GPPIX vs. PAIPX

Last updated Jun 4, 2026

GPPIX (Goldman Sachs Short-Term Conservative Income Fund) and PAIPX (PIMCO Short Asset Investment Fund) are both Ultrashort Bond funds. Over the past 10 years, GPPIX returned 2.55%/yr vs 2.51%/yr for PAIPX. At a 0.40 correlation, their price movements are largely independent. GPPIX charges 0.24%/yr vs 0.45%/yr for PAIPX.

Performance

GPPIX vs. PAIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Short-Term Conservative Income Fund (GPPIX) and PIMCO Short Asset Investment Fund (PAIPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPPIX achieves a 1.56% return, which is significantly lower than PAIPX's 1.80% return. Both investments have delivered pretty close results over the past 10 years, with GPPIX having a 2.55% annualized return and PAIPX not far behind at 2.51%.

GPPIX

• 1D: 0.00%
• 1M: 0.33%
• YTD: 1.56%
• 6M: 1.91%
• 1Y: 4.43%
• 3Y*: 4.76%
• 5Y*: 3.32%
• 10Y*: 2.55%

PAIPX

• 1D: 0.00%
• 1M: 0.41%
• YTD: 1.80%
• 6M: 2.25%
• 1Y: 4.65%
• 3Y*: 5.16%
• 5Y*: 3.36%
• 10Y*: 2.51%

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

GPPIX vs. PAIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GPPIX Goldman Sachs Short-Term Conservative Income Fund	1.56%	4.83%	5.21%	4.50%	0.73%	-0.00%	1.43%	3.05%	2.16%	1.44%
PAIPX PIMCO Short Asset Investment Fund	1.80%	4.83%	5.93%	4.55%	-0.00%	-0.19%	1.12%	2.56%	1.90%	1.82%

Correlation

The correlation between GPPIX and PAIPX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.40

The correlation between GPPIX and PAIPX shifts across timeframes, from 0.32 (5 years) to 0.51 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GPPIX vs. PAIPX — Risk / Return Rank

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

GPPIX

GPPIX Risk / Return Rank: 99
GPPIX Sharpe Ratio Rank: 95
GPPIX Sortino Ratio Rank: 100
GPPIX Omega Ratio Rank: 99
GPPIX Calmar Ratio Rank: 99
GPPIX Martin Ratio Rank: 99

PAIPX

PAIPX Risk / Return Rank: 100
PAIPX Sharpe Ratio Rank: 98
PAIPX Sortino Ratio Rank: 100
PAIPX Omega Ratio Rank: 100
PAIPX Calmar Ratio Rank: 100
PAIPX Martin Ratio Rank: 100

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.

GPPIX vs. PAIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Short-Term Conservative Income Fund (GPPIX) and PIMCO Short Asset Investment Fund (PAIPX). 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.

	GPPIX	PAIPX	Difference
Sharpe ratio: Return per unit of total volatility	3.45	3.93	-0.49
Sortino ratio: Return per unit of downside risk	11.79	26.36	-14.56
Omega ratio: Gain probability vs. loss probability	4.14	16.16	-12.02
Calmar ratio: Return relative to maximum drawdown	15.07	46.81	-31.74
Martin ratio: Return relative to average drawdown	68.46	185.02	-116.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GPPIX vs. PAIPX - Sharpe Ratio Comparison

The current GPPIX Sharpe Ratio is 3.45, which is comparable to the PAIPX Sharpe Ratio of 3.93. The chart below compares the historical Sharpe Ratios of GPPIX and PAIPX, 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

	GPPIX	PAIPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.45	3.93	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.66	2.02	+0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.38	1.87	+0.52
Sharpe Ratio (All Time) Calculated using the full available price history	2.30	1.75	+0.55

Drawdowns

GPPIX vs. PAIPX - Drawdown Comparison

The maximum GPPIX drawdown since its inception was -3.08%, smaller than the maximum PAIPX drawdown of -3.49%. Use the drawdown chart below to compare losses from any high point for GPPIX and PAIPX.

Drawdown Indicators

	GPPIX	PAIPX	Difference
Max Drawdown Largest peak-to-trough decline	-3.08%	-3.49%	+0.41%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-0.10%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-0.40%	-1.20%	+0.80%
Max Drawdown (5Y) Largest decline over 5 years	-0.77%	-1.64%	+0.87%
Max Drawdown (10Y) Largest decline over 10 years	-3.08%	-3.49%	+0.41%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.07%	-0.15%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.03%	+0.03%

Volatility

GPPIX vs. PAIPX - Volatility Comparison

Goldman Sachs Short-Term Conservative Income Fund (GPPIX) and PIMCO Short Asset Investment Fund (PAIPX) have volatilities of 0.33% and 0.32%, 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

	GPPIX	PAIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	0.32%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.91%	0.85%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	1.30%	1.19%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.25%	1.67%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.07%	1.35%	-0.28%

GPPIX vs. PAIPX - Expense Ratio Comparison

GPPIX has a 0.24% expense ratio, which is lower than PAIPX's 0.45% expense ratio.

Dividends

GPPIX vs. PAIPX - Dividend Comparison

GPPIX's dividend yield for the trailing twelve months is around 4.23%, more than PAIPX's 3.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPPIX Goldman Sachs Short-Term Conservative Income Fund	4.23%	4.51%	4.77%	3.68%	1.22%	0.30%	1.12%	2.61%	2.24%	1.33%	0.94%	0.49%
PAIPX PIMCO Short Asset Investment Fund	3.93%	4.29%	5.04%	4.04%	1.21%	0.31%	1.00%	2.53%	2.28%	1.81%	1.21%	0.78%

Frequently Asked Questions

Can I hold both GPPIX and PAIPX in my portfolio?

GPPIX and PAIPX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPPIX or PAIPX?

GPPIX has higher volatility (0.33%) compared to PAIPX (0.32%). In terms of maximum drawdown, GPPIX dropped -3.08% vs PAIPX's -3.49%.

Which has better risk-adjusted returns?

PAIPX currently has the higher Sharpe Ratio (3.93 vs 3.45), 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.