CPBYX vs. MWIGX
CPBYX (Invesco Core Plus Bond Fund) and MWIGX (Metropolitan West Investment Grade Credit Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, CPBYX returned 0.19%/yr vs 0.71%/yr for MWIGX. Their correlation of 0.88 suggests significant overlap in exposure. CPBYX charges 0.50%/yr vs 1.87%/yr for MWIGX.
Performance
CPBYX vs. MWIGX - Performance Comparison
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Returns By Period
In the year-to-date period, CPBYX achieves a 0.39% return, which is significantly higher than MWIGX's -0.05% return.
CPBYX
- 1D
- -0.22%
- 1M
- 0.60%
- YTD
- 0.39%
- 6M
- 0.78%
- 1Y
- 5.41%
- 3Y*
- 5.22%
- 5Y*
- 0.19%
- 10Y*
- 2.47%
MWIGX
- 1D
- -0.25%
- 1M
- 0.35%
- YTD
- -0.05%
- 6M
- 0.32%
- 1Y
- 4.37%
- 3Y*
- 5.41%
- 5Y*
- 0.71%
- 10Y*
- —
CPBYX vs. MWIGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
CPBYX Invesco Core Plus Bond Fund | 0.39% | 7.38% | 3.52% | 5.51% | -14.41% | -0.34% | 9.85% | 12.26% | -0.36% |
MWIGX Metropolitan West Investment Grade Credit Fund | -0.05% | 7.99% | 3.82% | 6.55% | -13.01% | -1.13% | 8.41% | 11.21% | 4.27% |
Correlation
The correlation between CPBYX and MWIGX 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 (All Time) Calculated using the full available price history since Jul 18, 2018 | 0.88 |
The correlation between CPBYX and MWIGX has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.
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Return for Risk
CPBYX vs. MWIGX — Risk / Return Rank
CPBYX
MWIGX
CPBYX vs. MWIGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Core Plus Bond Fund (CPBYX) and Metropolitan West Investment Grade Credit Fund (MWIGX). 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.
| CPBYX | MWIGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.26 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 1.93 | -0.07 |
| Martin ratioReturn relative to average drawdown | 5.81 | 6.03 | -0.22 |
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Drawdowns
CPBYX vs. MWIGX - Drawdown Comparison
The maximum CPBYX drawdown since its inception was -20.73%, which is greater than MWIGX's maximum drawdown of -18.32%. Use the drawdown chart below to compare losses from any high point for CPBYX and MWIGX.
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Drawdown Indicators
| CPBYX | MWIGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.73% | -18.32% | -2.41% |
Max Drawdown (1Y)Largest decline over 1 year | -3.07% | -2.35% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -6.08% | -3.88% | -2.20% |
Max Drawdown (5Y)Largest decline over 5 years | -20.73% | -18.32% | -2.41% |
Max Drawdown (10Y)Largest decline over 10 years | -20.73% | — | — |
Current DrawdownCurrent decline from peak | -1.42% | -1.31% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -4.45% | +1.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 0.75% | +0.22% |
Volatility
CPBYX vs. MWIGX - Volatility Comparison
Invesco Core Plus Bond Fund (CPBYX) has a higher volatility of 1.22% compared to Metropolitan West Investment Grade Credit Fund (MWIGX) at 1.15%. This indicates that CPBYX's price experiences larger fluctuations and is considered to be riskier than MWIGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPBYX | MWIGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 1.15% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.89% | 2.48% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 3.25% | +0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.51% | 4.95% | +0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.70% | 4.76% | -0.06% |
CPBYX vs. MWIGX - Expense Ratio Comparison
CPBYX has a 0.50% expense ratio, which is lower than MWIGX's 1.87% expense ratio.
Dividends
CPBYX vs. MWIGX - Dividend Comparison
CPBYX's dividend yield for the trailing twelve months is around 4.65%, more than MWIGX's 4.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPBYX Invesco Core Plus Bond Fund | 4.65% | 4.68% | 4.90% | 3.87% | 3.76% | 3.16% | 5.94% | 4.13% | 3.74% | 3.10% | 3.20% | 3.81% |
MWIGX Metropolitan West Investment Grade Credit Fund | 4.07% | 3.70% | 4.52% | 4.97% | 6.33% | 4.25% | 9.21% | 12.03% | 3.98% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.90, CPBYX and MWIGX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
CPBYX has higher volatility (1.22%) compared to MWIGX (1.15%). In terms of maximum drawdown, CPBYX dropped -20.73% vs MWIGX's -18.32%.
CPBYX currently has the higher Sharpe Ratio (1.51 vs 1.39), 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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