CORP vs. GBIAX

Last updated Jun 3, 2026

CORP (PIMCO Investment Grade Corporate Bond Index ETF) and GBIAX (Nationwide Bond Index Fund) are both funds - CORP is a Corporate Bonds fund tracking the ICE BofA US Corporate, while GBIAX is a Intermediate Core Bond fund managed by Nationwide. Over the past 10 years, CORP returned 2.81%/yr vs 0.87%/yr for GBIAX. A 0.78 correlation means they provide meaningful diversification when combined. CORP charges 0.20%/yr vs 0.64%/yr for GBIAX.

Performance

CORP vs. GBIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Investment Grade Corporate Bond Index ETF (CORP) and Nationwide Bond Index Fund (GBIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CORP achieves a 0.78% return, which is significantly higher than GBIAX's 0.13% return. Over the past 10 years, CORP has outperformed GBIAX with an annualized return of 2.81%, while GBIAX has yielded a comparatively lower 0.87% annualized return.

CORP

• 1D: -0.01%
• 1M: 0.40%
• YTD: 0.78%
• 6M: 0.79%
• 1Y: 6.41%
• 3Y*: 5.55%
• 5Y*: 1.06%
• 10Y*: 2.81%

GBIAX

• 1D: -0.10%
• 1M: 0.08%
• YTD: 0.13%
• 6M: 0.10%
• 1Y: 4.73%
• 3Y*: 3.34%
• 5Y*: -0.60%
• 10Y*: 0.87%

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

CORP vs. GBIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CORP PIMCO Investment Grade Corporate Bond Index ETF	0.78%	7.96%	2.47%	9.13%	-14.96%	-1.18%	9.70%	14.80%	-3.29%	6.56%
GBIAX Nationwide Bond Index Fund	0.13%	6.54%	0.44%	5.03%	-14.06%	-2.38%	6.60%	8.08%	-0.74%	2.89%

Correlation

The correlation between CORP and GBIAX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Sep 22, 2010	0.78

The correlation between CORP and GBIAX shifts across timeframes, from 0.78 (all time) to 0.90 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

CORP vs. GBIAX — Risk / Return Rank

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

CORP

CORP Risk / Return Rank: 43
CORP Sharpe Ratio Rank: 43
CORP Sortino Ratio Rank: 46
CORP Omega Ratio Rank: 42
CORP Calmar Ratio Rank: 43
CORP Martin Ratio Rank: 43

GBIAX

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

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.

CORP vs. GBIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Investment Grade Corporate Bond Index ETF (CORP) and Nationwide Bond Index Fund (GBIAX). 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.

	CORP	GBIAX	Difference
Sharpe ratio Return per unit of total volatility	1.54	1.13	+0.42
Sortino ratio Return per unit of downside risk	2.28	1.67	+0.61
Omega ratio Gain probability vs. loss probability	1.27	1.20	+0.07
Calmar ratio Return relative to maximum drawdown	2.16	1.60	+0.56
Martin ratio Return relative to average drawdown	7.02	4.77	+2.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CORP vs. GBIAX - Sharpe Ratio Comparison

The current CORP Sharpe Ratio is 1.54, which is higher than the GBIAX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of CORP and GBIAX, 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

	CORP	GBIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	1.13	+0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	-0.10	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.18	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.73	-0.17

Drawdowns

CORP vs. GBIAX - Drawdown Comparison

The maximum CORP drawdown since its inception was -21.21%, roughly equal to the maximum GBIAX drawdown of -20.26%. Use the drawdown chart below to compare losses from any high point for CORP and GBIAX.

Drawdown Indicators

	CORP	GBIAX	Difference
Max Drawdown Largest peak-to-trough decline	-21.21%	-20.26%	-0.95%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-3.00%	+0.12%
Max Drawdown (3Y) Largest decline over 3 years	-6.06%	-6.30%	+0.24%
Max Drawdown (5Y) Largest decline over 5 years	-21.21%	-19.07%	-2.14%
Max Drawdown (10Y) Largest decline over 10 years	-21.21%	-20.26%	-0.95%
Current Drawdown Current decline from peak	-0.85%	-6.27%	+5.42%
Average Drawdown Average peak-to-trough decline	-3.61%	-3.04%	-0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	1.01%	-0.13%

Volatility

CORP vs. GBIAX - Volatility Comparison

PIMCO Investment Grade Corporate Bond Index ETF (CORP) has a higher volatility of 1.37% compared to Nationwide Bond Index Fund (GBIAX) at 1.30%. This indicates that CORP's price experiences larger fluctuations and is considered to be riskier than GBIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CORP	GBIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	1.30%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	3.01%	2.77%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	4.18%	3.93%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.89%	6.00%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.08%	4.95%	+2.13%

CORP vs. GBIAX - Expense Ratio Comparison

CORP has a 0.20% expense ratio, which is lower than GBIAX's 0.64% expense ratio.

Dividends

CORP vs. GBIAX - Dividend Comparison

CORP's dividend yield for the trailing twelve months is around 4.84%, more than GBIAX's 3.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CORP PIMCO Investment Grade Corporate Bond Index ETF	4.84%	4.77%	4.74%	4.12%	3.28%	2.51%	2.90%	3.25%	3.18%	3.08%	2.91%	3.14%
GBIAX Nationwide Bond Index Fund	3.29%	3.18%	3.07%	2.57%	1.59%	3.02%	1.79%	2.27%	2.29%	1.93%	2.15%	2.43%

Frequently Asked Questions

Can I hold both CORP and GBIAX in my portfolio?

CORP and GBIAX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CORP or GBIAX?

CORP has higher volatility (1.37%) compared to GBIAX (1.30%). In terms of maximum drawdown, CORP dropped -21.21% vs GBIAX's -20.26%.

Which has better risk-adjusted returns?

CORP currently has the higher Sharpe Ratio (1.54 vs 1.13), 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.