Combine all ingredients in an Instant Pot. Secure the lid and cook on high pressure for 8 minutes.
For a chunkier sauce, use a slotted spoon to remove half of the apple and pear chunks. Use an immersion blender to puree the remaining fruit and then stir in reserved fruit chunks (alternately, you can cool the mixture and puree in a blender or food processor). For a thinner sauce, do not remove any fruit before pureeing.