EINFX vs. PIOBX

Last updated Jun 5, 2026

EINFX (Elfun Income Fund) and PIOBX (Pioneer Bond Fund) are both Intermediate Core-Plus Bond funds. Over the past 10 years, EINFX returned 1.34%/yr vs 1.99%/yr for PIOBX. Their correlation of 0.83 suggests significant overlap in exposure. EINFX charges 0.29%/yr vs 0.79%/yr for PIOBX.

Performance

EINFX vs. PIOBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Elfun Income Fund (EINFX) and Pioneer Bond Fund (PIOBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EINFX achieves a -0.17% return, which is significantly lower than PIOBX's 0.21% return. Over the past 10 years, EINFX has underperformed PIOBX with an annualized return of 1.34%, while PIOBX has yielded a comparatively higher 1.99% annualized return.

EINFX

• 1D: -0.21%
• 1M: 0.05%
• YTD: -0.17%
• 6M: -0.05%
• 1Y: 4.22%
• 3Y*: 2.91%
• 5Y*: -0.73%
• 10Y*: 1.34%

PIOBX

• 1D: -0.24%
• 1M: -0.01%
• YTD: 0.21%
• 6M: 0.42%
• 1Y: 4.77%
• 3Y*: 4.10%
• 5Y*: -0.15%
• 10Y*: 1.99%

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

EINFX vs. PIOBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EINFX Elfun Income Fund	-0.17%	7.35%	-0.73%	4.75%	-13.82%	-1.57%	7.81%	9.51%	-0.86%	3.91%
PIOBX Pioneer Bond Fund	0.21%	8.09%	1.22%	5.68%	-14.96%	0.36%	8.51%	8.95%	-0.87%	4.24%

Correlation

The correlation between EINFX and PIOBX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 3, 1984	0.83

The correlation between EINFX and PIOBX shifts across timeframes, from 0.83 (all time) to 0.96 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

EINFX vs. PIOBX — Risk / Return Rank

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

EINFX

EINFX Risk / Return Rank: 16
EINFX Sharpe Ratio Rank: 17
EINFX Sortino Ratio Rank: 17
EINFX Omega Ratio Rank: 16
EINFX Calmar Ratio Rank: 17
EINFX Martin Ratio Rank: 16

PIOBX

PIOBX Risk / Return Rank: 25
PIOBX Sharpe Ratio Rank: 24
PIOBX Sortino Ratio Rank: 26
PIOBX Omega Ratio Rank: 24
PIOBX Calmar Ratio Rank: 25
PIOBX Martin Ratio Rank: 23

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.

EINFX vs. PIOBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Elfun Income Fund (EINFX) and Pioneer Bond Fund (PIOBX). 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.

	EINFX	PIOBX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.40	-0.25
Sortino ratio: Return per unit of downside risk	1.74	2.11	-0.37
Omega ratio: Gain probability vs. loss probability	1.20	1.25	-0.05
Calmar ratio: Return relative to maximum drawdown	1.44	1.82	-0.38
Martin ratio: Return relative to average drawdown	4.32	5.67	-1.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EINFX vs. PIOBX - Sharpe Ratio Comparison

The current EINFX Sharpe Ratio is 1.15, which is comparable to the PIOBX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of EINFX and PIOBX, 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

	EINFX	PIOBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	1.40	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	-0.02	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.40	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.72	+0.06

Drawdowns

EINFX vs. PIOBX - Drawdown Comparison

The maximum EINFX drawdown since its inception was -19.78%, smaller than the maximum PIOBX drawdown of -21.80%. Use the drawdown chart below to compare losses from any high point for EINFX and PIOBX.

Drawdown Indicators

	EINFX	PIOBX	Difference
Max Drawdown Largest peak-to-trough decline	-19.78%	-21.80%	+2.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-3.06%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-8.10%	-7.11%	-0.99%
Max Drawdown (5Y) Largest decline over 5 years	-19.78%	-19.64%	-0.14%
Max Drawdown (10Y) Largest decline over 10 years	-19.78%	-19.64%	-0.14%
Current Drawdown Current decline from peak	-5.45%	-2.43%	-3.02%
Average Drawdown Average peak-to-trough decline	-3.57%	-3.55%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	0.98%	+0.15%

Volatility

EINFX vs. PIOBX - Volatility Comparison

Elfun Income Fund (EINFX) and Pioneer Bond Fund (PIOBX) have volatilities of 1.46% and 1.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EINFX	PIOBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	1.43%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.93%	2.80%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	4.24%	3.98%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.50%	6.01%	+0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.23%	4.94%	+0.29%

EINFX vs. PIOBX - Expense Ratio Comparison

EINFX has a 0.29% expense ratio, which is lower than PIOBX's 0.79% expense ratio.

Dividends

EINFX vs. PIOBX - Dividend Comparison

EINFX's dividend yield for the trailing twelve months is around 3.86%, more than PIOBX's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EINFX Elfun Income Fund	3.86%	3.84%	3.04%	2.76%	4.09%	3.31%	3.15%	2.78%	2.88%	2.42%	3.34%	2.87%
PIOBX Pioneer Bond Fund	3.74%	3.78%	3.31%	2.46%	1.62%	5.71%	4.62%	3.02%	3.13%	3.01%	2.97%	3.05%

Frequently Asked Questions

Can I hold both EINFX and PIOBX in my portfolio?

With a correlation of 0.95, EINFX and PIOBX 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.

Which is riskier, EINFX or PIOBX?

EINFX has higher volatility (1.46%) compared to PIOBX (1.43%). In terms of maximum drawdown, EINFX dropped -19.78% vs PIOBX's -21.80%.

Which has better risk-adjusted returns?

PIOBX currently has the higher Sharpe Ratio (1.40 vs 1.15), 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.