PQTPX vs. EQCHX

Last updated Jun 5, 2026

PQTPX (PIMCO TRENDS Managed Futures Strategy Fund) and EQCHX (AXS Chesapeake Strategy Fund Class I) are both Systematic Trend funds. At a 0.48 correlation, their price movements are largely independent. PQTPX charges 1.51%/yr vs 1.91%/yr for EQCHX.

Performance

PQTPX vs. EQCHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO TRENDS Managed Futures Strategy Fund (PQTPX) and AXS Chesapeake Strategy Fund Class I (EQCHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PQTPX

• 1D: 0.09%
• 1M: 1.34%
• YTD: 6.50%
• 6M: 8.33%
• 1Y: 20.58%
• 3Y*: 0.69%
• 5Y*: 3.66%
• 10Y*: 4.31%

EQCHX

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

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

PQTPX vs. EQCHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQTPX PIMCO TRENDS Managed Futures Strategy Fund	6.50%	2.41%	-3.08%	-4.21%	11.37%	14.83%	9.72%	2.83%	2.30%	2.21%
EQCHX AXS Chesapeake Strategy Fund Class I	0.83%	-8.09%	-3.79%	-8.07%	20.13%	12.28%	6.96%	-2.56%	-12.91%	15.11%

Correlation

The correlation between PQTPX and EQCHX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.48

The correlation between PQTPX and EQCHX has been stable across timeframes, ranging from 0.44 to 0.52 - a consistent structural relationship.

Return for Risk

PQTPX vs. EQCHX — Risk / Return Rank

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

PQTPX

PQTPX Risk / Return Rank: 73
PQTPX Sharpe Ratio Rank: 76
PQTPX Sortino Ratio Rank: 64
PQTPX Omega Ratio Rank: 71
PQTPX Calmar Ratio Rank: 90
PQTPX Martin Ratio Rank: 68

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.

PQTPX vs. EQCHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO TRENDS Managed Futures Strategy Fund (PQTPX) and AXS Chesapeake Strategy Fund Class I (EQCHX). 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.

	PQTPX	EQCHX	Difference
Sharpe ratio: Return per unit of total volatility	2.52	—	—
Sortino ratio: Return per unit of downside risk	3.32	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	4.56	—	—
Martin ratio: Return relative to average drawdown	12.96	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PQTPX	EQCHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	—	—

Drawdowns

Drawdown Indicators

	PQTPX	EQCHX	Difference
Max Drawdown Largest peak-to-trough decline	-27.86%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-4.66%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.86%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-27.86%	—	—
Current Drawdown Current decline from peak	-11.12%	—	—
Average Drawdown Average peak-to-trough decline	-9.41%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	—	—

Volatility

Volatility by Period

	PQTPX	EQCHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.93%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.46%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.90%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.38%	—	—

PQTPX vs. EQCHX - Expense Ratio Comparison

PQTPX has a 1.51% expense ratio, which is lower than EQCHX's 1.91% expense ratio.

Dividends

PQTPX vs. EQCHX - Dividend Comparison

Neither PQTPX nor EQCHX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQCHX AXS Chesapeake Strategy Fund Class I	0.00%	0.00%	0.62%	1.82%	1.54%	20.40%	0.00%	3.86%	1.18%	0.00%	0.00%	1.34%
PQTPX PIMCO TRENDS Managed Futures Strategy Fund	0.00%	0.00%	0.00%	0.00%	14.80%	2.40%	5.63%	2.49%	0.32%	0.20%	0.00%	7.57%

Frequently Asked Questions

Can I hold both PQTPX and EQCHX in my portfolio?

PQTPX and EQCHX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.