AVSF vs. PIMIX

Last updated Aug 4, 2026

AVSF (Avantis Short-Term Fixed Income ETF) and PIMIX (PIMCO Income Fund Institutional Class) are both funds - AVSF is a Short-Term Bond fund actively managed by Avantis, while PIMIX is a Multisector Bonds fund actively managed by PIMCO. Both are actively managed. Over the past 5 years, AVSF returned 1.83%/yr vs 3.17%/yr for PIMIX. Their 0.76 correlation means they have sometimes moved together and sometimes differently. AVSF charges 0.15%/yr vs 0.54%/yr for PIMIX.

Performance

AVSF vs. PIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Short-Term Fixed Income ETF (AVSF) and PIMCO Income Fund Institutional Class (PIMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVSF achieves a 0.69% return, which is significantly higher than PIMIX's -0.05% return.

AVSF

• 1D: 0.09%
• 1M: -0.14%
• 6M: 0.47%
• YTD: 0.69%
• 1Y: 2.80%
• 3Y*: 4.74%
• 5Y*: 1.83%
• 10Y*: —
• ALL TIME*: 1.65%

PIMIX

• 1D: -0.28%
• 1M: -1.47%
• 6M: -0.55%
• YTD: -0.05%
• 1Y: 4.30%
• 3Y*: 6.95%
• 5Y*: 3.17%
• 10Y*: 4.42%
• ALL TIME*: 6.57%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AVSF Avantis Short-Term Fixed Income ETF	$2.32M	$2.25M	$2.32M
PIMIX PIMCO Income Fund Institutional Class	$0.00	$0.00	$0.00

AVSF vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AVSF Avantis Short-Term Fixed Income ETF	0.69%	6.57%	3.81%	5.25%	-5.52%	-1.17%	0.46%
PIMIX PIMCO Income Fund Institutional Class	-0.05%	11.08%	5.45%	9.36%	-9.07%	2.62%	4.02%

Correlation

The correlation between AVSF and PIMIX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020	0.76

The correlation between AVSF and PIMIX has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

Return for Risk

AVSF vs. PIMIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AVSF

AVSF Risk / Return Rank: 58
AVSF Sharpe Ratio Rank: 62
AVSF Sortino Ratio Rank: 62
AVSF Omega Ratio Rank: 60
AVSF Calmar Ratio Rank: 53
AVSF Martin Ratio Rank: 56

PIMIX

PIMIX Risk / Return Rank: 33
PIMIX Sharpe Ratio Rank: 37
PIMIX Sortino Ratio Rank: 36
PIMIX Omega Ratio Rank: 37
PIMIX Calmar Ratio Rank: 28
PIMIX Martin Ratio Rank: 28

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AVSF vs. PIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Short-Term Fixed Income ETF (AVSF) and PIMCO Income Fund Institutional Class (PIMIX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AVSF	PIMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.22	+0.30
Sortino ratio: Return per unit of downside risk	2.17	1.77	+0.41
Omega ratio: Gain probability vs. loss probability	1.27	1.23	+0.05
Calmar ratio: Return relative to maximum drawdown	1.98	1.36	+0.62
Martin ratio: Return relative to average drawdown	6.92	4.32	+2.60

AVSF vs. PIMIX - Sharpe Ratio Comparison

The current AVSF Sharpe Ratio is 1.52, which is comparable to the PIMIX Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of AVSF and PIMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AVSF vs. PIMIX - Drawdown Comparison

The maximum AVSF drawdown since its inception was -8.85%, smaller than the maximum PIMIX drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for AVSF and PIMIX.

Drawdown Indicators

	AVSF	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-8.85%	-13.39%	+4.54%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-3.69%	+2.27%
Max Drawdown (3Y) Largest decline over 3 years	-1.42%	-3.69%	+2.27%
Max Drawdown (5Y) Largest decline over 5 years	-8.70%	-13.34%	+4.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-13.39%	—
Current Drawdown Current decline from peak	-0.30%	-1.96%	+1.66%
Average Drawdown Average peak-to-trough decline	-2.15%	-1.68%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	1.16%	-0.76%

Volatility

AVSF vs. PIMIX - Volatility Comparison

The current volatility for Avantis Short-Term Fixed Income ETF (AVSF) is 0.49%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.17%. This indicates that AVSF experiences smaller price fluctuations and is considered to be less risky than PIMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVSF	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.49%	1.17%	-0.68%
Volatility (6M) Calculated over the trailing 6-month period	1.50%	3.56%	-2.06%
Volatility (1Y) Calculated over the trailing 1-year period	1.85%	4.15%	-2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.67%	4.89%	-2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.51%	4.26%	-1.75%

AVSF vs. PIMIX - Expense Ratio Comparison

AVSF has a 0.15% expense ratio, which is lower than PIMIX's 0.54% expense ratio.

Dividends

AVSF vs. PIMIX - Dividend Comparison

AVSF's dividend yield for the trailing twelve months is around 3.98%, less than PIMIX's 5.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVSF Avantis Short-Term Fixed Income ETF	3.98%	4.31%	4.34%	3.93%	1.78%	0.48%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%
PIMIX PIMCO Income Fund Institutional Class	5.34%	6.01%	6.27%	6.21%	4.98%	4.02%	4.88%	5.83%	5.66%	5.37%	5.52%	7.88%

Frequently Asked Questions

Can I hold both AVSF and PIMIX in my portfolio?

AVSF and PIMIX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVSF or PIMIX?

PIMIX has higher volatility (1.17%) compared to AVSF (0.49%). In terms of maximum drawdown, AVSF dropped -8.85% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

AVSF currently has the higher Sharpe Ratio (1.52 vs 1.22), 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.