PAI vs. VICBX
PAI (Western Asset Investment Grade Income Fund Inc.) and VICBX (Vanguard Intermediate-Term Corporate Bond Index Fund Institutional Shares) are both Corporate Bonds funds. Over the past 10 years, PAI returned 2.97%/yr vs 3.02%/yr for VICBX. At a 0.23 correlation, their price movements are largely independent.
Performance
PAI vs. VICBX - 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 VICBX's 0.13% return. Both investments have delivered pretty close results over the past 10 years, with PAI having a 2.97% annualized return and VICBX not far ahead at 3.02%.
PAI
- 1D
- 0.08%
- 1M
- -0.19%
- 6M
- -1.82%
- YTD
- -1.19%
- 1Y
- -0.10%
- 3Y*
- 6.13%
- 5Y*
- -0.46%
- 10Y*
- 2.97%
VICBX
- 1D
- 0.29%
- 1M
- -0.47%
- 6M
- -0.12%
- YTD
- 0.13%
- 1Y
- 4.71%
- 3Y*
- 6.04%
- 5Y*
- 0.99%
- 10Y*
- 3.02%
PAI vs. VICBX - 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% |
VICBX Vanguard Intermediate-Term Corporate Bond Index Fund Institutional Shares | 0.13% | 9.37% | 3.67% | 8.87% | -14.06% | -1.50% | 9.57% | 15.96% | -1.72% | 5.50% |
Correlation
The correlation between PAI and VICBX 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 | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | 0.23 |
Over the past year, PAI and VICBX have become more correlated (0.51) than their long-term average of 0.23, meaning their price movements have been converging.
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Return for Risk
PAI vs. VICBX — Risk / Return Rank
PAI
VICBX
PAI vs. VICBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Investment Grade Income Fund Inc. (PAI) and Vanguard Intermediate-Term Corporate Bond Index Fund Institutional Shares (VICBX). 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 | VICBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.85 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.23 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | 1.71 | -1.72 |
| Martin ratioReturn relative to average drawdown | -0.03 | 5.20 | -5.23 |
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Drawdowns
PAI vs. VICBX - Drawdown Comparison
The maximum PAI drawdown since its inception was -39.03%, which is greater than VICBX's maximum drawdown of -20.55%. Use the drawdown chart below to compare losses from any high point for PAI and VICBX.
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Drawdown Indicators
| PAI | VICBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.03% | -20.55% | -18.48% |
Max Drawdown (1Y)Largest decline over 1 year | -7.79% | -2.95% | -4.84% |
Max Drawdown (3Y)Largest decline over 3 years | -8.87% | -5.98% | -2.89% |
Max Drawdown (5Y)Largest decline over 5 years | -33.71% | -20.55% | -13.16% |
Max Drawdown (10Y)Largest decline over 10 years | -33.71% | -20.55% | -13.16% |
Current DrawdownCurrent decline from peak | -11.29% | -1.39% | -9.90% |
Average DrawdownAverage peak-to-trough decline | -7.14% | -3.12% | -4.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.57% | 0.97% | +2.60% |
Volatility
PAI vs. VICBX - Volatility Comparison
Western Asset Investment Grade Income Fund Inc. (PAI) has a higher volatility of 1.46% compared to Vanguard Intermediate-Term Corporate Bond Index Fund Institutional Shares (VICBX) at 1.19%. This indicates that PAI's price experiences larger fluctuations and is considered to be riskier than VICBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAI | VICBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.46% | 1.19% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 5.52% | 3.07% | +2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.41% | 3.90% | +3.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.95% | 6.17% | +5.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.41% | 5.34% | +10.07% |
Dividends
PAI vs. VICBX - Dividend Comparison
PAI's dividend yield for the trailing twelve months is around 5.22%, more than VICBX's 4.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VICBX Vanguard Intermediate-Term Corporate Bond Index Fund Institutional Shares | 4.83% | 4.61% | 4.79% | 3.72% | 3.02% | 2.82% | 2.79% | 5.01% | 3.64% | 3.23% | 3.32% | 3.39% |
Frequently Asked Questions
PAI and VICBX 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 (1.46%) compared to VICBX (1.19%). In terms of maximum drawdown, PAI dropped -39.03% vs VICBX's -20.55%.
VICBX currently has the higher Sharpe Ratio (1.29 vs -0.01), 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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