OGVCX vs. PRGMX

Last updated Apr 1, 2026

Compare and contrast key facts about JPMorgan Government Bond Fund Class C (OGVCX) and T. Rowe Price GNMA Fund (PRGMX).

OGVCX is managed by JPMorgan. PRGMX is managed by T. Rowe Price. It was launched on Nov 25, 1985.

Performance

OGVCX vs. PRGMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Government Bond Fund Class C (OGVCX) and T. Rowe Price GNMA Fund (PRGMX). The values are adjusted to include any dividend payments, if applicable.

OGVCX vs. PRGMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OGVCX JPMorgan Government Bond Fund Class C	-0.52%	5.99%	0.61%	3.50%	-12.55%	-3.00%	5.95%	5.76%	-0.05%	1.45%
PRGMX T. Rowe Price GNMA Fund	0.62%	10.46%	0.92%	5.62%	-11.45%	-2.18%	4.21%	5.18%	0.58%	1.23%

Returns By Period

In the year-to-date period, OGVCX achieves a -0.52% return, which is significantly lower than PRGMX's 0.62% return. Over the past 10 years, OGVCX has underperformed PRGMX with an annualized return of 0.36%, while PRGMX has yielded a comparatively higher 1.38% annualized return.

OGVCX

• 1D: 0.52%
• 1M: -2.23%
• YTD: -0.52%
• 6M: 0.35%
• 1Y: 2.79%
• 3Y*: 2.27%
• 5Y*: -0.75%
• 10Y*: 0.36%

PRGMX

• 1D: 0.49%
• 1M: -2.15%
• YTD: 0.62%
• 6M: 2.89%
• 1Y: 8.10%
• 3Y*: 4.70%
• 5Y*: 0.69%
• 10Y*: 1.38%

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

OGVCX vs. PRGMX - Expense Ratio Comparison

OGVCX has a 1.39% expense ratio, which is higher than PRGMX's 0.58% expense ratio.

OGVCX

JPMorgan Government Bond Fund Class C

PRGMX

T. Rowe Price GNMA Fund

Return for Risk

OGVCX vs. PRGMX — Risk / Return Rank

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

OGVCX

OGVCX Risk / Return Rank: 34
OGVCX Sharpe Ratio Rank: 31
OGVCX Sortino Ratio Rank: 28
OGVCX Omega Ratio Rank: 22
OGVCX Calmar Ratio Rank: 57
OGVCX Martin Ratio Rank: 34

PRGMX

PRGMX Risk / Return Rank: 89
PRGMX Sharpe Ratio Rank: 88
PRGMX Sortino Ratio Rank: 90
PRGMX Omega Ratio Rank: 83
PRGMX Calmar Ratio Rank: 94
PRGMX Martin Ratio Rank: 87

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.

OGVCX vs. PRGMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Government Bond Fund Class C (OGVCX) and T. Rowe Price GNMA Fund (PRGMX). 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.

	OGVCX	PRGMX	Difference
Sharpe ratio Return per unit of total volatility	0.72	1.80	-1.08
Sortino ratio Return per unit of downside risk	1.05	2.59	-1.54
Omega ratio Gain probability vs. loss probability	1.13	1.33	-0.21
Calmar ratio Return relative to maximum drawdown	1.33	3.15	-1.82
Martin ratio Return relative to average drawdown	3.66	9.25	-5.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OGVCX vs. PRGMX - Sharpe Ratio Comparison

The current OGVCX Sharpe Ratio is 0.72, which is lower than the PRGMX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of OGVCX and PRGMX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OGVCX	PRGMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	1.80	-1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.11	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	0.29	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.94	-0.38

Correlation

The correlation between OGVCX and PRGMX is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

OGVCX vs. PRGMX - Dividend Comparison

OGVCX's dividend yield for the trailing twelve months is around 2.34%, less than PRGMX's 6.91% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OGVCX JPMorgan Government Bond Fund Class C	2.34%	2.24%	2.10%	1.82%	1.21%	0.58%	0.95%	1.49%	1.57%	1.54%	1.76%	2.90%
PRGMX T. Rowe Price GNMA Fund	6.91%	6.52%	3.54%	3.54%	1.38%	0.59%	1.44%	2.39%	2.78%	2.98%	2.88%	3.12%

Drawdowns

OGVCX vs. PRGMX - Drawdown Comparison

The maximum OGVCX drawdown since its inception was -19.66%, which is greater than PRGMX's maximum drawdown of -18.22%. Use the drawdown chart below to compare losses from any high point for OGVCX and PRGMX.

Drawdown Indicators

	OGVCX	PRGMX	Difference
Max Drawdown Largest peak-to-trough decline	-19.66%	-18.22%	-1.44%
Max Drawdown (1Y) Largest decline over 1 year	-2.74%	-2.93%	+0.19%
Max Drawdown (5Y) Largest decline over 5 years	-18.01%	-17.70%	-0.31%
Max Drawdown (10Y) Largest decline over 10 years	-19.66%	-18.22%	-1.44%
Current Drawdown Current decline from peak	-7.96%	-2.15%	-5.81%
Average Drawdown Average peak-to-trough decline	-3.51%	-2.25%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	1.00%	0.00%

Volatility

OGVCX vs. PRGMX - Volatility Comparison

The current volatility for JPMorgan Government Bond Fund Class C (OGVCX) is 1.44%, while T. Rowe Price GNMA Fund (PRGMX) has a volatility of 1.75%. This indicates that OGVCX experiences smaller price fluctuations and is considered to be less risky than PRGMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OGVCX	PRGMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	1.75%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	2.56%	2.79%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	4.17%	4.77%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.56%	6.33%	-0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.57%	4.73%	-0.16%