PGOVX vs. VMGRX

Last updated Aug 4, 2026

PGOVX (PIMCO Long-Term U.S. Government Fund) and VMGRX (Vanguard Mid-Cap Growth Fund) are both mutual funds - PGOVX is a Government Bonds fund managed by PIMCO, while VMGRX is a Mid Cap Growth Equities fund managed by Vanguard. Over the past 10 years, PGOVX returned -2.06%/yr vs 9.56%/yr for VMGRX. Their -0.19 correlation means they have often moved in opposite directions in the past. PGOVX charges 1.05%/yr vs 0.33%/yr for VMGRX.

Performance

PGOVX vs. VMGRX - Performance Comparison

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

Returns By Period

In the year-to-date period, PGOVX achieves a -3.95% return, which is significantly lower than VMGRX's -2.94% return. Over the past 10 years, PGOVX has underperformed VMGRX with an annualized return of -2.06%, while VMGRX has yielded a comparatively higher 9.56% annualized return.

PGOVX

• 1D: -0.68%
• 1M: -4.08%
• 6M: -3.70%
• YTD: -3.95%
• 1Y: -1.95%
• 3Y*: -1.33%
• 5Y*: -7.68%
• 10Y*: -2.06%
• ALL TIME*: 5.62%

VMGRX

• 1D: -0.54%
• 1M: -6.80%
• 6M: 0.00%
• YTD: -2.94%
• 1Y: -0.29%
• 3Y*: 8.59%
• 5Y*: 1.18%
• 10Y*: 9.56%
• ALL TIME*: 8.37%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PGOVX PIMCO Long-Term U.S. Government Fund	$0.00	$0.00	$0.00
VMGRX Vanguard Mid-Cap Growth Fund	$0.00	$0.00	$0.00

PGOVX vs. VMGRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGOVX PIMCO Long-Term U.S. Government Fund	-3.95%	6.44%	-7.62%	1.46%	-29.39%	-4.59%	17.83%	13.44%	-2.10%	9.08%
VMGRX Vanguard Mid-Cap Growth Fund	-2.94%	8.80%	17.73%	24.15%	-30.13%	9.21%	33.40%	32.06%	-3.52%	21.60%

Correlation

The correlation between PGOVX and VMGRX is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (3Y) Balances recent behavior with more history.	0.19
Correlation (5Y) Shows whether the relationship held over a longer period.	0.13
Correlation (10Y) Provides a long-term view across more market conditions.	-0.02
Correlation (All Time) Calculated using the full available price history since Dec 31, 1997	-0.19

The correlation between PGOVX and VMGRX shifts across timeframes, from -0.19 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PGOVX vs. VMGRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PGOVX

PGOVX Risk / Return Rank: 3
PGOVX Sharpe Ratio Rank: 3
PGOVX Sortino Ratio Rank: 3
PGOVX Omega Ratio Rank: 3
PGOVX Calmar Ratio Rank: 3
PGOVX Martin Ratio Rank: 3

VMGRX

VMGRX Risk / Return Rank: 3
VMGRX Sharpe Ratio Rank: 3
VMGRX Sortino Ratio Rank: 4
VMGRX Omega Ratio Rank: 4
VMGRX Calmar Ratio Rank: 3
VMGRX Martin Ratio Rank: 3

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PGOVX vs. VMGRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Long-Term U.S. Government Fund (PGOVX) and Vanguard Mid-Cap Growth Fund (VMGRX). 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.

	PGOVX	VMGRX	Difference
Sharpe ratio: Return per unit of total volatility	-0.07	-0.08	+0.01
Sortino ratio: Return per unit of downside risk	-0.03	0.03	-0.07
Omega ratio: Gain probability vs. loss probability	1.00	1.00	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.08	-0.09	+0.01
Martin ratio: Return relative to average drawdown	-0.18	-0.27	+0.09

PGOVX vs. VMGRX - Sharpe Ratio Comparison

The current PGOVX Sharpe Ratio is -0.07, which is comparable to the VMGRX Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of PGOVX and VMGRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PGOVX vs. VMGRX - Drawdown Comparison

The maximum PGOVX drawdown since its inception was -46.64%, smaller than the maximum VMGRX drawdown of -71.74%. Use the drawdown chart below to compare losses from any high point for PGOVX and VMGRX.

Drawdown Indicators

	PGOVX	VMGRX	Difference
Max Drawdown Largest peak-to-trough decline	-46.64%	-71.74%	+25.10%
Max Drawdown (1Y) Largest decline over 1 year	-7.76%	-19.09%	+11.33%
Max Drawdown (3Y) Largest decline over 3 years	-13.64%	-26.85%	+13.21%
Max Drawdown (5Y) Largest decline over 5 years	-41.48%	-39.71%	-1.77%
Max Drawdown (10Y) Largest decline over 10 years	-46.64%	-39.71%	-6.93%
Current Drawdown Current decline from peak	-40.23%	-8.71%	-31.52%
Average Drawdown Average peak-to-trough decline	-9.39%	-24.38%	+14.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	6.39%	-3.05%

Volatility

PGOVX vs. VMGRX - Volatility Comparison

The current volatility for PIMCO Long-Term U.S. Government Fund (PGOVX) is 2.38%, while Vanguard Mid-Cap Growth Fund (VMGRX) has a volatility of 7.34%. This indicates that PGOVX experiences smaller price fluctuations and is considered to be less risky than VMGRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGOVX	VMGRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.38%	7.34%	-4.96%
Volatility (6M) Calculated over the trailing 6-month period	6.81%	17.69%	-10.88%
Volatility (1Y) Calculated over the trailing 1-year period	8.89%	21.23%	-12.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.31%	23.60%	-9.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.70%	22.42%	-8.72%

PGOVX vs. VMGRX - Expense Ratio Comparison

PGOVX has a 1.05% expense ratio, which is higher than VMGRX's 0.33% expense ratio.

Dividends

PGOVX vs. VMGRX - Dividend Comparison

PGOVX's dividend yield for the trailing twelve months is around 4.02%, less than VMGRX's 18.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGOVX PIMCO Long-Term U.S. Government Fund	4.02%	3.86%	1.19%	1.05%	2.09%	6.93%	27.91%	2.60%	3.25%	2.88%	3.31%	81.57%
VMGRX Vanguard Mid-Cap Growth Fund	18.28%	17.74%	1.80%	0.39%	0.26%	34.53%	6.30%	10.43%	14.53%	3.13%	0.67%	8.20%

Frequently Asked Questions

Can I hold both PGOVX and VMGRX in my portfolio?

PGOVX and VMGRX have a correlation of 0.30, 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 VMGRX?

VMGRX has higher volatility (7.34%) compared to PGOVX (2.38%). In terms of maximum drawdown, PGOVX dropped -46.64% vs VMGRX's -71.74%.

Which has better risk-adjusted returns?

PGOVX currently has the higher Sharpe Ratio (-0.07 vs -0.08), 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.