IGOV vs. PFUIX

Last updated Jun 3, 2026

IGOV (iShares International Treasury Bond ETF) and PFUIX (PIMCO International Bond Fund (Unhedged)) are both funds - IGOV is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US, while PFUIX is a Global Bonds fund managed by PIMCO. Over the past 10 years, IGOV returned -1.30%/yr vs 0.59%/yr for PFUIX. Their correlation of 0.80 suggests significant overlap in exposure. IGOV charges 0.35%/yr vs 0.50%/yr for PFUIX.

Performance

IGOV vs. PFUIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares International Treasury Bond ETF (IGOV) and PIMCO International Bond Fund (Unhedged) (PFUIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IGOV achieves a 0.34% return, which is significantly higher than PFUIX's -0.96% return. Over the past 10 years, IGOV has underperformed PFUIX with an annualized return of -1.30%, while PFUIX has yielded a comparatively higher 0.59% annualized return.

IGOV

• 1D: 0.07%
• 1M: -0.05%
• YTD: 0.34%
• 6M: 0.74%
• 1Y: 0.69%
• 3Y*: 2.85%
• 5Y*: -4.22%
• 10Y*: -1.30%

PFUIX

• 1D: -0.52%
• 1M: 0.07%
• YTD: -0.96%
• 6M: 0.00%
• 1Y: 1.13%
• 3Y*: 4.52%
• 5Y*: -2.32%
• 10Y*: 0.59%

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

IGOV vs. PFUIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IGOV iShares International Treasury Bond ETF	0.34%	9.96%	-6.50%	5.57%	-22.07%	-9.25%	10.88%	3.76%	-2.60%	11.38%
PFUIX PIMCO International Bond Fund (Unhedged)	-0.96%	10.90%	-1.64%	6.42%	-19.10%	-6.08%	12.32%	7.09%	-3.64%	10.82%

Correlation

The correlation between IGOV and PFUIX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009	0.80

The correlation between IGOV and PFUIX shifts across timeframes, from 0.80 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IGOV vs. PFUIX — Risk / Return Rank

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

IGOV

IGOV Risk / Return Rank: 10
IGOV Sharpe Ratio Rank: 10
IGOV Sortino Ratio Rank: 9
IGOV Omega Ratio Rank: 9
IGOV Calmar Ratio Rank: 11
IGOV Martin Ratio Rank: 11

PFUIX

PFUIX Risk / Return Rank: 4
PFUIX Sharpe Ratio Rank: 4
PFUIX Sortino Ratio Rank: 4
PFUIX Omega Ratio Rank: 4
PFUIX Calmar Ratio Rank: 4
PFUIX Martin Ratio Rank: 5

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.

IGOV vs. PFUIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) and PIMCO International Bond Fund (Unhedged) (PFUIX). 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.

	IGOV	PFUIX	Difference
Sharpe ratio Return per unit of total volatility	0.09	0.24	-0.16
Sortino ratio Return per unit of downside risk	0.18	0.41	-0.22
Omega ratio Gain probability vs. loss probability	1.02	1.05	-0.03
Calmar ratio Return relative to maximum drawdown	0.26	0.42	-0.15
Martin ratio Return relative to average drawdown	0.63	1.16	-0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IGOV vs. PFUIX - Sharpe Ratio Comparison

The current IGOV Sharpe Ratio is 0.09, which is lower than the PFUIX Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of IGOV and PFUIX, 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

	IGOV	PFUIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	0.24	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.43	-0.30	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.15	0.08	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.37	-0.35

Drawdowns

IGOV vs. PFUIX - Drawdown Comparison

The maximum IGOV drawdown since its inception was -35.88%, which is greater than PFUIX's maximum drawdown of -31.90%. Use the drawdown chart below to compare losses from any high point for IGOV and PFUIX.

Drawdown Indicators

	IGOV	PFUIX	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-31.90%	-3.98%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-6.40%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	-10.65%	-7.69%	-2.96%
Max Drawdown (5Y) Largest decline over 5 years	-33.17%	-30.30%	-2.87%
Max Drawdown (10Y) Largest decline over 10 years	-35.88%	-31.90%	-3.98%
Current Drawdown Current decline from peak	-23.37%	-13.30%	-10.07%
Average Drawdown Average peak-to-trough decline	-11.01%	-7.98%	-3.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	2.29%	+0.12%

Volatility

IGOV vs. PFUIX - Volatility Comparison

iShares International Treasury Bond ETF (IGOV) has a higher volatility of 2.71% compared to PIMCO International Bond Fund (Unhedged) (PFUIX) at 2.40%. This indicates that IGOV's price experiences larger fluctuations and is considered to be riskier than PFUIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGOV	PFUIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	2.40%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	6.14%	5.79%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	8.11%	7.34%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.95%	7.69%	+2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.59%	7.39%	+1.20%

IGOV vs. PFUIX - Expense Ratio Comparison

IGOV has a 0.35% expense ratio, which is lower than PFUIX's 0.50% expense ratio.

Dividends

IGOV vs. PFUIX - Dividend Comparison

IGOV's dividend yield for the trailing twelve months is around 1.40%, less than PFUIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IGOV iShares International Treasury Bond ETF	1.40%	1.41%	0.59%	0.00%	0.11%	0.39%	0.00%	0.24%	0.31%	0.19%	0.69%	0.12%
PFUIX PIMCO International Bond Fund (Unhedged)	4.03%	3.98%	4.10%	2.98%	2.83%	5.07%	1.57%	2.28%	4.39%	1.41%	1.98%	1.94%

Frequently Asked Questions

Can I hold both IGOV and PFUIX in my portfolio?

With a correlation of 0.91, IGOV and PFUIX 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, IGOV or PFUIX?

IGOV has higher volatility (2.71%) compared to PFUIX (2.40%). In terms of maximum drawdown, IGOV dropped -35.88% vs PFUIX's -31.90%.

Which has better risk-adjusted returns?

PFUIX currently has the higher Sharpe Ratio (0.24 vs 0.09), 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.