TLT vs. PONAX
TLT (iShares 20+ Year Treasury Bond ETF) and PONAX (PIMCO Income Fund Class A) are both funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while PONAX is a Multisector Bonds fund managed by PIMCO. Over the past 10 years, TLT returned -1.75%/yr vs 4.29%/yr for PONAX. At a 0.42 correlation, their price movements are largely independent. TLT charges 0.15%/yr vs 1.02%/yr for PONAX.
Performance
TLT vs. PONAX - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a 0.27% return, which is significantly lower than PONAX's 0.74% return. Over the past 10 years, TLT has underperformed PONAX with an annualized return of -1.75%, while PONAX has yielded a comparatively higher 4.29% annualized return.
TLT
- 1D
- -0.24%
- 1M
- 1.54%
- YTD
- 0.27%
- 6M
- 0.45%
- 1Y
- 2.88%
- 3Y*
- -1.38%
- 5Y*
- -6.53%
- 10Y*
- -1.75%
PONAX
- 1D
- 0.56%
- 1M
- 0.88%
- YTD
- 0.74%
- 6M
- 1.58%
- 1Y
- 7.05%
- 3Y*
- 7.27%
- 5Y*
- 3.05%
- 10Y*
- 4.29%
TLT vs. PONAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
PONAX PIMCO Income Fund Class A | 0.74% | 10.63% | 5.02% | 8.96% | -9.34% | 2.21% | 5.40% | 7.65% | 0.21% | 8.19% |
Correlation
The correlation between TLT and PONAX is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2007 | 0.42 |
Over the past year, TLT and PONAX have become more correlated (0.74) than their long-term average of 0.42, meaning their price movements have been converging.
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Return for Risk
TLT vs. PONAX — Risk / Return Rank
TLT
PONAX
TLT vs. PONAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) 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.
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.
| TLT | PONAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.35 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 2.01 | -1.63 |
| Martin ratioReturn relative to average drawdown | 0.92 | 6.70 | -5.78 |
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Drawdowns
TLT vs. PONAX - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, which is greater than PONAX's maximum drawdown of -13.64%. Use the drawdown chart below to compare losses from any high point for TLT and PONAX.
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Drawdown Indicators
| TLT | PONAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -13.64% | -34.71% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -3.69% | -3.89% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -3.90% | -15.28% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -13.64% | -30.06% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -13.64% | -34.71% |
Current DrawdownCurrent decline from peak | -40.12% | -1.12% | -39.00% |
Average DrawdownAverage peak-to-trough decline | -13.84% | -1.79% | -12.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 1.10% | +2.04% |
Volatility
TLT vs. PONAX - Volatility Comparison
iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.83% compared to PIMCO Income Fund Class A (PONAX) at 1.66%. This indicates that TLT'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.
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Volatility by Period
| TLT | PONAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 1.66% | +1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 6.64% | 3.34% | +3.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.68% | 4.13% | +5.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 4.83% | +11.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 4.22% | +10.69% |
TLT vs. PONAX - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is lower than PONAX's 1.02% expense ratio.
Dividends
TLT vs. PONAX - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.56%, less than PONAX's 5.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PONAX PIMCO Income Fund Class A | 5.43% | 5.61% | 5.86% | 5.86% | 4.66% | 3.62% | 4.48% | 5.42% | 5.24% | 4.97% | 5.13% | 7.45% |
TLT iShares 20+ Year Treasury Bond ETF | 4.56% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
TLT and PONAX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.83%) compared to PONAX (1.66%). In terms of maximum drawdown, TLT dropped -48.35% vs PONAX's -13.64%.
PONAX currently has the higher Sharpe Ratio (1.80 vs 0.30), 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.
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