PGBIX vs. BNDW

Last updated Jun 3, 2026

PGBIX (PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) Class I) and BNDW (Vanguard Total World Bond ETF) are both Global Bonds funds. PGBIX is actively managed, while BNDW is passively managed. Over the past 5 years, PGBIX returned 2.45%/yr vs 0.33%/yr for BNDW. A 0.63 correlation means they provide meaningful diversification when combined. PGBIX charges 0.55%/yr vs 0.05%/yr for BNDW.

Performance

PGBIX vs. BNDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) Class I (PGBIX) and Vanguard Total World Bond ETF (BNDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGBIX achieves a -0.55% return, which is significantly lower than BNDW's 0.68% return.

PGBIX

• 1D: -0.21%
• 1M: 0.73%
• YTD: -0.55%
• 6M: -0.73%
• 1Y: 4.99%
• 3Y*: 5.76%
• 5Y*: 2.45%
• 10Y*: 3.24%

BNDW

• 1D: 0.10%
• 1M: 0.44%
• YTD: 0.68%
• 6M: 0.54%
• 1Y: 3.74%
• 3Y*: 4.08%
• 5Y*: 0.33%
• 10Y*: —

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

PGBIX vs. BNDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PGBIX PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) Class I	-0.55%	8.61%	4.38%	6.94%	-5.74%	-0.49%	7.33%	6.78%	-0.31%
BNDW Vanguard Total World Bond ETF	0.68%	5.02%	2.42%	7.18%	-12.88%	-2.10%	6.22%	8.37%	1.21%

Correlation

The correlation between PGBIX and BNDW is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018	0.63

The correlation between PGBIX and BNDW shifts across timeframes, from 0.63 (all time) to 0.75 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PGBIX vs. BNDW — Risk / Return Rank

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

PGBIX

PGBIX Risk / Return Rank: 18
PGBIX Sharpe Ratio Rank: 19
PGBIX Sortino Ratio Rank: 19
PGBIX Omega Ratio Rank: 23
PGBIX Calmar Ratio Rank: 15
PGBIX Martin Ratio Rank: 16

BNDW

BNDW Risk / Return Rank: 29
BNDW Sharpe Ratio Rank: 31
BNDW Sortino Ratio Rank: 30
BNDW Omega Ratio Rank: 29
BNDW Calmar Ratio Rank: 27
BNDW Martin Ratio Rank: 27

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.

PGBIX vs. BNDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) Class I (PGBIX) and Vanguard Total World Bond ETF (BNDW). 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.

	PGBIX	BNDW	Difference
Sharpe ratio Return per unit of total volatility	1.25	1.12	+0.13
Sortino ratio Return per unit of downside risk	1.85	1.60	+0.25
Omega ratio Gain probability vs. loss probability	1.25	1.19	+0.06
Calmar ratio Return relative to maximum drawdown	1.38	1.34	+0.04
Martin ratio Return relative to average drawdown	4.62	3.82	+0.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGBIX vs. BNDW - Sharpe Ratio Comparison

The current PGBIX Sharpe Ratio is 1.25, which is comparable to the BNDW Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of PGBIX and BNDW, 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

	PGBIX	BNDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	1.12	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.06	+0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.38	+0.61

Drawdowns

PGBIX vs. BNDW - Drawdown Comparison

The maximum PGBIX drawdown since its inception was -14.22%, smaller than the maximum BNDW drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for PGBIX and BNDW.

Drawdown Indicators

	PGBIX	BNDW	Difference
Max Drawdown Largest peak-to-trough decline	-14.22%	-17.22%	+3.00%
Max Drawdown (1Y) Largest decline over 1 year	-4.25%	-2.70%	-1.55%
Max Drawdown (3Y) Largest decline over 3 years	-4.25%	-4.27%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-9.52%	-16.93%	+7.41%
Max Drawdown (10Y) Largest decline over 10 years	-9.98%	—	—
Current Drawdown Current decline from peak	-1.54%	-1.27%	-0.27%
Average Drawdown Average peak-to-trough decline	-2.15%	-4.98%	+2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	0.95%	+0.32%

Volatility

PGBIX vs. BNDW - Volatility Comparison

PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) Class I (PGBIX) has a higher volatility of 1.48% compared to Vanguard Total World Bond ETF (BNDW) at 1.31%. This indicates that PGBIX's price experiences larger fluctuations and is considered to be riskier than BNDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGBIX	BNDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	1.31%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	3.61%	2.63%	+0.98%
Volatility (1Y) Calculated over the trailing 1-year period	4.13%	3.35%	+0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.44%	5.21%	-1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.03%	4.90%	-1.87%

PGBIX vs. BNDW - Expense Ratio Comparison

PGBIX has a 0.55% expense ratio, which is higher than BNDW's 0.05% expense ratio.

Dividends

PGBIX vs. BNDW - Dividend Comparison

PGBIX's dividend yield for the trailing twelve months is around 5.05%, more than BNDW's 4.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BNDW Vanguard Total World Bond ETF	4.20%	4.12%	3.90%	3.73%	2.02%	2.58%	1.56%	3.05%	1.66%	0.00%	0.00%	0.00%
PGBIX PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) Class I	5.05%	4.79%	4.07%	2.33%	7.55%	2.95%	2.24%	4.10%	2.14%	3.09%	2.58%	5.81%

Frequently Asked Questions

Can I hold both PGBIX and BNDW in my portfolio?

PGBIX and BNDW have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGBIX or BNDW?

PGBIX has higher volatility (1.48%) compared to BNDW (1.31%). In terms of maximum drawdown, PGBIX dropped -14.22% vs BNDW's -17.22%.

Which has better risk-adjusted returns?

PGBIX currently has the higher Sharpe Ratio (1.25 vs 1.12), 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.