BWG vs. PFLEX

Last updated Jun 23, 2026

BWG (BrandywineGLOBAL Global Income Opportunities Fund) and PFLEX (PIMCO Flexible Credit Income Fund) are both Multisector Bonds funds. Over the past 5 years, BWG returned 2.08%/yr vs 3.70%/yr for PFLEX. At a 0.33 correlation, their price movements are largely independent. BWG charges 2.66%/yr vs 2.10%/yr for PFLEX.

Performance

BWG vs. PFLEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BrandywineGLOBAL Global Income Opportunities Fund (BWG) and PIMCO Flexible Credit Income Fund (PFLEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BWG achieves a 0.15% return, which is significantly higher than PFLEX's -1.04% return.

BWG

• 1D: -0.50%
• 1M: 1.79%
• YTD: 0.15%
• 6M: -0.80%
• 1Y: 10.32%
• 3Y*: 12.02%
• 5Y*: 2.08%
• 10Y*: 4.92%

PFLEX

• 1D: 0.00%
• 1M: 1.60%
• YTD: -1.04%
• 6M: -1.27%
• 1Y: 2.87%
• 3Y*: 8.77%
• 5Y*: 3.70%
• 10Y*: —

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

BWG vs. PFLEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BWG BrandywineGLOBAL Global Income Opportunities Fund	0.15%	17.38%	7.31%	15.94%	-21.53%	1.34%	6.30%	30.59%	-12.14%	9.02%
PFLEX PIMCO Flexible Credit Income Fund	-1.04%	7.28%	14.00%	10.05%	-14.68%	11.87%	4.29%	10.63%	2.86%	4.70%

Correlation

The correlation between BWG and PFLEX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Feb 23, 2017	0.33

Return for Risk

BWG vs. PFLEX — Risk / Return Rank

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

BWG

BWG Risk / Return Rank: 12
BWG Sharpe Ratio Rank: 14
BWG Sortino Ratio Rank: 15
BWG Omega Ratio Rank: 14
BWG Calmar Ratio Rank: 9
BWG Martin Ratio Rank: 10

PFLEX

PFLEX Risk / Return Rank: 12
PFLEX Sharpe Ratio Rank: 12
PFLEX Sortino Ratio Rank: 14
PFLEX Omega Ratio Rank: 16
PFLEX Calmar Ratio Rank: 9
PFLEX Martin Ratio Rank: 8

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.

BWG vs. PFLEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BrandywineGLOBAL Global Income Opportunities Fund (BWG) and PIMCO Flexible Credit Income Fund (PFLEX). 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.

	BWG	PFLEX	Difference
Sharpe ratio: Return per unit of total volatility	0.98	0.88	+0.11
Sortino ratio: Return per unit of downside risk	1.53	1.45	+0.08
Omega ratio: Gain probability vs. loss probability	1.18	1.20	-0.02
Calmar ratio: Return relative to maximum drawdown	0.86	0.84	+0.02
Martin ratio: Return relative to average drawdown	2.66	2.15	+0.51

BWG vs. PFLEX - Sharpe Ratio Comparison

The current BWG Sharpe Ratio is 0.98, which is comparable to the PFLEX Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of BWG and PFLEX, 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

BWG vs. PFLEX - Drawdown Comparison

The maximum BWG drawdown since its inception was -35.39%, which is greater than PFLEX's maximum drawdown of -24.60%. Use the drawdown chart below to compare losses from any high point for BWG and PFLEX.

Drawdown Indicators

	BWG	PFLEX	Difference
Max Drawdown Largest peak-to-trough decline	-35.39%	-24.60%	-10.79%
Max Drawdown (1Y) Largest decline over 1 year	-12.03%	-4.28%	-7.75%
Max Drawdown (3Y) Largest decline over 3 years	-14.00%	-4.28%	-9.72%
Max Drawdown (5Y) Largest decline over 5 years	-34.10%	-18.06%	-16.04%
Max Drawdown (10Y) Largest decline over 10 years	-34.27%	—	—
Current Drawdown Current decline from peak	-4.00%	-1.68%	-2.32%
Average Drawdown Average peak-to-trough decline	-10.83%	-3.99%	-6.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	1.57%	+2.31%

Volatility

BWG vs. PFLEX - Volatility Comparison

BrandywineGLOBAL Global Income Opportunities Fund (BWG) has a higher volatility of 2.99% compared to PIMCO Flexible Credit Income Fund (PFLEX) at 1.51%. This indicates that BWG's price experiences larger fluctuations and is considered to be riskier than PFLEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWG	PFLEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	1.51%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	8.58%	3.12%	+5.46%
Volatility (1Y) Calculated over the trailing 1-year period	10.57%	4.09%	+6.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.07%	5.30%	+8.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.01%	5.89%	+9.12%

BWG vs. PFLEX - Expense Ratio Comparison

BWG has a 2.66% expense ratio, which is higher than PFLEX's 2.10% expense ratio.

Dividends

BWG vs. PFLEX - Dividend Comparison

BWG's dividend yield for the trailing twelve months is around 12.03%, more than PFLEX's 5.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BWG BrandywineGLOBAL Global Income Opportunities Fund	12.03%	11.47%	12.00%	11.73%	13.25%	8.20%	6.81%	6.55%	8.70%	8.35%	10.31%	16.41%
PFLEX PIMCO Flexible Credit Income Fund	5.96%	6.59%	9.41%	12.77%	14.50%	9.06%	8.51%	9.86%	10.59%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BWG and PFLEX in my portfolio?

BWG and PFLEX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BWG or PFLEX?

BWG has higher volatility (2.99%) compared to PFLEX (1.51%). In terms of maximum drawdown, BWG dropped -35.39% vs PFLEX's -24.60%.

Which has better risk-adjusted returns?

BWG currently has the higher Sharpe Ratio (0.98 vs 0.88), 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.