PAIPX vs. UMNIX

Last updated Jun 24, 2026

PAIPX (PIMCO Short Asset Investment Fund) and UMNIX (Lazard US Short Duration Fixed Income Portfolio) are both Ultrashort Bond funds. At a 0.18 correlation, their price movements are largely independent. PAIPX charges 0.45%/yr vs 0.40%/yr for UMNIX.

Performance

PAIPX vs. UMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Short Asset Investment Fund (PAIPX) and Lazard US Short Duration Fixed Income Portfolio (UMNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PAIPX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.80%
• 6M: 2.15%
• 1Y: 4.65%
• 3Y*: 5.13%
• 5Y*: 3.36%
• 10Y*: 2.52%

UMNIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAIPX vs. UMNIX - 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%
UMNIX Lazard US Short Duration Fixed Income Portfolio	0.22%	5.02%	3.88%	3.53%	-2.72%	-0.44%	2.47%	3.26%	1.09%	0.82%

Correlation

The correlation between PAIPX and UMNIX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jun 1, 2012	0.18

The correlation between PAIPX and UMNIX shifts across timeframes, from 0.18 (10 years) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PAIPX vs. UMNIX — 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

UMNIX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. UMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Short Asset Investment Fund (PAIPX) and Lazard US Short Duration Fixed Income Portfolio (UMNIX). 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	UMNIX	Difference
Sharpe ratio: Return per unit of total volatility	3.93	—	—
Sortino ratio: Return per unit of downside risk	26.36	—	—
Omega ratio: Gain probability vs. loss probability	16.16	—	—
Calmar ratio: Return relative to maximum drawdown	46.81	—	—
Martin ratio: Return relative to average drawdown	185.02	—	—

Drawdowns

Drawdown Indicators

	PAIPX	UMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-3.49%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.20%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-1.64%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-3.49%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-0.15%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	—	—

Volatility

Volatility by Period

	PAIPX	UMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.80%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.19%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.67%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.35%	—	—

PAIPX vs. UMNIX - Expense Ratio Comparison

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

Dividends

PAIPX vs. UMNIX - Dividend Comparison

PAIPX's dividend yield for the trailing twelve months is around 3.93%, more than UMNIX's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
UMNIX Lazard US Short Duration Fixed Income Portfolio	2.96%	3.94%	3.48%	2.70%	1.30%	0.16%	1.22%	2.48%	2.00%	1.53%	1.30%	1.06%

Frequently Asked Questions

Can I hold both PAIPX and UMNIX in my portfolio?

PAIPX and UMNIX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.