PGVAX vs. VGAVX

Last updated Jul 4, 2026

PGVAX (PGIM Government Income Fund) and VGAVX (Vanguard Emerging Markets Government Bond Index Fund Admiral Shares) are both Government Bonds funds. Over the past 10 years, PGVAX returned 0.18%/yr vs 3.43%/yr for VGAVX. At a 0.44 correlation, their price movements are largely independent. PGVAX charges 1.08%/yr vs 0.20%/yr for VGAVX.

Performance

PGVAX vs. VGAVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Government Income Fund (PGVAX) and Vanguard Emerging Markets Government Bond Index Fund Admiral Shares (VGAVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGVAX achieves a 0.11% return, which is significantly lower than VGAVX's 2.00% return. Over the past 10 years, PGVAX has underperformed VGAVX with an annualized return of 0.18%, while VGAVX has yielded a comparatively higher 3.43% annualized return.

PGVAX

• 1D: 0.00%
• 1M: 0.68%
• 6M: 0.24%
• YTD: 0.11%
• 1Y: 3.62%
• 3Y*: 3.22%
• 5Y*: -1.18%
• 10Y*: 0.18%

VGAVX

• 1D: 0.06%
• 1M: 0.88%
• 6M: 2.07%
• YTD: 2.00%
• 1Y: 8.88%
• 3Y*: 9.23%
• 5Y*: 2.26%
• 10Y*: 3.43%

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

PGVAX vs. VGAVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGVAX PGIM Government Income Fund	0.11%	7.10%	0.10%	3.89%	-14.24%	-4.05%	5.88%	5.91%	0.12%	2.09%
VGAVX Vanguard Emerging Markets Government Bond Index Fund Admiral Shares	2.00%	12.98%	6.27%	10.44%	-16.68%	-1.74%	5.82%	14.01%	-2.77%	8.45%

Correlation

The correlation between PGVAX and VGAVX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.44

The correlation between PGVAX and VGAVX shifts across timeframes, from 0.44 (all time) to 0.67 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PGVAX vs. VGAVX — Risk / Return Rank

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

PGVAX

PGVAX Risk / Return Rank: 14
PGVAX Sharpe Ratio Rank: 15
PGVAX Sortino Ratio Rank: 15
PGVAX Omega Ratio Rank: 14
PGVAX Calmar Ratio Rank: 13
PGVAX Martin Ratio Rank: 13

VGAVX

VGAVX Risk / Return Rank: 72
VGAVX Sharpe Ratio Rank: 82
VGAVX Sortino Ratio Rank: 86
VGAVX Omega Ratio Rank: 83
VGAVX Calmar Ratio Rank: 53
VGAVX Martin Ratio Rank: 56

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.

PGVAX vs. VGAVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Government Income Fund (PGVAX) and Vanguard Emerging Markets Government Bond Index Fund Admiral Shares (VGAVX). 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.

	PGVAX	VGAVX	Difference
Sharpe ratio: Return per unit of total volatility	0.82	2.19	-1.37
Sortino ratio: Return per unit of downside risk	1.21	3.41	-2.20
Omega ratio: Gain probability vs. loss probability	1.14	1.43	-0.29
Calmar ratio: Return relative to maximum drawdown	0.93	2.28	-1.35
Martin ratio: Return relative to average drawdown	2.58	9.09	-6.51

PGVAX vs. VGAVX - Sharpe Ratio Comparison

The current PGVAX Sharpe Ratio is 0.82, which is lower than the VGAVX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of PGVAX and VGAVX, 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

PGVAX vs. VGAVX - Drawdown Comparison

The maximum PGVAX drawdown since its inception was -22.05%, smaller than the maximum VGAVX drawdown of -26.77%. Use the drawdown chart below to compare losses from any high point for PGVAX and VGAVX.

Drawdown Indicators

	PGVAX	VGAVX	Difference
Max Drawdown Largest peak-to-trough decline	-22.05%	-26.77%	+4.72%
Max Drawdown (1Y) Largest decline over 1 year	-3.49%	-3.97%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	-6.46%	-7.11%	+0.65%
Max Drawdown (5Y) Largest decline over 5 years	-19.98%	-26.77%	+6.79%
Max Drawdown (10Y) Largest decline over 10 years	-22.05%	-26.77%	+4.72%
Current Drawdown Current decline from peak	-9.05%	-0.31%	-8.74%
Average Drawdown Average peak-to-trough decline	-3.03%	-4.65%	+1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	0.99%	+0.27%

Volatility

PGVAX vs. VGAVX - Volatility Comparison

PGIM Government Income Fund (PGVAX) and Vanguard Emerging Markets Government Bond Index Fund Admiral Shares (VGAVX) have volatilities of 1.18% and 1.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGVAX	VGAVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	1.14%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	3.00%	3.44%	-0.44%
Volatility (1Y) Calculated over the trailing 1-year period	3.97%	4.14%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.15%	6.33%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.01%	6.37%	-1.36%

PGVAX vs. VGAVX - Expense Ratio Comparison

PGVAX has a 1.08% expense ratio, which is higher than VGAVX's 0.20% expense ratio.

Dividends

PGVAX vs. VGAVX - Dividend Comparison

PGVAX's dividend yield for the trailing twelve months is around 3.47%, less than VGAVX's 5.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGVAX PGIM Government Income Fund	3.47%	3.40%	2.93%	2.40%	2.08%	3.35%	1.66%	2.04%	2.02%	2.08%	1.90%	2.10%
VGAVX Vanguard Emerging Markets Government Bond Index Fund Admiral Shares	5.79%	5.88%	6.56%	5.50%	5.29%	4.27%	4.20%	4.60%	4.54%	4.62%	4.73%	4.94%

Frequently Asked Questions

Can I hold both PGVAX and VGAVX in my portfolio?

PGVAX and VGAVX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGVAX or VGAVX?

PGVAX has higher volatility (1.18%) compared to VGAVX (1.14%). In terms of maximum drawdown, PGVAX dropped -22.05% vs VGAVX's -26.77%.

Which has better risk-adjusted returns?

VGAVX currently has the higher Sharpe Ratio (2.19 vs 0.82), 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.