PGAIX vs. MSTGX

Last updated Jun 5, 2026

PGAIX (PIMCO Global Core Asset Allocation Fund) and MSTGX (Morningstar Global Income Fund) are both Global Allocation funds. Over the past 5 years, PGAIX returned 8.47%/yr vs 4.40%/yr for MSTGX. Their correlation of 0.82 suggests significant overlap in exposure. PGAIX charges 1.00%/yr vs 0.62%/yr for MSTGX.

Performance

PGAIX vs. MSTGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Global Core Asset Allocation Fund (PGAIX) and Morningstar Global Income Fund (MSTGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGAIX achieves a 12.24% return, which is significantly higher than MSTGX's 6.25% return.

PGAIX

• 1D: -0.31%
• 1M: 4.13%
• YTD: 12.24%
• 6M: 14.17%
• 1Y: 28.05%
• 3Y*: 18.43%
• 5Y*: 8.47%
• 10Y*: 9.23%

MSTGX

• 1D: -0.19%
• 1M: 0.78%
• YTD: 6.25%
• 6M: 7.02%
• 1Y: 11.93%
• 3Y*: 10.44%
• 5Y*: 4.40%
• 10Y*: —

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

PGAIX vs. MSTGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PGAIX PIMCO Global Core Asset Allocation Fund	12.24%	20.68%	14.76%	12.48%	-17.38%	11.35%	14.57%	15.29%	-2.93%
MSTGX Morningstar Global Income Fund	6.25%	12.04%	5.36%	11.91%	-11.18%	8.46%	3.92%	19.97%	-3.56%

Correlation

The correlation between PGAIX and MSTGX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Nov 6, 2018	0.82

Over the past year, the correlation between PGAIX and MSTGX has dropped to 0.61 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

Return for Risk

PGAIX vs. MSTGX — Risk / Return Rank

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

PGAIX

PGAIX Risk / Return Rank: 92
PGAIX Sharpe Ratio Rank: 97
PGAIX Sortino Ratio Rank: 95
PGAIX Omega Ratio Rank: 93
PGAIX Calmar Ratio Rank: 85
PGAIX Martin Ratio Rank: 89

MSTGX

MSTGX Risk / Return Rank: 68
MSTGX Sharpe Ratio Rank: 68
MSTGX Sortino Ratio Rank: 72
MSTGX Omega Ratio Rank: 66
MSTGX Calmar Ratio Rank: 79
MSTGX Martin Ratio Rank: 58

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.

PGAIX vs. MSTGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Global Core Asset Allocation Fund (PGAIX) and Morningstar Global Income Fund (MSTGX). 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.

	PGAIX	MSTGX	Difference
Sharpe ratio: Return per unit of total volatility	3.58	2.39	+1.18
Sortino ratio: Return per unit of downside risk	5.13	3.51	+1.62
Omega ratio: Gain probability vs. loss probability	1.73	1.45	+0.28
Calmar ratio: Return relative to maximum drawdown	3.94	3.50	+0.44
Martin ratio: Return relative to average drawdown	16.94	11.28	+5.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGAIX vs. MSTGX - Sharpe Ratio Comparison

The current PGAIX Sharpe Ratio is 3.58, which is higher than the MSTGX Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of PGAIX and MSTGX, 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

	PGAIX	MSTGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.58	2.39	+1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.57	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.63	+0.09

Drawdowns

PGAIX vs. MSTGX - Drawdown Comparison

The maximum PGAIX drawdown since its inception was -26.75%, roughly equal to the maximum MSTGX drawdown of -27.52%. Use the drawdown chart below to compare losses from any high point for PGAIX and MSTGX.

Drawdown Indicators

	PGAIX	MSTGX	Difference
Max Drawdown Largest peak-to-trough decline	-26.75%	-27.52%	+0.77%
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	-4.38%	-2.91%
Max Drawdown (3Y) Largest decline over 3 years	-10.71%	-6.56%	-4.15%
Max Drawdown (5Y) Largest decline over 5 years	-22.49%	-19.64%	-2.85%
Max Drawdown (10Y) Largest decline over 10 years	-26.75%	—	—
Current Drawdown Current decline from peak	-0.31%	-0.98%	+0.67%
Average Drawdown Average peak-to-trough decline	-4.67%	-4.33%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	1.58%	+0.11%

Volatility

PGAIX vs. MSTGX - Volatility Comparison

PIMCO Global Core Asset Allocation Fund (PGAIX) has a higher volatility of 2.71% compared to Morningstar Global Income Fund (MSTGX) at 2.26%. This indicates that PGAIX's price experiences larger fluctuations and is considered to be riskier than MSTGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGAIX	MSTGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	2.26%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	6.74%	4.90%	+1.84%
Volatility (1Y) Calculated over the trailing 1-year period	8.03%	6.41%	+1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.78%	8.13%	+1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.26%	10.84%	-0.58%

PGAIX vs. MSTGX - Expense Ratio Comparison

PGAIX has a 1.00% expense ratio, which is higher than MSTGX's 0.62% expense ratio.

Dividends

PGAIX vs. MSTGX - Dividend Comparison

PGAIX's dividend yield for the trailing twelve months is around 2.27%, less than MSTGX's 2.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MSTGX Morningstar Global Income Fund	2.92%	2.97%	6.64%	6.32%	8.79%	10.48%	2.96%	4.11%	0.56%	0.00%	0.00%
PGAIX PIMCO Global Core Asset Allocation Fund	2.27%	1.78%	4.27%	1.54%	1.07%	1.10%	10.94%	2.49%	3.12%	1.67%	1.66%

Frequently Asked Questions

Can I hold both PGAIX and MSTGX in my portfolio?

PGAIX and MSTGX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGAIX or MSTGX?

PGAIX has higher volatility (2.71%) compared to MSTGX (2.26%). In terms of maximum drawdown, PGAIX dropped -26.75% vs MSTGX's -27.52%.

Which has better risk-adjusted returns?

PGAIX currently has the higher Sharpe Ratio (3.58 vs 2.39), 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.