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 2.21%/yr vs 1.93%/yr for LKFIX. Their 0.14 correlation means their historical movements had little consistent relationship.
Performance
PAI vs. LKFIX - Performance Comparison
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Returns By Period
In the year-to-date period, PAI achieves a -2.64% return, which is significantly lower than LKFIX's -0.07% return. Over the past 10 years, PAI has outperformed LKFIX with an annualized return of 2.21%, while LKFIX has yielded a comparatively lower 1.93% annualized return.
PAI
- 1D
- -0.08%
- 1M
- -2.00%
- 6M
- -3.91%
- YTD
- -2.64%
- 1Y
- -3.87%
- 3Y*
- 5.38%
- 5Y*
- -0.88%
- 10Y*
- 2.21%
- ALL TIME*
- 6.46%
LKFIX
- 1D
- 0.00%
- 1M
- -0.48%
- 6M
- -0.17%
- YTD
- -0.07%
- 1Y
- 2.09%
- 3Y*
- 4.33%
- 5Y*
- 1.49%
- 10Y*
- 1.93%
- ALL TIME*
- 3.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $159.85K | $149.51K | $197.78K |
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. | -2.64% | 5.34% | 9.17% | 9.09% | -22.50% | 1.89% | 6.71% | 23.16% | -12.35% | 15.76% |
LKFIX LKCM Fixed Income Fund | -0.07% | 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 0.47, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.47 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.40 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.29 |
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 (0.47) 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 | -1.49 | ||
| Sortino ratioReturn per unit of downside risk | -2.12 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.20 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | 1.52 | -1.91 |
| Martin ratioReturn relative to average drawdown | -0.81 | 4.11 | -4.92 |
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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% | -8.52% | -25.19% |
Max Drawdown (10Y)Largest decline over 10 years | -33.71% | -8.97% | -24.74% |
Current DrawdownCurrent decline from peak | -12.59% | -1.09% | -11.50% |
Average DrawdownAverage peak-to-trough decline | -7.14% | -1.11% | -6.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.79% | 0.65% | +3.14% |
Volatility
PAI vs. LKFIX - Volatility Comparison
Western Asset Investment Grade Income Fund Inc. (PAI) has a higher volatility of 1.55% compared to LKCM Fixed Income Fund (LKFIX) at 0.56%. 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 | 1.55% | 0.56% | +0.99% |
Volatility (6M)Calculated over the trailing 6-month period | 5.51% | 1.98% | +3.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.33% | 2.51% | +4.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.93% | 3.00% | +8.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.39% | 2.64% | +12.75% |
Dividends
PAI vs. LKFIX - Dividend Comparison
PAI's dividend yield for the trailing twelve months is around 5.32%, more than LKFIX's 3.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LKFIX LKCM Fixed Income Fund | 3.84% | 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. | 5.32% | 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 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAI has higher volatility (1.55%) compared to LKFIX (0.56%). In terms of maximum drawdown, PAI dropped -39.03% vs LKFIX's -8.97%.
LKFIX currently has the higher Sharpe Ratio (1.07 vs -0.42), 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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