PAIIX vs. BNDW

Last updated Jun 4, 2026

PAIIX (PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)) and BNDW (Vanguard Total World Bond ETF) are both Global Bonds funds. Over the past 5 years, PAIIX returned 2.14%/yr vs 0.22%/yr for BNDW. A 0.64 correlation means they provide meaningful diversification when combined. PAIIX charges 0.90%/yr vs 0.05%/yr for BNDW.

Performance

PAIIX vs. BNDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (PAIIX) and Vanguard Total World Bond ETF (BNDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAIIX achieves a -0.60% return, which is significantly lower than BNDW's 0.42% return.

PAIIX

• 1D: 0.10%
• 1M: 1.12%
• YTD: -0.60%
• 6M: -0.80%
• 1Y: 4.73%
• 3Y*: 5.44%
• 5Y*: 2.14%
• 10Y*: 2.90%

BNDW

• 1D: -0.26%
• 1M: 0.44%
• YTD: 0.42%
• 6M: 0.18%
• 1Y: 3.51%
• 3Y*: 3.99%
• 5Y*: 0.22%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PAIIX vs. BNDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PAIIX PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)	-0.60%	8.23%	4.02%	6.63%	-6.00%	-0.84%	6.95%	6.40%	-0.43%
BNDW Vanguard Total World Bond ETF	0.42%	5.02%	2.42%	7.18%	-12.88%	-2.10%	6.22%	8.37%	1.21%

Correlation

The correlation between PAIIX and BNDW is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018	0.64

The correlation between PAIIX and BNDW shifts across timeframes, from 0.64 (all time) to 0.75 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PAIIX vs. BNDW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PAIIX

PAIIX Risk / Return Rank: 16
PAIIX Sharpe Ratio Rank: 17
PAIIX Sortino Ratio Rank: 17
PAIIX Omega Ratio Rank: 20
PAIIX Calmar Ratio Rank: 12
PAIIX Martin Ratio Rank: 12

BNDW

BNDW Risk / Return Rank: 27
BNDW Sharpe Ratio Rank: 28
BNDW Sortino Ratio Rank: 27
BNDW Omega Ratio Rank: 26
BNDW Calmar Ratio Rank: 27
BNDW Martin Ratio Rank: 26

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PAIIX vs. BNDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (PAIIX) and Vanguard Total World Bond ETF (BNDW). 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.

	PAIIX	BNDW	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.05	+0.12
Sortino ratio: Return per unit of downside risk	1.72	1.50	+0.22
Omega ratio: Gain probability vs. loss probability	1.24	1.18	+0.05
Calmar ratio: Return relative to maximum drawdown	1.12	1.31	-0.18
Martin ratio: Return relative to average drawdown	3.70	3.70	0.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAIIX vs. BNDW - Sharpe Ratio Comparison

The current PAIIX Sharpe Ratio is 1.17, which is comparable to the BNDW Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of PAIIX and BNDW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PAIIX	BNDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	1.05	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.04	+0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.97	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	0.37	+0.72

Drawdowns

PAIIX vs. BNDW - Drawdown Comparison

The maximum PAIIX drawdown since its inception was -13.59%, smaller than the maximum BNDW drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for PAIIX and BNDW.

Drawdown Indicators

	PAIIX	BNDW	Difference
Max Drawdown Largest peak-to-trough decline	-13.59%	-17.22%	+3.63%
Max Drawdown (1Y) Largest decline over 1 year	-4.25%	-2.70%	-1.55%
Max Drawdown (3Y) Largest decline over 3 years	-4.25%	-4.27%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-9.83%	-16.93%	+7.10%
Max Drawdown (10Y) Largest decline over 10 years	-10.44%	—	—
Current Drawdown Current decline from peak	-1.52%	-1.53%	+0.01%
Average Drawdown Average peak-to-trough decline	-1.99%	-4.98%	+2.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.29%	0.95%	+0.34%

Volatility

PAIIX vs. BNDW - Volatility Comparison

PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (PAIIX) has a higher volatility of 1.47% compared to Vanguard Total World Bond ETF (BNDW) at 1.31%. This indicates that PAIIX's price experiences larger fluctuations and is considered to be riskier than BNDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAIIX	BNDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	1.31%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	3.58%	2.62%	+0.96%
Volatility (1Y) Calculated over the trailing 1-year period	4.09%	3.36%	+0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.42%	5.21%	-1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.01%	4.90%	-1.89%

PAIIX vs. BNDW - Expense Ratio Comparison

PAIIX has a 0.90% expense ratio, which is higher than BNDW's 0.05% expense ratio.

Dividends

PAIIX vs. BNDW - Dividend Comparison

PAIIX's dividend yield for the trailing twelve months is around 4.69%, more than BNDW's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BNDW Vanguard Total World Bond ETF	4.21%	4.12%	3.90%	3.73%	2.02%	2.58%	1.56%	3.05%	1.66%	0.00%	0.00%	0.00%
PAIIX PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)	4.69%	4.44%	3.72%	2.05%	7.25%	2.59%	1.90%	3.75%	1.78%	2.73%	2.23%	5.44%

Frequently Asked Questions

Can I hold both PAIIX and BNDW in my portfolio?

PAIIX and BNDW have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAIIX or BNDW?

PAIIX has higher volatility (1.47%) compared to BNDW (1.31%). In terms of maximum drawdown, PAIIX dropped -13.59% vs BNDW's -17.22%.

Which has better risk-adjusted returns?

PAIIX currently has the higher Sharpe Ratio (1.17 vs 1.05), 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.