Western Asset Investment Grade Income Fund Inc. (PAI)

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Western Asset Investment Grade Income Fund Inc. (PAI) is down 1.3% since the beginning of the year. PAI is currently trading at $12 per share. Investors who bought $1,000 worth of PAI shares 5 years ago would now be looking at an investment worth $1,004.

Western Asset Investment Grade Income Fund Inc. (PAI) has returned -1.29% so far this year and 2.56% over the past 12 months. Over the last ten years, PAI has returned 3.17% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.

Based on dividend-adjusted daily data since Dec 30, 1987, PAI's average daily return is +0.03%, while the average monthly return is +0.59%. At this rate, an investment would double in approximately 9.8 years.

Historically, 59% of months were positive and 41% were negative. The best month was Dec 2008 with a return of +18.2%, while the worst month was Sep 2008 at -16.8%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 7 months.

On a daily basis, PAI closed higher 45% of trading days. The best single day was Sep 19, 2008 with a return of +11.7%, while the worst single day was Sep 17, 2008 at -14.3%.

Western Asset Investment Grade Income Fund Inc. has an annualized alpha of 6.05%, beta of 0.16, and R2 of 0.03 versus S&P 500 Index. Calculated based on daily prices since December 30, 1987.

• This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (36.16%) than losses (27.53%) - typical of diversified or defensive assets.
• Beta of 0.16 may look defensive, but with R2 of 0.03 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
• R2 of 0.03 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

PAI ranks 5 for risk / return — in the bottom 5% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.

Western Asset Investment Grade Income Fund Inc. provided a 5.20% dividend yield over the last twelve months, with an annual payout of $0.63 per share. The fund has been increasing its distributions for 4 consecutive years.

The table displays the monthly dividend distributions for Western Asset Investment Grade Income Fund Inc.. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the Western Asset Investment Grade Income Fund Inc.. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Western Asset Investment Grade Income Fund Inc. was 39.03%, occurring on Nov 24, 2008. Recovery took 200 trading sessions.

The current Western Asset Investment Grade Income Fund Inc. drawdown is 11.38%.

The chart below shows the rolling one-month volatility.