PAI vs. JMABX
PAI (Western Asset Investment Grade Income Fund Inc.) and JMABX (John Hancock Managed Account Shares Investment-Grade Corporate Bond Portfolio) are both Corporate Bonds funds. Over the past 5 years, PAI returned 0.06%/yr vs 1.00%/yr for JMABX. At a 0.39 correlation, their price movements are largely independent.
Performance
PAI vs. JMABX - Performance Comparison
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Returns By Period
In the year-to-date period, PAI achieves a -1.19% return, which is significantly lower than JMABX's 0.38% return.
PAI
- 1D
- 0.10%
- 1M
- 0.64%
- YTD
- -1.19%
- 6M
- -0.77%
- 1Y
- 2.39%
- 3Y*
- 6.50%
- 5Y*
- 0.06%
- 10Y*
- 3.19%
JMABX
- 1D
- -0.23%
- 1M
- 0.46%
- YTD
- 0.38%
- 6M
- 0.96%
- 1Y
- 5.74%
- 3Y*
- 6.18%
- 5Y*
- 1.00%
- 10Y*
- —
PAI vs. JMABX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PAI Western Asset Investment Grade Income Fund Inc. | -1.19% | 5.34% | 9.17% | 9.09% | -22.50% | 1.89% | 6.71% | 4.38% |
JMABX John Hancock Managed Account Shares Investment-Grade Corporate Bond Portfolio | 0.38% | 8.88% | 4.42% | 8.05% | -15.50% | 0.33% | 7.74% | 2.72% |
Correlation
The correlation between PAI and JMABX is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2019 | 0.39 |
The correlation between PAI and JMABX shifts across timeframes, from 0.39 (all time) to 0.51 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PAI vs. JMABX — Risk / Return Rank
PAI
JMABX
PAI vs. JMABX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Investment Grade Income Fund Inc. (PAI) and John Hancock Managed Account Shares Investment-Grade Corporate Bond Portfolio (JMABX). 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 | JMABX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.38 | ||
| Sortino ratioReturn per unit of downside risk | -2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.32 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | 2.08 | -1.77 |
| Martin ratioReturn relative to average drawdown | 0.67 | 7.26 | -6.59 |
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Drawdowns
PAI vs. JMABX - Drawdown Comparison
The maximum PAI drawdown since its inception was -39.03%, which is greater than JMABX's maximum drawdown of -21.48%. Use the drawdown chart below to compare losses from any high point for PAI and JMABX.
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Drawdown Indicators
| PAI | JMABX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.03% | -21.48% | -17.55% |
Max Drawdown (1Y)Largest decline over 1 year | -7.79% | -2.89% | -4.90% |
Max Drawdown (3Y)Largest decline over 3 years | -8.87% | -5.71% | -3.16% |
Max Drawdown (5Y)Largest decline over 5 years | -33.71% | -21.48% | -12.23% |
Max Drawdown (10Y)Largest decline over 10 years | -33.71% | — | — |
Current DrawdownCurrent decline from peak | -11.29% | -1.08% | -10.21% |
Average DrawdownAverage peak-to-trough decline | -7.13% | -6.14% | -0.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.56% | 0.83% | +2.73% |
Volatility
PAI vs. JMABX - Volatility Comparison
Western Asset Investment Grade Income Fund Inc. (PAI) has a higher volatility of 1.18% compared to John Hancock Managed Account Shares Investment-Grade Corporate Bond Portfolio (JMABX) at 1.09%. This indicates that PAI's price experiences larger fluctuations and is considered to be riskier than JMABX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAI | JMABX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 1.09% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 5.49% | 2.64% | +2.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.98% | 3.58% | +4.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.99% | 5.53% | +6.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.43% | 5.86% | +9.57% |
Dividends
PAI vs. JMABX - Dividend Comparison
PAI's dividend yield for the trailing twelve months is around 5.22%, less than JMABX's 5.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JMABX John Hancock Managed Account Shares Investment-Grade Corporate Bond Portfolio | 5.64% | 5.59% | 5.26% | 3.59% | 3.28% | 3.99% | 2.74% | 0.80% | 0.00% | 0.00% | 0.00% | 0.00% |
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 JMABX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAI has higher volatility (1.18%) compared to JMABX (1.09%). In terms of maximum drawdown, PAI dropped -39.03% vs JMABX's -21.48%.
JMABX currently has the higher Sharpe Ratio (1.68 vs 0.30), 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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