PYLD vs. PIPNX

Last updated Jun 4, 2026

PYLD (PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund) and PIPNX (PIMCO Income Fund Class I-3) are both Multisector Bonds funds from PIMCO. Over the past year, PYLD returned 7.40% vs 8.23% for PIPNX. Their correlation of 0.81 suggests significant overlap in exposure. PYLD charges 0.55%/yr vs 0.77%/yr for PIPNX.

Performance

PYLD vs. PIPNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) and PIMCO Income Fund Class I-3 (PIPNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PYLD having a 0.95% return and PIPNX slightly lower at 0.94%.

PYLD

• 1D: -0.23%
• 1M: 0.53%
• YTD: 0.95%
• 6M: 1.31%
• 1Y: 7.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PIPNX

• 1D: 0.18%
• 1M: 0.90%
• YTD: 0.94%
• 6M: 1.34%
• 1Y: 8.23%
• 3Y*: 7.53%
• 5Y*: 3.18%
• 10Y*: —

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

PYLD vs. PIPNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PYLD PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund	0.95%	9.57%	7.69%	5.60%
PIPNX PIMCO Income Fund Class I-3	0.94%	10.91%	5.32%	5.15%

Correlation

The correlation between PYLD and PIPNX is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.81

The correlation between PYLD and PIPNX has been stable across timeframes, ranging from 0.80 to 0.81 - a consistent structural relationship.

Return for Risk

PYLD vs. PIPNX — Risk / Return Rank

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

PYLD

PYLD Risk / Return Rank: 66
PYLD Sharpe Ratio Rank: 72
PYLD Sortino Ratio Rank: 78
PYLD Omega Ratio Rank: 79
PYLD Calmar Ratio Rank: 45
PYLD Martin Ratio Rank: 58

PIPNX

PIPNX Risk / Return Rank: 44
PIPNX Sharpe Ratio Rank: 47
PIPNX Sortino Ratio Rank: 51
PIPNX Omega Ratio Rank: 50
PIPNX Calmar Ratio Rank: 35
PIPNX 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.

PYLD vs. PIPNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) and PIMCO Income Fund Class I-3 (PIPNX). 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.

	PYLD	PIPNX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.01	+0.41
Sortino ratio: Return per unit of downside risk	3.56	3.01	+0.55
Omega ratio: Gain probability vs. loss probability	1.48	1.39	+0.09
Calmar ratio: Return relative to maximum drawdown	2.29	2.25	+0.04
Martin ratio: Return relative to average drawdown	10.44	7.77	+2.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PYLD vs. PIPNX - Sharpe Ratio Comparison

The current PYLD Sharpe Ratio is 2.42, which is comparable to the PIPNX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of PYLD and PIPNX, 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

	PYLD	PIPNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.01	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.04	0.87	+1.17

Drawdowns

PYLD vs. PIPNX - Drawdown Comparison

The maximum PYLD drawdown since its inception was -4.52%, smaller than the maximum PIPNX drawdown of -13.42%. Use the drawdown chart below to compare losses from any high point for PYLD and PIPNX.

Drawdown Indicators

	PYLD	PIPNX	Difference
Max Drawdown Largest peak-to-trough decline	-4.52%	-13.42%	+8.90%
Max Drawdown (1Y) Largest decline over 1 year	-3.25%	-3.69%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.42%	—
Current Drawdown Current decline from peak	-0.44%	-0.97%	+0.53%
Average Drawdown Average peak-to-trough decline	-0.65%	-2.40%	+1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	1.06%	-0.35%

Volatility

PYLD vs. PIPNX - Volatility Comparison

The current volatility for PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) is 1.24%, while PIMCO Income Fund Class I-3 (PIPNX) has a volatility of 1.68%. This indicates that PYLD experiences smaller price fluctuations and is considered to be less risky than PIPNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYLD	PIPNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	1.68%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	3.27%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	3.08%	4.13%	-1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.99%	4.82%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.99%	4.56%	-0.57%

PYLD vs. PIPNX - Expense Ratio Comparison

PYLD has a 0.55% expense ratio, which is lower than PIPNX's 0.77% expense ratio.

Dividends

PYLD vs. PIPNX - Dividend Comparison

PYLD's dividend yield for the trailing twelve months is around 6.30%, more than PIPNX's 5.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PIPNX PIMCO Income Fund Class I-3	5.68%	5.86%	6.15%	5.08%	4.89%	3.91%	4.73%	5.66%	3.66%
PYLD PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund	6.30%	6.21%	6.40%	2.72%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PYLD and PIPNX in my portfolio?

PYLD and PIPNX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYLD or PIPNX?

PIPNX has higher volatility (1.68%) compared to PYLD (1.24%). In terms of maximum drawdown, PYLD dropped -4.52% vs PIPNX's -13.42%.

Which has better risk-adjusted returns?

PYLD currently has the higher Sharpe Ratio (2.42 vs 2.01), 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.