TOWFX vs. PKAIX

Last updated Jun 4, 2026

TOWFX (Towpath Focus Fund) and PKAIX (PIMCO RAE US Fund) are both Large Cap Value Equities funds. Over the past 5 years, TOWFX returned 10.98%/yr vs 15.06%/yr for PKAIX. Their correlation of 0.86 suggests significant overlap in exposure. TOWFX charges 1.11%/yr vs 0.40%/yr for PKAIX.

Performance

TOWFX vs. PKAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Towpath Focus Fund (TOWFX) and PIMCO RAE US Fund (PKAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOWFX achieves a 6.25% return, which is significantly lower than PKAIX's 24.56% return.

TOWFX

• 1D: -0.54%
• 1M: -0.83%
• YTD: 6.25%
• 6M: 7.35%
• 1Y: 22.78%
• 3Y*: 18.68%
• 5Y*: 10.98%
• 10Y*: —

PKAIX

• 1D: 0.71%
• 1M: 7.80%
• YTD: 24.56%
• 6M: 20.98%
• 1Y: 43.47%
• 3Y*: 25.53%
• 5Y*: 15.06%
• 10Y*: 14.21%

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

TOWFX vs. PKAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TOWFX Towpath Focus Fund	6.25%	23.51%	13.22%	12.33%	-2.06%	26.52%	19.46%
PKAIX PIMCO RAE US Fund	24.56%	17.19%	16.28%	17.02%	-3.36%	27.74%	3.94%

Correlation

The correlation between TOWFX and PKAIX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.86

The correlation between TOWFX and PKAIX shifts across timeframes, from 0.68 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TOWFX vs. PKAIX — Risk / Return Rank

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

TOWFX

TOWFX Risk / Return Rank: 79
TOWFX Sharpe Ratio Rank: 75
TOWFX Sortino Ratio Rank: 77
TOWFX Omega Ratio Rank: 63
TOWFX Calmar Ratio Rank: 91
TOWFX Martin Ratio Rank: 90

PKAIX

PKAIX Risk / Return Rank: 95
PKAIX Sharpe Ratio Rank: 96
PKAIX Sortino Ratio Rank: 93
PKAIX Omega Ratio Rank: 88
PKAIX Calmar Ratio Rank: 98
PKAIX Martin Ratio Rank: 97

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.

TOWFX vs. PKAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Towpath Focus Fund (TOWFX) and PIMCO RAE US Fund (PKAIX). 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.

	TOWFX	PKAIX	Difference
Sharpe ratio Return per unit of total volatility	2.52	3.52	-1.00
Sortino ratio Return per unit of downside risk	3.68	4.74	-1.07
Omega ratio Gain probability vs. loss probability	1.44	1.62	-0.18
Calmar ratio Return relative to maximum drawdown	4.79	8.80	-4.01
Martin ratio Return relative to average drawdown	18.21	27.00	-8.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOWFX vs. PKAIX - Sharpe Ratio Comparison

The current TOWFX Sharpe Ratio is 2.52, which is comparable to the PKAIX Sharpe Ratio of 3.52. The chart below compares the historical Sharpe Ratios of TOWFX and PKAIX, 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

	TOWFX	PKAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	3.52	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.85	-0.84
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.70	-0.68

Drawdowns

TOWFX vs. PKAIX - Drawdown Comparison

The maximum TOWFX drawdown since its inception was -96.18%, which is greater than PKAIX's maximum drawdown of -38.56%. Use the drawdown chart below to compare losses from any high point for TOWFX and PKAIX.

Drawdown Indicators

	TOWFX	PKAIX	Difference
Max Drawdown Largest peak-to-trough decline	-96.18%	-38.56%	-57.62%
Max Drawdown (1Y) Largest decline over 1 year	-4.72%	-5.15%	+0.43%
Max Drawdown (3Y) Largest decline over 3 years	-96.18%	-20.31%	-75.87%
Max Drawdown (5Y) Largest decline over 5 years	-96.18%	-20.64%	-75.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.56%	—
Current Drawdown Current decline from peak	-94.75%	0.00%	-94.75%
Average Drawdown Average peak-to-trough decline	-23.07%	-4.72%	-18.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	1.67%	-0.43%

Volatility

TOWFX vs. PKAIX - Volatility Comparison

The current volatility for Towpath Focus Fund (TOWFX) is 2.26%, while PIMCO RAE US Fund (PKAIX) has a volatility of 3.11%. This indicates that TOWFX experiences smaller price fluctuations and is considered to be less risky than PKAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOWFX	PKAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	3.11%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	6.60%	9.37%	-2.77%
Volatility (1Y) Calculated over the trailing 1-year period	8.97%	12.88%	-3.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1,041.14%	17.78%	+1,023.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	920.03%	18.85%	+901.18%

TOWFX vs. PKAIX - Expense Ratio Comparison

TOWFX has a 1.11% expense ratio, which is higher than PKAIX's 0.40% expense ratio.

Dividends

TOWFX vs. PKAIX - Dividend Comparison

TOWFX's dividend yield for the trailing twelve months is around 1.72%, less than PKAIX's 11.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PKAIX PIMCO RAE US Fund	11.05%	13.77%	16.77%	6.65%	8.09%	10.03%	3.20%	4.91%	6.85%	5.85%	5.33%	3.49%
TOWFX Towpath Focus Fund	1.72%	1.82%	1.49%	2.81%	2.05%	5.69%	5.94%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOWFX and PKAIX in my portfolio?

TOWFX and PKAIX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOWFX or PKAIX?

PKAIX has higher volatility (3.11%) compared to TOWFX (2.26%). In terms of maximum drawdown, TOWFX dropped -96.18% vs PKAIX's -38.56%.

Which has better risk-adjusted returns?

PKAIX currently has the higher Sharpe Ratio (3.52 vs 2.52), 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.