PAI vs. VSTBX
PAI (Western Asset Investment Grade Income Fund Inc.) and VSTBX (Vanguard Short-Term Corporate Bond Index Fund Institutional Shares) are both Corporate Bonds funds. Over the past 10 years, PAI returned 2.21%/yr vs 2.93%/yr for VSTBX. Their 0.21 correlation means their historical movements had little consistent relationship.
Performance
PAI vs. VSTBX - 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 VSTBX's 0.91% return. Over the past 10 years, PAI has underperformed VSTBX with an annualized return of 2.21%, while VSTBX has yielded a comparatively higher 2.93% 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%
VSTBX
- 1D
- 0.08%
- 1M
- -0.08%
- 6M
- 0.53%
- YTD
- 0.91%
- 1Y
- 3.17%
- 3Y*
- 5.54%
- 5Y*
- 2.39%
- 10Y*
- 2.93%
- ALL TIME*
- 3.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $159.85K | $149.51K | $197.78K | |
| $0.00 | $0.00 | $0.00 |
PAI vs. VSTBX - 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% |
VSTBX Vanguard Short-Term Corporate Bond Index Fund Institutional Shares | 0.91% | 6.75% | 5.37% | 6.17% | -5.73% | -0.41% | 5.07% | 9.68% | 0.92% | 2.48% |
Correlation
The correlation between PAI and VSTBX is 0.49, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.49 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.41 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.28 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2009 | 0.21 |
Over the past year, PAI and VSTBX have become more correlated (0.49) than their long-term average of 0.21, meaning their price movements have been converging.
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Return for Risk
PAI vs. VSTBX — Risk / Return Rank
PAI
VSTBX
PAI vs. VSTBX - 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 Short-Term Corporate Bond Index Fund Institutional Shares (VSTBX). 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 | VSTBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.52 | ||
| Sortino ratioReturn per unit of downside risk | -3.68 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.41 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | 2.84 | -3.23 |
| Martin ratioReturn relative to average drawdown | -0.81 | 10.89 | -11.69 |
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Drawdowns
PAI vs. VSTBX - Drawdown Comparison
The maximum PAI drawdown since its inception was -39.03%, which is greater than VSTBX's maximum drawdown of -9.34%. Use the drawdown chart below to compare losses from any high point for PAI and VSTBX.
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Drawdown Indicators
| PAI | VSTBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.03% | -9.34% | -29.69% |
Max Drawdown (1Y)Largest decline over 1 year | -7.79% | -1.31% | -6.48% |
Max Drawdown (3Y)Largest decline over 3 years | -8.87% | -1.31% | -7.56% |
Max Drawdown (5Y)Largest decline over 5 years | -33.71% | -9.30% | -24.41% |
Max Drawdown (10Y)Largest decline over 10 years | -33.71% | -9.34% | -24.37% |
Current DrawdownCurrent decline from peak | -12.59% | -0.19% | -12.40% |
Average DrawdownAverage peak-to-trough decline | -7.14% | -0.95% | -6.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.79% | 0.34% | +3.45% |
Volatility
PAI vs. VSTBX - Volatility Comparison
Western Asset Investment Grade Income Fund Inc. (PAI) has a higher volatility of 1.55% compared to Vanguard Short-Term Corporate Bond Index Fund Institutional Shares (VSTBX) at 0.48%. This indicates that PAI's price experiences larger fluctuations and is considered to be riskier than VSTBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAI | VSTBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 0.48% | +1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 5.51% | 1.41% | +4.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.33% | 1.78% | +5.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.93% | 2.73% | +9.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.39% | 2.38% | +13.01% |
Dividends
PAI vs. VSTBX - Dividend Comparison
PAI's dividend yield for the trailing twelve months is around 5.32%, more than VSTBX's 4.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VSTBX Vanguard Short-Term Corporate Bond Index Fund Institutional Shares | 4.07% | 4.34% | 4.29% | 3.09% | 2.00% | 1.80% | 2.27% | 5.40% | 2.67% | 2.27% | 1.96% | 2.25% |
Frequently Asked Questions
PAI and VSTBX have a correlation of 0.49, 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 VSTBX (0.48%). In terms of maximum drawdown, PAI dropped -39.03% vs VSTBX's -9.34%.
VSTBX currently has the higher Sharpe Ratio (2.10 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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