PDI vs PFN: Correlation
How closely do PIMCO Dynamic Income Fund (PDI) and PIMCO Income Strategy Fund II (PFN) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PDI and PFN?
Across a 3-year window, the weekly returns of PDI and PFN correlate at 0.72, strong. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. Stretching to 5 years gives 0.76, with an annualized covariance of 125.5 %².
PFN is one of the assets that tracks PDI most closely: it ranks #3 out of the 13 assets we track against PDI. On 12-month performance PFN holds a 11.7-point edge, -7.6% against +4.1%.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
PDI vs PFN: side by side
| PDI (PIMCO Dynamic Income Fund) | PFN (PIMCO Income Strategy Fund II) | |
|---|---|---|
| 1-year return | -7.6% | +4.1% |
| 5-year return | +11.0% | +9.3% |
| Volatility (ann.) | 14.3% | 12.2% |
| Beta vs S&P 500 | 0.52 | 0.40 |
| Max drawdown (3Y) | -14.4% | -11.1% |
| Market cap | $7.1B | $0.7B |
| P/E (trailing) | 7.5 | 13.4 |
| Dividend yield | 0.00% | 12.40% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PDI | PFN |
|---|---|---|
| 2022 | -17.0% | -17.6% |
| 2023 | +12.0% | +15.5% |
| 2024 | +17.2% | +15.8% |
| 2025 | +11.1% | +13.1% |
| 2026 | -3.2% | +1.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PDI and PFN good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between PDI and PFN?
The PDI/PFN correlation stands at 0.72 on a 3-year window (1 year: 0.64, 5 years: 0.76), computed from weekly returns as of 2026-08-27.
Is PFN a good diversifier for PDI?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.72 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pdi-vs-pfn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pdi-vs-pfn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PDI correlations · PFN correlations
