PAI vs. VLCIX
PAI (Western Asset Investment Grade Income Fund Inc.) and VLCIX (Vanguard Long-Term Corporate Bond Index Fund Institutional Shares) are both Corporate Bonds funds. Over the past 10 years, PAI returned 3.19%/yr vs 2.33%/yr for VLCIX. At a 0.22 correlation, their price movements are largely independent.
Performance
PAI vs. VLCIX - 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 VLCIX's 1.03% return. Over the past 10 years, PAI has outperformed VLCIX with an annualized return of 3.19%, while VLCIX has yielded a comparatively lower 2.33% 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%
VLCIX
- 1D
- -0.56%
- 1M
- 1.20%
- YTD
- 1.03%
- 6M
- 0.95%
- 1Y
- 6.08%
- 3Y*
- 4.21%
- 5Y*
- -2.12%
- 10Y*
- 2.33%
PAI vs. VLCIX - 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% |
VLCIX Vanguard Long-Term Corporate Bond Index Fund Institutional Shares | 1.03% | 7.27% | -1.43% | 11.06% | -25.75% | -1.24% | 13.74% | 23.18% | -6.86% | 12.42% |
Correlation
The correlation between PAI and VLCIX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
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 | 0.31 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2009 | 0.22 |
Over the past year, PAI and VLCIX have become more correlated (0.44) than their long-term average of 0.22, meaning their price movements have been converging.
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Return for Risk
PAI vs. VLCIX — Risk / Return Rank
PAI
VLCIX
PAI vs. VLCIX - 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 Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX). 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 | VLCIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.15 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | 1.20 | -0.89 |
| Martin ratioReturn relative to average drawdown | 0.67 | 2.90 | -2.22 |
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Drawdowns
PAI vs. VLCIX - Drawdown Comparison
The maximum PAI drawdown since its inception was -39.03%, which is greater than VLCIX's maximum drawdown of -34.56%. Use the drawdown chart below to compare losses from any high point for PAI and VLCIX.
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Drawdown Indicators
| PAI | VLCIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.03% | -34.56% | -4.47% |
Max Drawdown (1Y)Largest decline over 1 year | -7.79% | -5.26% | -2.53% |
Max Drawdown (3Y)Largest decline over 3 years | -8.87% | -12.86% | +3.99% |
Max Drawdown (5Y)Largest decline over 5 years | -33.71% | -34.56% | +0.85% |
Max Drawdown (10Y)Largest decline over 10 years | -33.71% | -34.56% | +0.85% |
Current DrawdownCurrent decline from peak | -11.29% | -13.91% | +2.62% |
Average DrawdownAverage peak-to-trough decline | -7.13% | -8.05% | +0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.56% | 2.18% | +1.38% |
Volatility
PAI vs. VLCIX - Volatility Comparison
The current volatility for Western Asset Investment Grade Income Fund Inc. (PAI) is 1.18%, while Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX) has a volatility of 1.93%. This indicates that PAI experiences smaller price fluctuations and is considered to be less risky than VLCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAI | VLCIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 1.93% | -0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 5.49% | 5.55% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.98% | 7.54% | +0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.99% | 11.85% | +0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.43% | 10.62% | +4.81% |
Dividends
PAI vs. VLCIX - Dividend Comparison
PAI's dividend yield for the trailing twelve months is around 5.22%, less than VLCIX's 5.53% 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% |
VLCIX Vanguard Long-Term Corporate Bond Index Fund Institutional Shares | 5.53% | 5.50% | 5.60% | 4.67% | 4.43% | 2.95% | 3.17% | 3.83% | 4.58% | 4.03% | 4.39% | 4.73% |
Frequently Asked Questions
PAI and VLCIX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VLCIX has higher volatility (1.93%) compared to PAI (1.18%). In terms of maximum drawdown, PAI dropped -39.03% vs VLCIX's -34.56%.
VLCIX currently has the higher Sharpe Ratio (0.84 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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