PGVAX vs. VGIVX
PGVAX (PGIM Government Income Fund) and VGIVX (Vanguard Emerging Markets Government Bond Index Fund Institutional Shares) are both Government Bonds funds. Over the past 10 years, PGVAX returned 0.07%/yr vs 3.11%/yr for VGIVX. Their 0.44 correlation means their historical movements had little consistent relationship. PGVAX charges 1.08%/yr vs 0.18%/yr for VGIVX.
Performance
PGVAX vs. VGIVX - Performance Comparison
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Returns By Period
In the year-to-date period, PGVAX achieves a -0.90% return, which is significantly lower than VGIVX's 0.48% return. Over the past 10 years, PGVAX has underperformed VGIVX with an annualized return of 0.07%, while VGIVX has yielded a comparatively higher 3.11% annualized return.
PGVAX
- 1D
- 0.13%
- 1M
- -1.01%
- 6M
- -1.19%
- YTD
- -0.90%
- 1Y
- 1.51%
- 3Y*
- 2.87%
- 5Y*
- -1.51%
- 10Y*
- 0.07%
- ALL TIME*
- 3.92%
VGIVX
- 1D
- -0.19%
- 1M
- -1.52%
- 6M
- 0.29%
- YTD
- 0.48%
- 1Y
- 6.39%
- 3Y*
- 8.11%
- 5Y*
- 1.87%
- 10Y*
- 3.11%
- ALL TIME*
- 3.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PGVAX vs. VGIVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGVAX PGIM Government Income Fund | -0.90% | 7.10% | 0.10% | 3.89% | -14.24% | -4.05% | 5.88% | 5.91% | 0.12% | 2.09% |
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares | 0.48% | 13.05% | 6.31% | 10.48% | -16.72% | -2.41% | 5.83% | 14.03% | -2.72% | 8.47% |
Correlation
The correlation between PGVAX and VGIVX is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.59 |
Correlation (3Y) Balances recent behavior with more history. | 0.68 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.64 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.44 |
The correlation between PGVAX and VGIVX shifts across timeframes, from 0.44 (all time) to 0.68 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PGVAX vs. VGIVX — Risk / Return Rank
PGVAX
VGIVX
PGVAX vs. VGIVX - 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 Institutional Shares (VGIVX). 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 | VGIVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.30 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.78 | 1.69 | -0.91 |
| Martin ratioReturn relative to average drawdown | 1.88 | 6.44 | -4.56 |
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Drawdowns
PGVAX vs. VGIVX - Drawdown Comparison
The maximum PGVAX drawdown since its inception was -22.05%, smaller than the maximum VGIVX drawdown of -26.79%. Use the drawdown chart below to compare losses from any high point for PGVAX and VGIVX.
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Drawdown Indicators
| PGVAX | VGIVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.05% | -26.79% | +4.74% |
Max Drawdown (1Y)Largest decline over 1 year | -3.49% | -3.93% | +0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -5.49% | -6.17% | +0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -19.98% | -26.79% | +6.81% |
Max Drawdown (10Y)Largest decline over 10 years | -22.05% | -26.79% | +4.74% |
Current DrawdownCurrent decline from peak | -9.97% | -1.85% | -8.12% |
Average DrawdownAverage peak-to-trough decline | -3.05% | -4.64% | +1.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 1.03% | +0.41% |
Volatility
PGVAX vs. VGIVX - Volatility Comparison
PGIM Government Income Fund (PGVAX) and Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) have volatilities of 1.02% and 0.99%, 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.
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Volatility by Period
| PGVAX | VGIVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 0.99% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.10% | 3.51% | -0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.92% | 4.18% | -0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.16% | 6.32% | -0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.01% | 6.36% | -1.35% |
PGVAX vs. VGIVX - Expense Ratio Comparison
PGVAX has a 1.08% expense ratio, which is higher than VGIVX's 0.18% expense ratio.
Dividends
PGVAX vs. VGIVX - Dividend Comparison
PGVAX's dividend yield for the trailing twelve months is around 3.22%, less than VGIVX's 5.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGVAX PGIM Government Income Fund | 3.22% | 3.40% | 2.93% | 2.40% | 2.08% | 3.35% | 1.66% | 2.04% | 2.02% | 2.08% | 1.90% | 2.10% |
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares | 5.39% | 5.95% | 6.58% | 5.53% | 5.32% | 3.53% | 4.21% | 4.62% | 4.62% | 4.67% | 4.76% | 4.55% |
Frequently Asked Questions
PGVAX and VGIVX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGVAX has higher volatility (1.02%) compared to VGIVX (0.99%). In terms of maximum drawdown, PGVAX dropped -22.05% vs VGIVX's -26.79%.
VGIVX currently has the higher Sharpe Ratio (1.59 vs 0.69), 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.
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