PAIPX vs. BUBSX

Last updated Apr 1, 2026

Compare and contrast key facts about PIMCO Short Asset Investment Fund (PAIPX) and Baird Ultra Short Bond Fund (BUBSX).

PAIPX is managed by PIMCO. It was launched on May 31, 2012. BUBSX is managed by Baird. It was launched on Dec 31, 2013.

Performance

PAIPX vs. BUBSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Short Asset Investment Fund (PAIPX) and Baird Ultra Short Bond Fund (BUBSX). The values are adjusted to include any dividend payments, if applicable.

PAIPX vs. BUBSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAIPX PIMCO Short Asset Investment Fund	0.67%	4.83%	5.93%	4.55%	-0.00%	-0.19%	1.12%	2.56%	1.90%	1.82%
BUBSX Baird Ultra Short Bond Fund	0.70%	4.53%	5.47%	5.43%	0.70%	-0.05%	1.66%	2.87%	1.61%	1.05%

Returns By Period

The year-to-date returns for both investments are quite close, with PAIPX having a 0.67% return and BUBSX slightly higher at 0.70%. Both investments have delivered pretty close results over the past 10 years, with PAIPX having a 2.44% annualized return and BUBSX not far ahead at 2.48%.

PAIPX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.67%
• 6M: 1.91%
• 1Y: 4.37%
• 3Y*: 4.98%
• 5Y*: 3.14%
• 10Y*: 2.44%

BUBSX

• 1D: 0.00%
• 1M: 0.13%
• YTD: 0.70%
• 6M: 1.69%
• 1Y: 4.08%
• 3Y*: 4.97%
• 5Y*: 3.31%
• 10Y*: 2.48%

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

PAIPX vs. BUBSX - Expense Ratio Comparison

PAIPX has a 0.45% expense ratio, which is higher than BUBSX's 0.40% expense ratio.

PAIPX

PIMCO Short Asset Investment Fund

BUBSX

Baird Ultra Short Bond Fund

Return for Risk

PAIPX vs. BUBSX — Risk / Return Rank

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

PAIPX

PAIPX Risk / Return Rank: 100
PAIPX Sharpe Ratio Rank: 99
PAIPX Sortino Ratio Rank: 100
PAIPX Omega Ratio Rank: 100
PAIPX Calmar Ratio Rank: 100
PAIPX Martin Ratio Rank: 100

BUBSX

BUBSX Risk / Return Rank: 100
BUBSX Sharpe Ratio Rank: 100
BUBSX Sortino Ratio Rank: 100
BUBSX Omega Ratio Rank: 100
BUBSX Calmar Ratio Rank: 100
BUBSX Martin Ratio Rank: 100

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.

PAIPX vs. BUBSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Short Asset Investment Fund (PAIPX) and Baird Ultra Short Bond Fund (BUBSX). 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.

	PAIPX	BUBSX	Difference
Sharpe ratio Return per unit of total volatility	3.70	6.30	-2.60
Sortino ratio Return per unit of downside risk	18.97	17.90	+1.07
Omega ratio Gain probability vs. loss probability	8.71	8.30	+0.41
Calmar ratio Return relative to maximum drawdown	23.60	41.37	-17.77
Martin ratio Return relative to average drawdown	95.25	223.49	-128.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAIPX vs. BUBSX - Sharpe Ratio Comparison

The current PAIPX Sharpe Ratio is 3.70, which is lower than the BUBSX Sharpe Ratio of 6.30. The chart below compares the historical Sharpe Ratios of PAIPX and BUBSX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PAIPX	BUBSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.70	6.30	-2.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.91	4.42	-2.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.83	3.54	-1.72
Sharpe Ratio (All Time) Calculated using the full available price history	1.70	3.11	-1.41

Correlation

The correlation between PAIPX and BUBSX is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PAIPX vs. BUBSX - Dividend Comparison

PAIPX's dividend yield for the trailing twelve months is around 3.76%, less than BUBSX's 4.11% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAIPX PIMCO Short Asset Investment Fund	3.76%	4.29%	5.04%	4.04%	1.21%	0.31%	1.00%	2.53%	2.28%	1.81%	1.21%	0.78%
BUBSX Baird Ultra Short Bond Fund	4.11%	4.24%	5.04%	4.39%	1.29%	0.25%	1.14%	2.33%	1.90%	1.04%	0.81%	0.56%

Drawdowns

PAIPX vs. BUBSX - Drawdown Comparison

The maximum PAIPX drawdown since its inception was -3.49%, which is greater than BUBSX's maximum drawdown of -1.88%. Use the drawdown chart below to compare losses from any high point for PAIPX and BUBSX.

Drawdown Indicators

	PAIPX	BUBSX	Difference
Max Drawdown Largest peak-to-trough decline	-3.49%	-1.88%	-1.61%
Max Drawdown (1Y) Largest decline over 1 year	-0.20%	-0.10%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-1.64%	-0.83%	-0.81%
Max Drawdown (10Y) Largest decline over 10 years	-3.49%	-1.88%	-1.61%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.15%	-0.08%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.02%	+0.03%

Volatility

PAIPX vs. BUBSX - Volatility Comparison

The current volatility for PIMCO Short Asset Investment Fund (PAIPX) is 0.00%, while Baird Ultra Short Bond Fund (BUBSX) has a volatility of 0.17%. This indicates that PAIPX experiences smaller price fluctuations and is considered to be less risky than BUBSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAIPX	BUBSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.17%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	0.85%	0.46%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	1.30%	0.65%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.65%	0.75%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.34%	0.70%	+0.64%