PAIPX vs. BUBSX

Last updated Jun 23, 2026

PAIPX (PIMCO Short Asset Investment Fund) and BUBSX (Baird Ultra Short Bond Fund) are both Ultrashort Bond funds. Over the past 10 years, PAIPX returned 2.52%/yr vs 2.53%/yr for BUBSX. At a 0.10 correlation, their price movements are largely independent. PAIPX charges 0.45%/yr vs 0.40%/yr for BUBSX.

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.

Returns By Period

In the year-to-date period, PAIPX achieves a 1.80% return, which is significantly higher than BUBSX's 1.61% return. Both investments have delivered pretty close results over the past 10 years, with PAIPX having a 2.52% annualized return and BUBSX not far ahead at 2.53%.

PAIPX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.80%
• 6M: 2.25%
• 1Y: 4.65%
• 3Y*: 5.13%
• 5Y*: 3.36%
• 10Y*: 2.52%

BUBSX

• 1D: 0.10%
• 1M: 0.33%
• YTD: 1.61%
• 6M: 1.75%
• 1Y: 4.01%
• 3Y*: 4.96%
• 5Y*: 3.51%
• 10Y*: 2.53%

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

PAIPX vs. BUBSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAIPX PIMCO Short Asset Investment Fund	1.80%	4.83%	5.93%	4.55%	-0.00%	-0.19%	1.12%	2.56%	1.90%	1.82%
BUBSX Baird Ultra Short Bond Fund	1.61%	4.53%	5.47%	5.43%	0.70%	-0.05%	1.66%	2.87%	1.61%	1.05%

Correlation

The correlation between PAIPX and BUBSX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.10

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.

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.

	PAIPX	BUBSX	Difference
Sharpe ratio: Return per unit of total volatility	3.93	6.31	-2.38
Sortino ratio: Return per unit of downside risk	26.36	18.04	+8.31
Omega ratio: Gain probability vs. loss probability	16.16	8.20	+7.95
Calmar ratio: Return relative to maximum drawdown	46.81	41.93	+4.87
Martin ratio: Return relative to average drawdown	185.02	256.31	-71.29

PAIPX vs. BUBSX - Sharpe Ratio Comparison

The current PAIPX Sharpe Ratio is 3.93, which is lower than the BUBSX Sharpe Ratio of 6.31. The chart below compares the historical Sharpe Ratios of PAIPX and BUBSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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	-0.10%	-0.10%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-1.20%	-0.29%	-0.91%
Max Drawdown (5Y) Largest decline over 5 years	-1.64%	-0.79%	-0.85%
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%	-0.07%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.02%	+0.01%

Volatility

PAIPX vs. BUBSX - Volatility Comparison

PIMCO Short Asset Investment Fund (PAIPX) has a higher volatility of 0.32% compared to Baird Ultra Short Bond Fund (BUBSX) at 0.26%. This indicates that PAIPX's price experiences larger fluctuations and is considered to be riskier 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	0.32%	0.26%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	0.80%	0.47%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	1.19%	0.65%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.67%	0.77%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.35%	0.71%	+0.64%

PAIPX vs. BUBSX - Expense Ratio Comparison

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

Dividends

PAIPX vs. BUBSX - Dividend Comparison

PAIPX's dividend yield for the trailing twelve months is around 3.93%, less than BUBSX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUBSX Baird Ultra Short Bond Fund	4.03%	4.24%	5.04%	4.39%	1.29%	0.25%	1.14%	2.33%	1.90%	1.04%	0.81%	0.56%
PAIPX PIMCO Short Asset Investment Fund	3.93%	4.29%	5.04%	4.04%	1.21%	0.31%	1.00%	2.53%	2.28%	1.81%	1.21%	0.78%

Frequently Asked Questions

Can I hold both PAIPX and BUBSX in my portfolio?

PAIPX and BUBSX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAIPX or BUBSX?

PAIPX has higher volatility (0.32%) compared to BUBSX (0.26%). In terms of maximum drawdown, PAIPX dropped -3.49% vs BUBSX's -1.88%.

Which has better risk-adjusted returns?

BUBSX currently has the higher Sharpe Ratio (6.31 vs 3.93), 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.