PAAIX vs. VOO

Last updated Jun 3, 2026

PAAIX (PIMCO All Asset Fund) and VOO (Vanguard S&P 500 ETF) are both funds - PAAIX is a Tactical Allocation fund managed by PIMCO, while VOO is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, PAAIX returned 7.08%/yr vs 15.65%/yr for VOO. A 0.57 correlation means they provide meaningful diversification when combined. PAAIX charges 1.40%/yr vs 0.03%/yr for VOO.

Performance

PAAIX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO All Asset Fund (PAAIX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAAIX achieves a 8.89% return, which is significantly lower than VOO's 11.69% return. Over the past 10 years, PAAIX has underperformed VOO with an annualized return of 7.08%, while VOO has yielded a comparatively higher 15.65% annualized return.

PAAIX

• 1D: -0.08%
• 1M: 0.90%
• YTD: 8.89%
• 6M: 9.70%
• 1Y: 19.51%
• 3Y*: 10.37%
• 5Y*: 4.54%
• 10Y*: 7.08%

VOO

• 1D: 0.14%
• 1M: 5.39%
• YTD: 11.69%
• 6M: 12.11%
• 1Y: 29.68%
• 3Y*: 22.73%
• 5Y*: 14.26%
• 10Y*: 15.65%

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

PAAIX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAAIX PIMCO All Asset Fund	8.89%	13.20%	4.12%	8.19%	-11.52%	15.61%	8.38%	12.21%	-4.97%	13.99%
VOO Vanguard S&P 500 ETF	11.69%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between PAAIX and VOO is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.57

The correlation between PAAIX and VOO has been stable across timeframes, ranging from 0.52 to 0.60 - a consistent structural relationship.

Return for Risk

PAAIX vs. VOO — Risk / Return Rank

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

PAAIX

PAAIX Risk / Return Rank: 90
PAAIX Sharpe Ratio Rank: 95
PAAIX Sortino Ratio Rank: 93
PAAIX Omega Ratio Rank: 90
PAAIX Calmar Ratio Rank: 86
PAAIX Martin Ratio Rank: 86

VOO

VOO Risk / Return Rank: 75
VOO Sharpe Ratio Rank: 77
VOO Sortino Ratio Rank: 75
VOO Omega Ratio Rank: 76
VOO Calmar Ratio Rank: 68
VOO Martin Ratio Rank: 80

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.

PAAIX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO All Asset Fund (PAAIX) and Vanguard S&P 500 ETF (VOO). 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.

	PAAIX	VOO	Difference
Sharpe ratio Return per unit of total volatility	3.35	2.53	+0.82
Sortino ratio Return per unit of downside risk	4.82	3.43	+1.39
Omega ratio Gain probability vs. loss probability	1.64	1.46	+0.18
Calmar ratio Return relative to maximum drawdown	4.12	3.42	+0.70
Martin ratio Return relative to average drawdown	16.62	15.95	+0.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAAIX vs. VOO - Sharpe Ratio Comparison

The current PAAIX Sharpe Ratio is 3.35, which is higher than the VOO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of PAAIX and VOO, 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

	PAAIX	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.35	2.53	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.85	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.87	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.89	+0.06

Drawdowns

PAAIX vs. VOO - Drawdown Comparison

The maximum PAAIX drawdown since its inception was -27.59%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for PAAIX and VOO.

Drawdown Indicators

	PAAIX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-27.59%	-33.99%	+6.40%
Max Drawdown (1Y) Largest decline over 1 year	-4.87%	-8.90%	+4.03%
Max Drawdown (3Y) Largest decline over 3 years	-7.59%	-18.69%	+11.10%
Max Drawdown (5Y) Largest decline over 5 years	-19.83%	-24.52%	+4.69%
Max Drawdown (10Y) Largest decline over 10 years	-22.64%	-33.99%	+11.35%
Current Drawdown Current decline from peak	-0.16%	0.00%	-0.16%
Average Drawdown Average peak-to-trough decline	-3.77%	-3.69%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	1.91%	-0.70%

Volatility

PAAIX vs. VOO - Volatility Comparison

The current volatility for PIMCO All Asset Fund (PAAIX) is 1.94%, while Vanguard S&P 500 ETF (VOO) has a volatility of 2.74%. This indicates that PAAIX experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAAIX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.94%	2.74%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	4.61%	8.88%	-4.27%
Volatility (1Y) Calculated over the trailing 1-year period	5.92%	11.78%	-5.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.78%	16.81%	-9.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.80%	18.01%	-10.21%

PAAIX vs. VOO - Expense Ratio Comparison

PAAIX has a 1.40% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

PAAIX vs. VOO - Dividend Comparison

PAAIX's dividend yield for the trailing twelve months is around 7.16%, more than VOO's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAAIX PIMCO All Asset Fund	7.16%	7.12%	5.92%	3.20%	7.68%	11.90%	3.56%	3.33%	5.50%	4.48%	3.60%	3.93%
VOO Vanguard S&P 500 ETF	1.02%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both PAAIX and VOO in my portfolio?

PAAIX and VOO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAAIX or VOO?

VOO has higher volatility (2.74%) compared to PAAIX (1.94%). In terms of maximum drawdown, PAAIX dropped -27.59% vs VOO's -33.99%.

Which has better risk-adjusted returns?

PAAIX currently has the higher Sharpe Ratio (3.35 vs 2.53), 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.