Subject: Re: Fixed income/bond investments
But I'm making a point no one here is interested in and we're talking past each other, so enough.

The point you were making upthread seemed to be that bond funds like PONRX had kept pace with SPY.

You wrote: "PONRX, for one, gapped up from and then paced the S&P for years until the 2022 (interest-rate driven) bear market brought it back down in line, and has matched it since".

This opinion seemed to be based on the odd chart you posted, and the incorrect belief that testfol does not include dividends. We're just trying to help.