BGNMX vs. HLGAX

Last updated Jun 4, 2026

BGNMX (American Century Ginnie Mae Fund) and HLGAX (JPMorgan Government Bond Fund) are both Government Bonds funds. Over the past 10 years, BGNMX returned 0.88%/yr vs 1.14%/yr for HLGAX. A 0.78 correlation means they provide meaningful diversification when combined. BGNMX charges 0.55%/yr vs 0.47%/yr for HLGAX.

Performance

BGNMX vs. HLGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century Ginnie Mae Fund (BGNMX) and JPMorgan Government Bond Fund (HLGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BGNMX achieves a 0.74% return, which is significantly higher than HLGAX's -0.17% return. Over the past 10 years, BGNMX has underperformed HLGAX with an annualized return of 0.88%, while HLGAX has yielded a comparatively higher 1.14% annualized return.

BGNMX

• 1D: 0.00%
• 1M: 0.33%
• YTD: 0.74%
• 6M: 0.73%
• 1Y: 6.25%
• 3Y*: 3.80%
• 5Y*: -0.11%
• 10Y*: 0.88%

HLGAX

• 1D: 0.10%
• 1M: 0.31%
• YTD: -0.17%
• 6M: -0.29%
• 1Y: 4.55%
• 3Y*: 3.35%
• 5Y*: -0.14%
• 10Y*: 1.14%

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

BGNMX vs. HLGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGNMX American Century Ginnie Mae Fund	0.74%	7.43%	0.52%	4.72%	-12.06%	-1.79%	3.73%	6.17%	0.44%	1.22%
HLGAX JPMorgan Government Bond Fund	-0.17%	6.70%	1.26%	4.38%	-11.85%	-2.12%	6.95%	6.58%	0.84%	2.36%

Correlation

The correlation between BGNMX and HLGAX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 9, 1993	0.78

The correlation between BGNMX and HLGAX shifts across timeframes, from 0.78 (all time) to 0.93 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

BGNMX vs. HLGAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BGNMX

BGNMX Risk / Return Rank: 29
BGNMX Sharpe Ratio Rank: 29
BGNMX Sortino Ratio Rank: 29
BGNMX Omega Ratio Rank: 29
BGNMX Calmar Ratio Rank: 30
BGNMX Martin Ratio Rank: 30

HLGAX

HLGAX Risk / Return Rank: 16
HLGAX Sharpe Ratio Rank: 17
HLGAX Sortino Ratio Rank: 18
HLGAX Omega Ratio Rank: 16
HLGAX Calmar Ratio Rank: 15
HLGAX Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BGNMX vs. HLGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century Ginnie Mae Fund (BGNMX) and JPMorgan Government Bond Fund (HLGAX). 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.

	BGNMX	HLGAX	Difference
Sharpe ratio Return per unit of total volatility	1.54	1.18	+0.36
Sortino ratio Return per unit of downside risk	2.28	1.77	+0.51
Omega ratio Gain probability vs. loss probability	1.28	1.21	+0.07
Calmar ratio Return relative to maximum drawdown	2.04	1.34	+0.70
Martin ratio Return relative to average drawdown	6.89	4.16	+2.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BGNMX vs. HLGAX - Sharpe Ratio Comparison

The current BGNMX Sharpe Ratio is 1.54, which is higher than the HLGAX Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of BGNMX and HLGAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BGNMX	HLGAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	1.18	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	-0.02	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	0.25	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.87	+0.07

Drawdowns

BGNMX vs. HLGAX - Drawdown Comparison

The maximum BGNMX drawdown since its inception was -18.46%, which is greater than HLGAX's maximum drawdown of -17.41%. Use the drawdown chart below to compare losses from any high point for BGNMX and HLGAX.

Drawdown Indicators

	BGNMX	HLGAX	Difference
Max Drawdown Largest peak-to-trough decline	-18.46%	-17.41%	-1.05%
Max Drawdown (1Y) Largest decline over 1 year	-3.07%	-3.32%	+0.25%
Max Drawdown (3Y) Largest decline over 3 years	-7.78%	-5.89%	-1.89%
Max Drawdown (5Y) Largest decline over 5 years	-17.74%	-16.46%	-1.28%
Max Drawdown (10Y) Largest decline over 10 years	-18.46%	-17.41%	-1.05%
Current Drawdown Current decline from peak	-1.61%	-3.63%	+2.02%
Average Drawdown Average peak-to-trough decline	-2.03%	-2.54%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.07%	-0.16%

Volatility

BGNMX vs. HLGAX - Volatility Comparison

American Century Ginnie Mae Fund (BGNMX) has a higher volatility of 1.66% compared to JPMorgan Government Bond Fund (HLGAX) at 1.33%. This indicates that BGNMX's price experiences larger fluctuations and is considered to be riskier than HLGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGNMX	HLGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	1.33%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	3.01%	2.73%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	4.08%	3.79%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.45%	5.57%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.84%	4.57%	+0.27%

BGNMX vs. HLGAX - Expense Ratio Comparison

BGNMX has a 0.55% expense ratio, which is higher than HLGAX's 0.47% expense ratio.

Dividends

BGNMX vs. HLGAX - Dividend Comparison

BGNMX's dividend yield for the trailing twelve months is around 3.94%, more than HLGAX's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGNMX American Century Ginnie Mae Fund	3.94%	3.86%	3.70%	3.21%	1.90%	1.64%	2.16%	2.68%	2.65%	2.37%	2.37%	2.37%
HLGAX JPMorgan Government Bond Fund	3.12%	2.91%	2.86%	2.56%	2.12%	1.49%	1.80%	2.36%	2.45%	2.44%	2.78%	3.99%

Frequently Asked Questions

Can I hold both BGNMX and HLGAX in my portfolio?

BGNMX and HLGAX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BGNMX or HLGAX?

BGNMX has higher volatility (1.66%) compared to HLGAX (1.33%). In terms of maximum drawdown, BGNMX dropped -18.46% vs HLGAX's -17.41%.

Which has better risk-adjusted returns?

BGNMX currently has the higher Sharpe Ratio (1.54 vs 1.18), 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.