Omega ratio: Gain probability vs. loss probability	1.44	1.39	+0.05
Calmar ratio: Return relative to maximum drawdown	4.37	2.26	+2.11
Martin ratio: Return relative to average drawdown	12.35	7.83	+4.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PQTAX vs. PONPX - Sharpe Ratio Comparison

The current PQTAX Sharpe Ratio is 2.40, which is comparable to the PONPX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of PQTAX and PONPX, 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

	PQTAX	PONPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	2.02	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.71	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	1.09	-0.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	1.83	-1.37

Drawdowns

PQTAX vs. PONPX - Drawdown Comparison

The maximum PQTAX drawdown since its inception was -28.39%, which is greater than PONPX's maximum drawdown of -13.41%. Use the drawdown chart below to compare losses from any high point for PQTAX and PONPX.

Drawdown Indicators

	PQTAX	PONPX	Difference
Max Drawdown Largest peak-to-trough decline	-28.39%	-13.41%	-14.98%
Max Drawdown (1Y) Largest decline over 1 year	-4.66%	-3.69%	-0.97%
Max Drawdown (3Y) Largest decline over 3 years	-18.94%	-3.86%	-15.08%
Max Drawdown (5Y) Largest decline over 5 years	-28.39%	-13.41%	-14.98%
Max Drawdown (10Y) Largest decline over 10 years	-28.39%	-13.41%	-14.98%
Current Drawdown Current decline from peak	-12.22%	-0.96%	-11.26%
Average Drawdown Average peak-to-trough decline	-9.37%	-1.45%	-7.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	1.06%	+0.58%

Volatility

PQTAX vs. PONPX - Volatility Comparison

PIMCO TRENDS Managed Futures Strategy Fund Class A (PQTAX) has a higher volatility of 1.85% compared to PIMCO Income Fund Class I-2 (PONPX) at 1.68%. This indicates that PQTAX's price experiences larger fluctuations and is considered to be riskier than PONPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQTAX	PONPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.85%	1.68%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	6.60%	3.28%	+3.32%
Volatility (1Y) Calculated over the trailing 1-year period	8.49%	4.14%	+4.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.93%	4.83%	+5.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.44%	4.24%	+5.20%

PQTAX vs. PONPX - Expense Ratio Comparison

PQTAX has a 1.81% expense ratio, which is higher than PONPX's 0.72% expense ratio.

Dividends

PQTAX vs. PONPX - Dividend Comparison

PQTAX has not paid dividends to shareholders, while PONPX's dividend yield for the trailing twelve months is around 5.73%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PONPX PIMCO Income Fund Class I-2	5.73%	5.91%	6.16%	6.11%	4.89%	3.92%	4.78%	5.73%	5.56%	5.27%	5.42%	7.77%
PQTAX PIMCO TRENDS Managed Futures Strategy Fund Class A	0.00%	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 PONPX in my portfolio?

PQTAX and PONPX have a correlation of 0.05, 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 PONPX?

PQTAX has higher volatility (1.85%) compared to PONPX (1.68%). In terms of maximum drawdown, PQTAX dropped -28.39% vs PONPX's -13.41%.

Which has better risk-adjusted returns?

PQTAX currently has the higher Sharpe Ratio (2.40 vs 2.02), 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.