BGX vs. PWLIX
BGX (Blackstone Long-Short Credit Income Fund) and PWLIX (PIMCO RAE Worldwide Long/Short PLUS Fund) are both Long-Short funds. Over the past 10 years, BGX returned 6.63%/yr vs 4.57%/yr for PWLIX. At a 0.15 correlation, their price movements are largely independent. BGX charges 1.46%/yr vs 1.19%/yr for PWLIX.
Performance
BGX vs. PWLIX - Performance Comparison
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Returns By Period
In the year-to-date period, BGX achieves a -3.70% return, which is significantly lower than PWLIX's -0.25% return. Over the past 10 years, BGX has outperformed PWLIX with an annualized return of 6.63%, while PWLIX has yielded a comparatively lower 4.57% annualized return.
BGX
- 1D
- 0.28%
- 1M
- 0.57%
- YTD
- -3.70%
- 6M
- -3.10%
- 1Y
- -3.44%
- 3Y*
- 9.16%
- 5Y*
- 2.85%
- 10Y*
- 6.63%
PWLIX
- 1D
- 0.00%
- 1M
- -1.19%
- YTD
- -0.25%
- 6M
- -2.24%
- 1Y
- 1.59%
- 3Y*
- 4.43%
- 5Y*
- 4.49%
- 10Y*
- 4.57%
BGX vs. PWLIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BGX Blackstone Long-Short Credit Income Fund | -3.70% | 2.09% | 19.83% | 18.92% | -20.57% | 17.54% | -5.67% | 24.98% | -4.19% | 7.28% |
PWLIX PIMCO RAE Worldwide Long/Short PLUS Fund | -0.25% | 4.64% | 4.65% | 4.04% | 4.33% | 15.15% | -12.66% | 9.60% | 0.49% | 11.80% |
Correlation
The correlation between BGX and PWLIX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2014 | 0.15 |
The correlation between BGX and PWLIX shifts across timeframes, from -0.01 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BGX vs. PWLIX — Risk / Return Rank
BGX
PWLIX
BGX vs. PWLIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Blackstone Long-Short Credit Income Fund (BGX) and PIMCO RAE Worldwide Long/Short PLUS Fund (PWLIX). 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.
| BGX | PWLIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.02 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | 0.08 | -0.35 |
| Martin ratioReturn relative to average drawdown | -0.56 | 0.21 | -0.76 |
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Drawdowns
BGX vs. PWLIX - Drawdown Comparison
The maximum BGX drawdown since its inception was -47.40%, which is greater than PWLIX's maximum drawdown of -26.92%. Use the drawdown chart below to compare losses from any high point for BGX and PWLIX.
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Drawdown Indicators
| BGX | PWLIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.40% | -26.92% | -20.48% |
Max Drawdown (1Y)Largest decline over 1 year | -12.43% | -10.30% | -2.13% |
Max Drawdown (3Y)Largest decline over 3 years | -14.08% | -11.74% | -2.34% |
Max Drawdown (5Y)Largest decline over 5 years | -25.94% | -11.74% | -14.20% |
Max Drawdown (10Y)Largest decline over 10 years | -47.40% | -26.92% | -20.48% |
Current DrawdownCurrent decline from peak | -7.39% | -8.91% | +1.52% |
Average DrawdownAverage peak-to-trough decline | -6.99% | -4.20% | -2.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.19% | 3.80% | +2.39% |
Volatility
BGX vs. PWLIX - Volatility Comparison
The current volatility for Blackstone Long-Short Credit Income Fund (BGX) is 0.98%, while PIMCO RAE Worldwide Long/Short PLUS Fund (PWLIX) has a volatility of 3.71%. This indicates that BGX experiences smaller price fluctuations and is considered to be less risky than PWLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BGX | PWLIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 3.71% | -2.73% |
Volatility (6M)Calculated over the trailing 6-month period | 5.88% | 7.15% | -1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.92% | 9.00% | -1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.77% | 9.05% | +2.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.52% | 9.04% | +8.48% |
BGX vs. PWLIX - Expense Ratio Comparison
BGX has a 1.46% expense ratio, which is higher than PWLIX's 1.19% expense ratio.
Dividends
BGX vs. PWLIX - Dividend Comparison
BGX's dividend yield for the trailing twelve months is around 9.03%, more than PWLIX's 4.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BGX Blackstone Long-Short Credit Income Fund | 9.03% | 8.87% | 9.89% | 11.71% | 8.15% | 7.01% | 8.76% | 9.35% | 11.74% | 7.12% | 9.01% | 8.72% |
PWLIX PIMCO RAE Worldwide Long/Short PLUS Fund | 4.93% | 6.65% | 4.75% | 5.51% | 14.75% | 11.99% | 7.31% | 6.79% | 0.39% | 10.82% | 4.16% | 3.61% |
Frequently Asked Questions
BGX and PWLIX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWLIX has higher volatility (3.71%) compared to BGX (0.98%). In terms of maximum drawdown, BGX dropped -47.40% vs PWLIX's -26.92%.
PWLIX currently has the higher Sharpe Ratio (0.09 vs -0.44), 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.
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