PGOVX vs. FFRHX

Last updated Jun 3, 2026

PGOVX (PIMCO Long-Term U.S. Government Fund) and FFRHX (Fidelity Floating Rate High Income Fund) are both mutual funds - PGOVX is a Government Bonds fund managed by PIMCO, while FFRHX is a High Yield Bonds fund managed by Fidelity. Over the past 10 years, PGOVX returned -1.31%/yr vs 4.96%/yr for FFRHX. At a correlation of -0.04, they often move in opposite directions. PGOVX charges 1.05%/yr vs 0.67%/yr for FFRHX.

Performance

PGOVX vs. FFRHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Long-Term U.S. Government Fund (PGOVX) and Fidelity Floating Rate High Income Fund (FFRHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGOVX achieves a -0.26% return, which is significantly lower than FFRHX's 2.16% return. Over the past 10 years, PGOVX has underperformed FFRHX with an annualized return of -1.31%, while FFRHX has yielded a comparatively higher 4.96% annualized return.

PGOVX

• 1D: 0.00%
• 1M: 0.27%
• YTD: -0.26%
• 6M: -1.11%
• 1Y: 6.14%
• 3Y*: -1.22%
• 5Y*: -5.56%
• 10Y*: -1.31%

FFRHX

• 1D: 0.11%
• 1M: 0.89%
• YTD: 2.16%
• 6M: 2.80%
• 1Y: 6.25%
• 3Y*: 7.68%
• 5Y*: 5.49%
• 10Y*: 4.96%

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

PGOVX vs. FFRHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGOVX PIMCO Long-Term U.S. Government Fund	-0.26%	6.44%	-7.62%	1.46%	-29.39%	-4.59%	17.83%	13.44%	-2.10%	9.08%
FFRHX Fidelity Floating Rate High Income Fund	2.16%	5.47%	7.10%	12.63%	-1.55%	5.01%	1.69%	8.63%	0.10%	3.91%

Correlation

The correlation between PGOVX and FFRHX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Sep 1, 2000	-0.04

Return for Risk

PGOVX vs. FFRHX — Risk / Return Rank

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

PGOVX

PGOVX Risk / Return Rank: 7
PGOVX Sharpe Ratio Rank: 7
PGOVX Sortino Ratio Rank: 6
PGOVX Omega Ratio Rank: 6
PGOVX Calmar Ratio Rank: 8
PGOVX Martin Ratio Rank: 8

FFRHX

FFRHX Risk / Return Rank: 93
FFRHX Sharpe Ratio Rank: 82
FFRHX Sortino Ratio Rank: 98
FFRHX Omega Ratio Rank: 97
FFRHX Calmar Ratio Rank: 95
FFRHX Martin Ratio Rank: 93

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.

PGOVX vs. FFRHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Long-Term U.S. Government Fund (PGOVX) and Fidelity Floating Rate High Income Fund (FFRHX). 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.

	PGOVX	FFRHX	Difference
Sharpe ratio Return per unit of total volatility	0.55	2.67	-2.12
Sortino ratio Return per unit of downside risk	0.84	6.46	-5.61
Omega ratio Gain probability vs. loss probability	1.10	1.99	-0.89
Calmar ratio Return relative to maximum drawdown	0.89	5.81	-4.92
Martin ratio Return relative to average drawdown	2.48	20.62	-18.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGOVX vs. FFRHX - Sharpe Ratio Comparison

The current PGOVX Sharpe Ratio is 0.55, which is lower than the FFRHX Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of PGOVX and FFRHX, 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

	PGOVX	FFRHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.55	2.67	-2.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.39	1.92	-2.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	1.20	-1.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	1.15	-0.66

Drawdowns

PGOVX vs. FFRHX - Drawdown Comparison

The maximum PGOVX drawdown since its inception was -46.64%, which is greater than FFRHX's maximum drawdown of -22.20%. Use the drawdown chart below to compare losses from any high point for PGOVX and FFRHX.

Drawdown Indicators

	PGOVX	FFRHX	Difference
Max Drawdown Largest peak-to-trough decline	-46.64%	-22.20%	-24.44%
Max Drawdown (1Y) Largest decline over 1 year	-7.60%	-1.19%	-6.41%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-3.29%	-14.77%
Max Drawdown (5Y) Largest decline over 5 years	-41.48%	-5.90%	-35.58%
Max Drawdown (10Y) Largest decline over 10 years	-46.64%	-22.20%	-24.44%
Current Drawdown Current decline from peak	-37.92%	0.00%	-37.92%
Average Drawdown Average peak-to-trough decline	-9.25%	-1.15%	-8.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	0.34%	+2.38%

Volatility

PGOVX vs. FFRHX - Volatility Comparison

PIMCO Long-Term U.S. Government Fund (PGOVX) has a higher volatility of 3.03% compared to Fidelity Floating Rate High Income Fund (FFRHX) at 0.59%. This indicates that PGOVX's price experiences larger fluctuations and is considered to be riskier than FFRHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGOVX	FFRHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	0.59%	+2.44%
Volatility (6M) Calculated over the trailing 6-month period	6.51%	1.71%	+4.80%
Volatility (1Y) Calculated over the trailing 1-year period	9.40%	2.35%	+7.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.44%	2.88%	+11.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.76%	4.14%	+9.62%

PGOVX vs. FFRHX - Expense Ratio Comparison

PGOVX has a 1.05% expense ratio, which is higher than FFRHX's 0.67% expense ratio.

Dividends

PGOVX vs. FFRHX - Dividend Comparison

PGOVX's dividend yield for the trailing twelve months is around 4.12%, less than FFRHX's 7.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFRHX Fidelity Floating Rate High Income Fund	7.06%	7.41%	6.94%	8.24%	3.81%	2.74%	3.84%	5.15%	4.74%	4.05%	4.44%	3.69%
PGOVX PIMCO Long-Term U.S. Government Fund	4.12%	3.86%	1.19%	1.05%	2.09%	6.93%	27.91%	2.60%	3.25%	2.88%	3.31%	81.57%

Frequently Asked Questions

Can I hold both PGOVX and FFRHX in my portfolio?

PGOVX and FFRHX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGOVX or FFRHX?

PGOVX has higher volatility (3.03%) compared to FFRHX (0.59%). In terms of maximum drawdown, PGOVX dropped -46.64% vs FFRHX's -22.20%.

Which has better risk-adjusted returns?

FFRHX currently has the higher Sharpe Ratio (2.67 vs 0.55), 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.