PAIPX vs. FCNVX

Last updated Jul 17, 2026

PAIPX (PIMCO Short Asset Investment Fund) and FCNVX (Fidelity Conservative Income Bond Institutional Class) are both Ultrashort Bond funds. Over the past 10 years, PAIPX returned 2.55%/yr vs 2.61%/yr for FCNVX. At a 0.38 correlation, their price movements are largely independent. PAIPX charges 0.45%/yr vs 0.25%/yr for FCNVX.

Performance

PAIPX vs. FCNVX - Performance Comparison

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

Returns By Period

In the year-to-date period, PAIPX achieves a 2.23% return, which is significantly higher than FCNVX's 1.82% return. Both investments have delivered pretty close results over the past 10 years, with PAIPX having a 2.55% annualized return and FCNVX not far ahead at 2.61%.

PAIPX

• 1D: 0.10%
• 1M: 0.42%
• 6M: 2.23%
• YTD: 2.23%
• 1Y: 4.72%
• 3Y*: 5.09%
• 5Y*: 3.44%
• 10Y*: 2.55%

FCNVX

• 1D: 0.00%
• 1M: 0.31%
• 6M: 1.82%
• YTD: 1.82%
• 1Y: 4.09%
• 3Y*: 4.96%
• 5Y*: 3.66%
• 10Y*: 2.61%

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

PAIPX vs. FCNVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAIPX PIMCO Short Asset Investment Fund	2.23%	4.83%	5.93%	4.55%	-0.00%	-0.19%	1.12%	2.56%	1.90%	1.82%
FCNVX Fidelity Conservative Income Bond Institutional Class	1.82%	4.51%	5.43%	5.86%	0.85%	-0.06%	1.10%	3.00%	1.82%	1.42%

Correlation

The correlation between PAIPX and FCNVX is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 1, 2012	0.38

Over the past year, PAIPX and FCNVX have become more correlated (0.60) than their long-term average of 0.38, meaning their price movements have been converging.

Return for Risk

PAIPX vs. FCNVX — 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

FCNVX

FCNVX Risk / Return Rank: 100
FCNVX Sharpe Ratio Rank: 99
FCNVX Sortino Ratio Rank: 100
FCNVX Omega Ratio Rank: 100
FCNVX Calmar Ratio Rank: 100
FCNVX 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. FCNVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Short Asset Investment Fund (PAIPX) and Fidelity Conservative Income Bond Institutional Class (FCNVX). 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	FCNVX	Difference
Sharpe ratio: Return per unit of total volatility	4.02	3.47	+0.55
Sortino ratio: Return per unit of downside risk	20.76	18.03	+2.73
Omega ratio: Gain probability vs. loss probability	10.25	8.77	+1.48
Calmar ratio: Return relative to maximum drawdown	47.53	41.30	+6.24
Martin ratio: Return relative to average drawdown	164.20	132.04	+32.17

PAIPX vs. FCNVX - Sharpe Ratio Comparison

The current PAIPX Sharpe Ratio is 4.02, which is comparable to the FCNVX Sharpe Ratio of 3.47. The chart below compares the historical Sharpe Ratios of PAIPX and FCNVX, 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. FCNVX - Drawdown Comparison

The maximum PAIPX drawdown since its inception was -3.49%, which is greater than FCNVX's maximum drawdown of -2.19%. Use the drawdown chart below to compare losses from any high point for PAIPX and FCNVX.

Drawdown Indicators

	PAIPX	FCNVX	Difference
Max Drawdown Largest peak-to-trough decline	-3.49%	-2.19%	-1.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.10%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-1.20%	-0.30%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	-1.64%	-0.59%	-1.05%
Max Drawdown (10Y) Largest decline over 10 years	-3.49%	-2.19%	-1.30%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.14%	-0.05%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.03%	0.00%

Volatility

PAIPX vs. FCNVX - Volatility Comparison

The current volatility for PIMCO Short Asset Investment Fund (PAIPX) is 0.32%, while Fidelity Conservative Income Bond Institutional Class (FCNVX) has a volatility of 0.40%. This indicates that PAIPX experiences smaller price fluctuations and is considered to be less risky than FCNVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAIPX	FCNVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	0.40%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	0.78%	0.81%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	1.18%	1.18%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.67%	1.30%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.35%	1.05%	+0.30%

PAIPX vs. FCNVX - Expense Ratio Comparison

PAIPX has a 0.45% expense ratio, which is higher than FCNVX's 0.25% expense ratio.

Dividends

PAIPX vs. FCNVX - Dividend Comparison

PAIPX's dividend yield for the trailing twelve months is around 3.89%, less than FCNVX's 4.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCNVX Fidelity Conservative Income Bond Institutional Class	4.10%	4.41%	5.17%	4.97%	1.24%	0.24%	0.99%	2.45%	2.21%	1.30%	1.01%	0.48%
PAIPX PIMCO Short Asset Investment Fund	3.89%	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 FCNVX in my portfolio?

PAIPX and FCNVX have a correlation of 0.60, 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 FCNVX?

FCNVX has higher volatility (0.40%) compared to PAIPX (0.32%). In terms of maximum drawdown, PAIPX dropped -3.49% vs FCNVX's -2.19%.

Which has better risk-adjusted returns?

PAIPX currently has the higher Sharpe Ratio (4.02 vs 3.47), 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.