PGOVX vs. PMJIX

Last updated Jun 5, 2026

PGOVX (PIMCO Long-Term U.S. Government Fund) and PMJIX (PIMCO RAE US Small Fund) are both mutual funds - PGOVX is a Government Bonds fund managed by PIMCO, while PMJIX is a Small Cap Value Equities fund managed by PIMCO. Over the past 10 years, PGOVX returned -1.33%/yr vs 13.79%/yr for PMJIX. At a correlation of -0.16, they often move in opposite directions. PGOVX charges 1.05%/yr vs 0.50%/yr for PMJIX.

Performance

PGOVX vs. PMJIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Long-Term U.S. Government Fund (PGOVX) and PIMCO RAE US Small Fund (PMJIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGOVX achieves a -0.47% return, which is significantly lower than PMJIX's 18.83% return. Over the past 10 years, PGOVX has underperformed PMJIX with an annualized return of -1.33%, while PMJIX has yielded a comparatively higher 13.79% annualized return.

PGOVX

• 1D: -0.44%
• 1M: 0.35%
• YTD: -0.47%
• 6M: -1.11%
• 1Y: 4.36%
• 3Y*: -1.29%
• 5Y*: -5.78%
• 10Y*: -1.33%

PMJIX

• 1D: -0.36%
• 1M: 5.90%
• YTD: 18.83%
• 6M: 16.72%
• 1Y: 36.39%
• 3Y*: 22.32%
• 5Y*: 11.11%
• 10Y*: 13.79%

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

PGOVX vs. PMJIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGOVX PIMCO Long-Term U.S. Government Fund	-0.47%	6.44%	-7.62%	1.46%	-29.39%	-4.59%	17.83%	13.44%	-2.10%	9.08%
PMJIX PIMCO RAE US Small Fund	18.83%	5.11%	22.05%	19.77%	-4.62%	39.15%	6.95%	20.22%	-11.69%	9.22%

Correlation

The correlation between PGOVX and PMJIX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (10Y) Calculated over the trailing 10-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Jun 8, 2015	-0.16

The correlation between PGOVX and PMJIX shifts across timeframes, from -0.16 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PGOVX vs. PMJIX — Risk / Return Rank

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

PGOVX

PGOVX Risk / Return Rank: 8
PGOVX Sharpe Ratio Rank: 8
PGOVX Sortino Ratio Rank: 8
PGOVX Omega Ratio Rank: 8
PGOVX Calmar Ratio Rank: 9
PGOVX Martin Ratio Rank: 8

PMJIX

PMJIX Risk / Return Rank: 62
PMJIX Sharpe Ratio Rank: 51
PMJIX Sortino Ratio Rank: 51
PMJIX Omega Ratio Rank: 43
PMJIX Calmar Ratio Rank: 91
PMJIX Martin Ratio Rank: 75

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. PMJIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Long-Term U.S. Government Fund (PGOVX) and PIMCO RAE US Small Fund (PMJIX). 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	PMJIX	Difference
Sharpe ratio: Return per unit of total volatility	0.65	2.11	-1.46
Sortino ratio: Return per unit of downside risk	0.98	3.00	-2.02
Omega ratio: Gain probability vs. loss probability	1.11	1.36	-0.24
Calmar ratio: Return relative to maximum drawdown	0.79	4.74	-3.94
Martin ratio: Return relative to average drawdown	2.19	14.04	-11.85
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. PMJIX - Sharpe Ratio Comparison

The current PGOVX Sharpe Ratio is 0.65, which is lower than the PMJIX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of PGOVX and PMJIX, 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	PMJIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	2.11	-1.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.40	0.28	-0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	0.42	-0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.37	+0.12

Drawdowns

PGOVX vs. PMJIX - Drawdown Comparison

The maximum PGOVX drawdown since its inception was -46.64%, smaller than the maximum PMJIX drawdown of -49.75%. Use the drawdown chart below to compare losses from any high point for PGOVX and PMJIX.

Drawdown Indicators

	PGOVX	PMJIX	Difference
Max Drawdown Largest peak-to-trough decline	-46.64%	-49.75%	+3.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.60%	-7.62%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-26.04%	+7.98%
Max Drawdown (5Y) Largest decline over 5 years	-41.48%	-49.75%	+8.27%
Max Drawdown (10Y) Largest decline over 10 years	-46.64%	-49.75%	+3.11%
Current Drawdown Current decline from peak	-38.06%	-0.36%	-37.70%
Average Drawdown Average peak-to-trough decline	-9.26%	-16.22%	+6.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	2.56%	+0.18%

Volatility

PGOVX vs. PMJIX - Volatility Comparison

The current volatility for PIMCO Long-Term U.S. Government Fund (PGOVX) is 2.94%, while PIMCO RAE US Small Fund (PMJIX) has a volatility of 4.96%. This indicates that PGOVX experiences smaller price fluctuations and is considered to be less risky than PMJIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGOVX	PMJIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.94%	4.96%	-2.02%
Volatility (6M) Calculated over the trailing 6-month period	6.52%	11.51%	-4.99%
Volatility (1Y) Calculated over the trailing 1-year period	9.34%	17.15%	-7.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.44%	39.47%	-25.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.76%	33.08%	-19.32%

PGOVX vs. PMJIX - Expense Ratio Comparison

PGOVX has a 1.05% expense ratio, which is higher than PMJIX's 0.50% expense ratio.

Dividends

PGOVX vs. PMJIX - Dividend Comparison

PGOVX's dividend yield for the trailing twelve months is around 4.13%, more than PMJIX's 2.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGOVX PIMCO Long-Term U.S. Government Fund	4.13%	3.86%	1.19%	1.05%	2.09%	6.93%	27.91%	2.60%	3.25%	2.88%	3.31%	81.57%
PMJIX PIMCO RAE US Small Fund	2.65%	3.15%	3.26%	1.25%	9.91%	65.79%	9.46%	1.55%	7.65%	4.69%	1.24%	1.67%

Frequently Asked Questions

Can I hold both PGOVX and PMJIX in my portfolio?

PGOVX and PMJIX have a correlation of 0.23, 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 PMJIX?

PMJIX has higher volatility (4.96%) compared to PGOVX (2.94%). In terms of maximum drawdown, PGOVX dropped -46.64% vs PMJIX's -49.75%.

Which has better risk-adjusted returns?

PMJIX currently has the higher Sharpe Ratio (2.11 vs 0.65), 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.