HLGAX vs. PIMIX

Last updated Jun 24, 2026

HLGAX (JPMorgan Government Bond Fund) and PIMIX (PIMCO Income Fund Institutional Class) are both mutual funds - HLGAX is a Government Bonds fund managed by JPMorgan, while PIMIX is a Multisector Bonds fund actively managed by PIMCO. Over the past 10 years, HLGAX returned 1.06%/yr vs 4.72%/yr for PIMIX. A 0.53 correlation means they provide meaningful diversification when combined. HLGAX charges 0.47%/yr vs 0.54%/yr for PIMIX.

Performance

HLGAX vs. PIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Government Bond Fund (HLGAX) and PIMCO Income Fund Institutional Class (PIMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HLGAX achieves a -0.28% return, which is significantly lower than PIMIX's 0.72% return. Over the past 10 years, HLGAX has underperformed PIMIX with an annualized return of 1.06%, while PIMIX has yielded a comparatively higher 4.72% annualized return.

HLGAX

• 1D: -0.21%
• 1M: 0.52%
• YTD: -0.28%
• 6M: -0.19%
• 1Y: 3.35%
• 3Y*: 3.24%
• 5Y*: -0.23%
• 10Y*: 1.06%

PIMIX

• 1D: -0.28%
• 1M: 0.91%
• YTD: 0.72%
• 6M: 1.32%
• 1Y: 7.28%
• 3Y*: 7.60%
• 5Y*: 3.49%
• 10Y*: 4.72%

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

HLGAX vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLGAX JPMorgan Government Bond Fund	-0.28%	6.70%	1.26%	4.38%	-11.85%	-2.12%	6.95%	6.58%	0.84%	2.36%
PIMIX PIMCO Income Fund Institutional Class	0.72%	11.08%	5.45%	9.36%	-9.07%	2.62%	5.84%	8.10%	0.63%	8.63%

Correlation

The correlation between HLGAX and PIMIX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Apr 2, 2007	0.53

Over the past year, HLGAX and PIMIX have become more correlated (0.82) than their long-term average of 0.53, meaning their price movements have been converging.

Return for Risk

HLGAX vs. PIMIX — Risk / Return Rank

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

HLGAX

HLGAX Risk / Return Rank: 13
HLGAX Sharpe Ratio Rank: 14
HLGAX Sortino Ratio Rank: 14
HLGAX Omega Ratio Rank: 13
HLGAX Calmar Ratio Rank: 12
HLGAX Martin Ratio Rank: 11

PIMIX

PIMIX Risk / Return Rank: 42
PIMIX Sharpe Ratio Rank: 45
PIMIX Sortino Ratio Rank: 50
PIMIX Omega Ratio Rank: 49
PIMIX Calmar Ratio Rank: 34
PIMIX Martin Ratio Rank: 33

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.

HLGAX vs. PIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Government Bond Fund (HLGAX) and PIMCO Income Fund Institutional Class (PIMIX). 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.

	HLGAX	PIMIX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	1.83	-0.87
Sortino ratio: Return per unit of downside risk	1.44	2.73	-1.30
Omega ratio: Gain probability vs. loss probability	1.17	1.35	-0.18
Calmar ratio: Return relative to maximum drawdown	1.08	2.07	-0.99
Martin ratio: Return relative to average drawdown	3.02	6.98	-3.95

HLGAX vs. PIMIX - Sharpe Ratio Comparison

The current HLGAX Sharpe Ratio is 0.96, which is lower than the PIMIX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of HLGAX and PIMIX, 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

HLGAX vs. PIMIX - Drawdown Comparison

The maximum HLGAX drawdown since its inception was -17.41%, which is greater than PIMIX's maximum drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for HLGAX and PIMIX.

Drawdown Indicators

	HLGAX	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.41%	-13.39%	-4.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-3.69%	+0.37%
Max Drawdown (3Y) Largest decline over 3 years	-5.89%	-3.84%	-2.05%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-13.34%	-3.12%
Max Drawdown (10Y) Largest decline over 10 years	-17.41%	-13.39%	-4.02%
Current Drawdown Current decline from peak	-3.73%	-1.21%	-2.52%
Average Drawdown Average peak-to-trough decline	-2.54%	-1.69%	-0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	1.09%	+0.09%

Volatility

HLGAX vs. PIMIX - Volatility Comparison

The current volatility for JPMorgan Government Bond Fund (HLGAX) is 1.07%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.34%. This indicates that HLGAX experiences smaller price fluctuations and is considered to be less risky than PIMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLGAX	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	1.34%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	2.80%	3.41%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	3.72%	4.19%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.57%	4.87%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.58%	4.26%	+0.32%

HLGAX vs. PIMIX - Expense Ratio Comparison

HLGAX has a 0.47% expense ratio, which is lower than PIMIX's 0.54% expense ratio.

Dividends

HLGAX vs. PIMIX - Dividend Comparison

HLGAX's dividend yield for the trailing twelve months is around 3.12%, less than PIMIX's 5.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLGAX JPMorgan Government Bond Fund	3.12%	2.91%	2.86%	2.56%	2.12%	1.49%	1.80%	2.36%	2.45%	2.44%	2.78%	3.99%
PIMIX PIMCO Income Fund Institutional Class	5.85%	6.01%	6.27%	6.21%	4.98%	4.02%	4.88%	5.83%	5.66%	5.37%	5.52%	7.88%

Frequently Asked Questions

Can I hold both HLGAX and PIMIX in my portfolio?

HLGAX and PIMIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLGAX or PIMIX?

PIMIX has higher volatility (1.34%) compared to HLGAX (1.07%). In terms of maximum drawdown, HLGAX dropped -17.41% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

PIMIX currently has the higher Sharpe Ratio (1.83 vs 0.96), 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.