PAI vs. DFTEX
PAI (Western Asset Investment Grade Income Fund Inc.) and DFTEX (DFA Intermediate-Term Extended Quality Portfolio Fund) are both Corporate Bonds funds. Over the past 10 years, PAI returned 3.04%/yr vs 2.18%/yr for DFTEX. At a 0.26 correlation, their price movements are largely independent.
Performance
PAI vs. DFTEX - Performance Comparison
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Returns By Period
In the year-to-date period, PAI achieves a -1.27% return, which is significantly lower than DFTEX's 0.54% return. Over the past 10 years, PAI has outperformed DFTEX with an annualized return of 3.04%, while DFTEX has yielded a comparatively lower 2.18% annualized return.
PAI
- 1D
- -0.25%
- 1M
- 0.02%
- 6M
- -1.66%
- YTD
- -1.27%
- 1Y
- -2.49%
- 3Y*
- 5.95%
- 5Y*
- -0.63%
- 10Y*
- 3.04%
DFTEX
- 1D
- -0.10%
- 1M
- -0.43%
- 6M
- 0.23%
- YTD
- 0.54%
- 1Y
- 4.77%
- 3Y*
- 5.96%
- 5Y*
- 0.27%
- 10Y*
- 2.18%
PAI vs. DFTEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAI Western Asset Investment Grade Income Fund Inc. | -1.27% | 5.34% | 9.17% | 9.09% | -22.50% | 1.89% | 6.71% | 23.16% | -12.35% | 15.76% |
DFTEX DFA Intermediate-Term Extended Quality Portfolio Fund | 0.54% | 7.70% | 2.89% | 9.61% | -16.28% | -2.05% | 10.26% | 13.38% | -2.10% | 5.20% |
Correlation
The correlation between PAI and DFTEX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012 | 0.26 |
Over the past year, PAI and DFTEX have become more correlated (0.50) than their long-term average of 0.26, meaning their price movements have been converging.
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Return for Risk
PAI vs. DFTEX — Risk / Return Rank
PAI
DFTEX
PAI vs. DFTEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Investment Grade Income Fund Inc. (PAI) and DFA Intermediate-Term Extended Quality Portfolio Fund (DFTEX). 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.
| PAI | DFTEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.38 | ||
| Sortino ratioReturn per unit of downside risk | -1.95 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.19 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 1.36 | -1.68 |
| Martin ratioReturn relative to average drawdown | -0.71 | 4.37 | -5.07 |
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Drawdowns
PAI vs. DFTEX - Drawdown Comparison
The maximum PAI drawdown since its inception was -39.03%, which is greater than DFTEX's maximum drawdown of -22.83%. Use the drawdown chart below to compare losses from any high point for PAI and DFTEX.
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Drawdown Indicators
| PAI | DFTEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.03% | -22.83% | -16.20% |
Max Drawdown (1Y)Largest decline over 1 year | -7.79% | -3.22% | -4.57% |
Max Drawdown (3Y)Largest decline over 3 years | -8.87% | -5.38% | -3.49% |
Max Drawdown (5Y)Largest decline over 5 years | -33.71% | -22.83% | -10.88% |
Max Drawdown (10Y)Largest decline over 10 years | -33.71% | -22.83% | -10.88% |
Current DrawdownCurrent decline from peak | -11.36% | -1.27% | -10.09% |
Average DrawdownAverage peak-to-trough decline | -7.14% | -4.43% | -2.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.55% | 1.00% | +2.55% |
Volatility
PAI vs. DFTEX - Volatility Comparison
Western Asset Investment Grade Income Fund Inc. (PAI) has a higher volatility of 1.44% compared to DFA Intermediate-Term Extended Quality Portfolio Fund (DFTEX) at 1.31%. This indicates that PAI's price experiences larger fluctuations and is considered to be riskier than DFTEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAI | DFTEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.44% | 1.31% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 5.52% | 3.25% | +2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.63% | 4.17% | +3.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.96% | 6.70% | +5.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.42% | 5.88% | +9.54% |
Dividends
PAI vs. DFTEX - Dividend Comparison
PAI's dividend yield for the trailing twelve months is around 5.22%, more than DFTEX's 5.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFTEX DFA Intermediate-Term Extended Quality Portfolio Fund | 5.05% | 4.30% | 4.27% | 3.79% | 3.25% | 4.12% | 3.31% | 3.06% | 3.24% | 2.91% | 2.88% | 3.90% |
PAI Western Asset Investment Grade Income Fund Inc. | 5.22% | 5.45% | 4.83% | 4.67% | 4.82% | 3.57% | 3.82% | 4.43% | 5.23% | 4.36% | 4.82% | 5.30% |
Frequently Asked Questions
PAI and DFTEX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAI has higher volatility (1.44%) compared to DFTEX (1.31%). In terms of maximum drawdown, PAI dropped -39.03% vs DFTEX's -22.83%.
DFTEX currently has the higher Sharpe Ratio (1.05 vs -0.33), 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.
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