PTTRX vs. PONAX

Last updated Jun 3, 2026

PTTRX (PIMCO Total Return Fund Institutional Class) and PONAX (PIMCO Income Fund Class A) are both mutual funds - PTTRX is a Total Bond Market fund managed by PIMCO, while PONAX is a Multisector Bonds fund managed by PIMCO. Over the past 10 years, PTTRX returned 2.29%/yr vs 4.28%/yr for PONAX. A 0.69 correlation means they provide meaningful diversification when combined. PTTRX charges 0.47%/yr vs 1.02%/yr for PONAX.

Performance

PTTRX vs. PONAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Total Return Fund Institutional Class (PTTRX) and PIMCO Income Fund Class A (PONAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PTTRX achieves a 0.53% return, which is significantly lower than PONAX's 0.64% return. Over the past 10 years, PTTRX has underperformed PONAX with an annualized return of 2.29%, while PONAX has yielded a comparatively higher 4.28% annualized return.

PTTRX

• 1D: -0.11%
• 1M: 0.30%
• YTD: 0.53%
• 6M: 0.81%
• 1Y: 7.21%
• 3Y*: 5.41%
• 5Y*: 0.70%
• 10Y*: 2.29%

PONAX

• 1D: -0.18%
• 1M: 0.32%
• YTD: 0.64%
• 6M: 1.21%
• 1Y: 7.76%
• 3Y*: 7.38%
• 5Y*: 3.07%
• 10Y*: 4.28%

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

PTTRX vs. PONAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PTTRX PIMCO Total Return Fund Institutional Class	0.53%	9.35%	2.62%	6.33%	-14.72%	-0.59%	8.88%	8.36%	-0.24%	5.13%
PONAX PIMCO Income Fund Class A	0.64%	10.63%	5.02%	8.96%	-9.34%	2.21%	5.40%	7.65%	0.21%	8.19%

Correlation

The correlation between PTTRX and PONAX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Apr 3, 2007	0.69

Over the past year, PTTRX and PONAX have become more correlated (0.94) than their long-term average of 0.69, meaning their price movements have been converging.

Return for Risk

PTTRX vs. PONAX — Risk / Return Rank

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

PTTRX

PTTRX Risk / Return Rank: 29
PTTRX Sharpe Ratio Rank: 27
PTTRX Sortino Ratio Rank: 28
PTTRX Omega Ratio Rank: 28
PTTRX Calmar Ratio Rank: 32
PTTRX Martin Ratio Rank: 27

PONAX

PONAX Risk / Return Rank: 41
PONAX Sharpe Ratio Rank: 41
PONAX Sortino Ratio Rank: 45
PONAX Omega Ratio Rank: 45
PONAX Calmar Ratio Rank: 38
PONAX Martin Ratio Rank: 36

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.

PTTRX vs. PONAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Total Return Fund Institutional Class (PTTRX) and PIMCO Income Fund Class A (PONAX). 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.

	PTTRX	PONAX	Difference
Sharpe ratio Return per unit of total volatility	1.53	1.88	-0.35
Sortino ratio Return per unit of downside risk	2.26	2.81	-0.55
Omega ratio Gain probability vs. loss probability	1.28	1.36	-0.08
Calmar ratio Return relative to maximum drawdown	2.18	2.38	-0.21
Martin ratio Return relative to average drawdown	6.78	8.21	-1.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PTTRX vs. PONAX - Sharpe Ratio Comparison

The current PTTRX Sharpe Ratio is 1.53, which is comparable to the PONAX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of PTTRX and PONAX, 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

	PTTRX	PONAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	1.88	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.64	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	1.02	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	1.48	-0.33

Drawdowns

PTTRX vs. PONAX - Drawdown Comparison

The maximum PTTRX drawdown since its inception was -19.28%, which is greater than PONAX's maximum drawdown of -13.64%. Use the drawdown chart below to compare losses from any high point for PTTRX and PONAX.

Drawdown Indicators

	PTTRX	PONAX	Difference
Max Drawdown Largest peak-to-trough decline	-19.28%	-13.64%	-5.64%
Max Drawdown (1Y) Largest decline over 1 year	-3.69%	-3.69%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-6.18%	-3.90%	-2.28%
Max Drawdown (5Y) Largest decline over 5 years	-19.28%	-13.64%	-5.64%
Max Drawdown (10Y) Largest decline over 10 years	-19.28%	-13.64%	-5.64%
Current Drawdown Current decline from peak	-1.60%	-1.22%	-0.38%
Average Drawdown Average peak-to-trough decline	-2.19%	-1.80%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	1.07%	+0.11%

Volatility

PTTRX vs. PONAX - Volatility Comparison

PIMCO Total Return Fund Institutional Class (PTTRX) has a higher volatility of 1.81% compared to PIMCO Income Fund Class A (PONAX) at 1.67%. This indicates that PTTRX's price experiences larger fluctuations and is considered to be riskier than PONAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PTTRX	PONAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.81%	1.67%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	3.53%	3.25%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	4.66%	4.11%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.27%	4.81%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.23%	4.21%	+1.02%

PTTRX vs. PONAX - Expense Ratio Comparison

PTTRX has a 0.47% expense ratio, which is lower than PONAX's 1.02% expense ratio.

Dividends

PTTRX vs. PONAX - Dividend Comparison

PTTRX's dividend yield for the trailing twelve months is around 4.55%, less than PONAX's 5.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PONAX PIMCO Income Fund Class A	5.44%	5.61%	5.86%	5.86%	4.66%	3.62%	4.48%	5.42%	5.24%	4.97%	5.13%	7.45%
PTTRX PIMCO Total Return Fund Institutional Class	4.55%	4.47%	4.61%	3.81%	3.63%	2.59%	6.11%	3.96%	3.13%	2.63%	3.02%	6.64%

Frequently Asked Questions

Can I hold both PTTRX and PONAX in my portfolio?

With a correlation of 0.94, PTTRX and PONAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PTTRX or PONAX?

PTTRX has higher volatility (1.81%) compared to PONAX (1.67%). In terms of maximum drawdown, PTTRX dropped -19.28% vs PONAX's -13.64%.

Which has better risk-adjusted returns?

PONAX currently has the higher Sharpe Ratio (1.88 vs 1.53), 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.