PQTIX vs. PFN

Last updated Aug 1, 2026

PQTIX (PIMCO TRENDS Managed Futures Strategy Fund Institutional Class) and PFN (PIMCO Income Strategy Fund II) are both mutual funds - PQTIX is a Systematic Trend fund actively managed by PIMCO, while PFN is a Multisector Bonds fund actively managed by PIMCO. Both are actively managed. Over the past 10 years, PQTIX returned 3.76%/yr vs 8.13%/yr for PFN. Their -0.03 correlation means they have often moved in opposite directions in the past. PQTIX charges 1.54%/yr vs 1.86%/yr for PFN.

Performance

PQTIX vs. PFN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO TRENDS Managed Futures Strategy Fund Institutional Class (PQTIX) and PIMCO Income Strategy Fund II (PFN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PQTIX achieves a 2.53% return, which is significantly higher than PFN's 1.29% return. Over the past 10 years, PQTIX has underperformed PFN with an annualized return of 3.76%, while PFN has yielded a comparatively higher 8.13% annualized return.

PQTIX

• 1D: -0.92%
• 1M: -1.99%
• 6M: -0.72%
• YTD: 2.53%
• 1Y: 15.86%
• 3Y*: 0.34%
• 5Y*: 2.71%
• 10Y*: 3.76%
• ALL TIME*: 4.21%

PFN

• 1D: 0.28%
• 1M: 0.31%
• 6M: 1.68%
• YTD: 1.29%
• 1Y: 5.81%
• 3Y*: 12.15%
• 5Y*: 2.52%
• 10Y*: 8.13%
• ALL TIME*: 6.02%

*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)
PFN PIMCO Income Strategy Fund II	$2.77M	$4.68M	$3.43M
PQTIX PIMCO TRENDS Managed Futures Strategy Fund Institutional Class	$0.00	$0.00	$0.00

PQTIX vs. PFN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQTIX PIMCO TRENDS Managed Futures Strategy Fund Institutional Class	2.53%	2.39%	-2.88%	-4.19%	11.62%	14.87%	9.96%	2.90%	2.37%	2.37%
PFN PIMCO Income Strategy Fund II	1.29%	13.07%	15.72%	15.43%	-17.65%	5.14%	3.97%	21.84%	0.94%	20.58%

Correlation

The correlation between PQTIX and PFN is -0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.05
Correlation (3Y) Balances recent behavior with more history.	-0.05
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.11
Correlation (10Y) Provides a long-term view across more market conditions.	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	-0.03

Return for Risk

PQTIX vs. PFN — Risk / Return Rank

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

PQTIX

PQTIX Risk / Return Rank: 67
PQTIX Sharpe Ratio Rank: 68
PQTIX Sortino Ratio Rank: 60
PQTIX Omega Ratio Rank: 65
PQTIX Calmar Ratio Rank: 86
PQTIX Martin Ratio Rank: 57

PFN

PFN Risk / Return Rank: 15
PFN Sharpe Ratio Rank: 16
PFN Sortino Ratio Rank: 16
PFN Omega Ratio Rank: 17
PFN Calmar Ratio Rank: 13
PFN Martin Ratio Rank: 15

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.

PQTIX vs. PFN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO TRENDS Managed Futures Strategy Fund Institutional Class (PQTIX) and PIMCO Income Strategy Fund II (PFN). 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.

	PQTIX	PFN	Difference
Sharpe ratio: Return per unit of total volatility	1.62	0.59	+1.02
Sortino ratio: Return per unit of downside risk	2.16	0.92	+1.24
Omega ratio: Gain probability vs. loss probability	1.29	1.12	+0.18
Calmar ratio: Return relative to maximum drawdown	3.04	0.57	+2.47
Martin ratio: Return relative to average drawdown	7.59	2.06	+5.54

PQTIX vs. PFN - Sharpe Ratio Comparison

The current PQTIX Sharpe Ratio is 1.62, which is higher than the PFN Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of PQTIX and PFN, 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

PQTIX vs. PFN - Drawdown Comparison

The maximum PQTIX drawdown since its inception was -27.65%, smaller than the maximum PFN drawdown of -80.08%. Use the drawdown chart below to compare losses from any high point for PQTIX and PFN.

Drawdown Indicators

	PQTIX	PFN	Difference
Max Drawdown Largest peak-to-trough decline	-27.65%	-80.08%	+52.43%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	-10.77%	+6.14%
Max Drawdown (3Y) Largest decline over 3 years	-18.59%	-14.31%	-4.28%
Max Drawdown (5Y) Largest decline over 5 years	-27.65%	-33.45%	+5.80%
Max Drawdown (10Y) Largest decline over 10 years	-27.65%	-45.70%	+18.05%
Current Drawdown Current decline from peak	-14.17%	-1.12%	-13.05%
Average Drawdown Average peak-to-trough decline	-9.31%	-11.75%	+2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	2.96%	-1.10%

Volatility

PQTIX vs. PFN - Volatility Comparison

PIMCO TRENDS Managed Futures Strategy Fund Institutional Class (PQTIX) has a higher volatility of 2.15% compared to PIMCO Income Strategy Fund II (PFN) at 1.76%. This indicates that PQTIX's price experiences larger fluctuations and is considered to be riskier than PFN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQTIX	PFN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.15%	1.76%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	6.70%	8.87%	-2.17%
Volatility (1Y) Calculated over the trailing 1-year period	8.72%	10.30%	-1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.91%	14.55%	-4.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.31%	18.18%	-8.87%

PQTIX vs. PFN - Expense Ratio Comparison

PQTIX has a 1.54% expense ratio, which is lower than PFN's 1.86% expense ratio.

Dividends

PQTIX vs. PFN - Dividend Comparison

PQTIX's dividend yield for the trailing twelve months is around 1.32%, less than PFN's 12.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFN PIMCO Income Strategy Fund II	12.17%	11.49%	11.57%	11.92%	12.19%	9.71%	9.67%	9.07%	10.81%	9.20%	10.12%	11.74%
PQTIX PIMCO TRENDS Managed Futures Strategy Fund Institutional Class	1.32%	0.00%	0.00%	0.00%	14.83%	2.47%	5.65%	2.55%	0.39%	0.25%	0.00%	8.06%

Frequently Asked Questions

Can I hold both PQTIX and PFN in my portfolio?

PQTIX and PFN 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, PQTIX or PFN?

PQTIX has higher volatility (2.15%) compared to PFN (1.76%). In terms of maximum drawdown, PQTIX dropped -27.65% vs PFN's -80.08%.

Which has better risk-adjusted returns?

PQTIX currently has the higher Sharpe Ratio (1.62 vs 0.59), 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.