PRAIX vs. PIMIX

Last updated Aug 1, 2026

PRAIX (PIMCO Long-Term Real Return Fund) and PIMIX (PIMCO Income Fund Institutional Class) are both mutual funds - PRAIX is a Inflation-Protected Bonds fund managed by PIMCO, while PIMIX is a Multisector Bonds fund actively managed by PIMCO. Over the past 10 years, PRAIX returned 0.12%/yr vs 4.44%/yr for PIMIX. Their 0.50 correlation means their historical movements had little consistent relationship. PRAIX charges 0.50%/yr vs 0.54%/yr for PIMIX.

Performance

PRAIX vs. PIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Long-Term Real Return Fund (PRAIX) and PIMCO Income Fund Institutional Class (PIMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRAIX achieves a -4.47% return, which is significantly lower than PIMIX's 0.23% return. Over the past 10 years, PRAIX has underperformed PIMIX with an annualized return of 0.12%, while PIMIX has yielded a comparatively higher 4.44% annualized return.

PRAIX

• 1D: -0.19%
• 1M: -4.16%
• 6M: -4.06%
• YTD: -4.47%
• 1Y: -2.39%
• 3Y*: -1.85%
• 5Y*: -7.90%
• 10Y*: 0.12%
• ALL TIME*: 4.52%

PIMIX

• 1D: 0.09%
• 1M: -1.20%
• 6M: -0.36%
• YTD: 0.23%
• 1Y: 4.60%
• 3Y*: 6.91%
• 5Y*: 3.23%
• 10Y*: 4.44%
• ALL TIME*: 6.59%

*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)
PIMIX PIMCO Income Fund Institutional Class	$0.00	$0.00	$0.00
PRAIX PIMCO Long-Term Real Return Fund	$0.00	$0.00	$0.00

PRAIX vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRAIX PIMCO Long-Term Real Return Fund	-4.47%	5.26%	-4.11%	0.14%	-33.83%	7.21%	27.16%	19.62%	-6.49%	8.84%
PIMIX PIMCO Income Fund Institutional Class	0.23%	11.08%	5.45%	9.36%	-9.07%	2.62%	5.84%	8.10%	0.63%	8.63%

Correlation

The correlation between PRAIX and PIMIX is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.66
Correlation (10Y) Provides a long-term view across more market conditions.	0.52
Correlation (All Time) Calculated using the full available price history since Apr 2, 2007	0.50

Over the past year, PRAIX and PIMIX have become more correlated (0.77) than their long-term average of 0.50, meaning their price movements have been converging.

Return for Risk

PRAIX vs. PIMIX — Risk / Return Rank

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

PRAIX

PRAIX Risk / Return Rank: 3
PRAIX Sharpe Ratio Rank: 3
PRAIX Sortino Ratio Rank: 3
PRAIX Omega Ratio Rank: 3
PRAIX Calmar Ratio Rank: 3
PRAIX Martin Ratio Rank: 3

PIMIX

PIMIX Risk / Return Rank: 52
PIMIX Sharpe Ratio Rank: 60
PIMIX Sortino Ratio Rank: 61
PIMIX Omega Ratio Rank: 62
PIMIX Calmar Ratio Rank: 40
PIMIX Martin Ratio Rank: 36

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.

PRAIX vs. PIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Long-Term Real Return Fund (PRAIX) and PIMCO Income Fund Institutional Class (PIMIX). 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.

	PRAIX	PIMIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	1.42	-1.58
Sortino ratio: Return per unit of downside risk	-0.16	2.06	-2.22
Omega ratio: Gain probability vs. loss probability	0.98	1.27	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.18	1.59	-1.77
Martin ratio: Return relative to average drawdown	-0.38	5.07	-5.45

PRAIX vs. PIMIX - Sharpe Ratio Comparison

The current PRAIX Sharpe Ratio is -0.16, which is lower than the PIMIX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of PRAIX and PIMIX, 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

PRAIX vs. PIMIX - Drawdown Comparison

The maximum PRAIX drawdown since its inception was -43.52%, which is greater than PIMIX's maximum drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for PRAIX and PIMIX.

Drawdown Indicators

	PRAIX	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-43.52%	-13.39%	-30.13%
Max Drawdown (1Y) Largest decline over 1 year	-8.27%	-3.69%	-4.58%
Max Drawdown (3Y) Largest decline over 3 years	-13.03%	-3.69%	-9.34%
Max Drawdown (5Y) Largest decline over 5 years	-43.52%	-13.34%	-30.18%
Max Drawdown (10Y) Largest decline over 10 years	-43.52%	-13.39%	-30.13%
Current Drawdown Current decline from peak	-37.14%	-1.69%	-35.45%
Average Drawdown Average peak-to-trough decline	-10.41%	-1.68%	-8.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	1.15%	+2.71%

Volatility

PRAIX vs. PIMIX - Volatility Comparison

PIMCO Long-Term Real Return Fund (PRAIX) has a higher volatility of 2.10% compared to PIMCO Income Fund Institutional Class (PIMIX) at 1.15%. This indicates that PRAIX's price experiences larger fluctuations and is considered to be riskier than PIMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRAIX	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.10%	1.15%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	7.00%	3.55%	+3.45%
Volatility (1Y) Calculated over the trailing 1-year period	9.27%	4.14%	+5.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.28%	4.89%	+11.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.96%	4.26%	+10.70%

PRAIX vs. PIMIX - Expense Ratio Comparison

PRAIX has a 0.50% expense ratio, which is lower than PIMIX's 0.54% expense ratio.

Dividends

PRAIX vs. PIMIX - Dividend Comparison

PRAIX's dividend yield for the trailing twelve months is around 6.54%, more than PIMIX's 5.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIMIX PIMCO Income Fund Institutional Class	5.32%	6.01%	6.27%	6.21%	4.98%	4.02%	4.88%	5.83%	5.66%	5.37%	5.52%	7.88%
PRAIX PIMCO Long-Term Real Return Fund	6.54%	5.72%	4.64%	4.75%	12.40%	15.85%	37.88%	7.20%	3.06%	2.76%	1.54%	2.05%

Frequently Asked Questions

Can I hold both PRAIX and PIMIX in my portfolio?

PRAIX and PIMIX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRAIX or PIMIX?

PRAIX has higher volatility (2.10%) compared to PIMIX (1.15%). In terms of maximum drawdown, PRAIX dropped -43.52% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

PIMIX currently has the higher Sharpe Ratio (1.42 vs -0.16), 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.