PAI vs. LKFIX
PAI (Western Asset Investment Grade Income Fund Inc.) and LKFIX (LKCM Fixed Income Fund) are both Corporate Bonds funds. Over the past 10 years, PAI returned 3.19%/yr vs 2.01%/yr for LKFIX. At a 0.14 correlation, their price movements are largely independent.
Performance
PAI vs. LKFIX - Performance Comparison
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Returns By Period
Over the past 10 years, PAI has outperformed LKFIX with an annualized return of 3.19%, while LKFIX has yielded a comparatively lower 2.01% annualized 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%
LKFIX
- 1D
- -0.28%
- 1M
- 0.29%
- YTD
- -0.00%
- 6M
- 0.27%
- 1Y
- 3.26%
- 3Y*
- 4.44%
- 5Y*
- 1.59%
- 10Y*
- 2.01%
PAI vs. LKFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAI Western Asset Investment Grade Income Fund Inc. | -1.19% | 5.34% | 9.17% | 9.09% | -22.50% | 1.89% | 6.71% | 23.16% | -12.35% | 15.76% |
LKFIX LKCM Fixed Income Fund | -0.00% | 6.66% | 3.06% | 4.98% | -5.63% | -1.54% | 4.29% | 6.71% | 0.26% | 2.15% |
Correlation
The correlation between PAI and LKFIX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 1997 | 0.14 |
Over the past year, PAI and LKFIX have become more correlated (0.45) than their long-term average of 0.14, meaning their price movements have been converging.
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Return for Risk
PAI vs. LKFIX — Risk / Return Rank
PAI
LKFIX
PAI vs. LKFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Investment Grade Income Fund Inc. (PAI) and LKCM Fixed Income Fund (LKFIX). 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 | LKFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.25 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | 1.96 | -1.66 |
| Martin ratioReturn relative to average drawdown | 0.67 | 5.93 | -5.25 |
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Drawdowns
PAI vs. LKFIX - Drawdown Comparison
The maximum PAI drawdown since its inception was -39.03%, which is greater than LKFIX's maximum drawdown of -8.97%. Use the drawdown chart below to compare losses from any high point for PAI and LKFIX.
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Drawdown Indicators
| PAI | LKFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.03% | -8.97% | -30.06% |
Max Drawdown (1Y)Largest decline over 1 year | -7.79% | -1.76% | -6.03% |
Max Drawdown (3Y)Largest decline over 3 years | -8.87% | -2.19% | -6.68% |
Max Drawdown (5Y)Largest decline over 5 years | -33.71% | -8.60% | -25.11% |
Max Drawdown (10Y)Largest decline over 10 years | -33.71% | -8.97% | -24.74% |
Current DrawdownCurrent decline from peak | -11.29% | -1.02% | -10.27% |
Average DrawdownAverage peak-to-trough decline | -7.13% | -1.12% | -6.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.56% | 0.58% | +2.98% |
Volatility
PAI vs. LKFIX - Volatility Comparison
Western Asset Investment Grade Income Fund Inc. (PAI) has a higher volatility of 1.18% compared to LKCM Fixed Income Fund (LKFIX) at 0.79%. This indicates that PAI's price experiences larger fluctuations and is considered to be riskier than LKFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAI | LKFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 0.79% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 5.49% | 1.94% | +3.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.98% | 2.54% | +5.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.99% | 2.99% | +9.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.43% | 2.64% | +12.79% |
Dividends
PAI vs. LKFIX - Dividend Comparison
PAI's dividend yield for the trailing twelve months is around 5.22%, more than LKFIX's 3.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LKFIX LKCM Fixed Income Fund | 3.70% | 3.57% | 3.03% | 2.28% | 1.57% | 1.36% | 1.74% | 2.27% | 2.26% | 2.04% | 2.18% | 2.78% |
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 LKFIX have a correlation of 0.45, 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 LKFIX (0.79%). In terms of maximum drawdown, PAI dropped -39.03% vs LKFIX's -8.97%.
LKFIX currently has the higher Sharpe Ratio (1.37 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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