PGVAX vs. VGIVX

Last updated Jun 4, 2026

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 0.30%/yr vs 3.65%/yr for VGIVX. At a 0.43 correlation, their price movements are largely independent. PGVAX charges 1.08%/yr vs 0.18%/yr for VGIVX.

Performance

PGVAX vs. VGIVX - 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 Institutional Shares (VGIVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGVAX achieves a 0.07% return, which is significantly lower than VGIVX's 1.70% return. Over the past 10 years, PGVAX has underperformed VGIVX with an annualized return of 0.30%, while VGIVX has yielded a comparatively higher 3.65% annualized return.

PGVAX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 0.07%
• 6M: -0.01%
• 1Y: 4.94%
• 3Y*: 3.02%
• 5Y*: -1.07%
• 10Y*: 0.30%

VGIVX

• 1D: 0.22%
• 1M: 1.04%
• YTD: 1.70%
• 6M: 1.99%
• 1Y: 11.36%
• 3Y*: 9.79%
• 5Y*: 2.38%
• 10Y*: 3.65%

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

PGVAX vs. VGIVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGVAX PGIM Government Income Fund	0.07%	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	1.70%	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 0.55, 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	0.55
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	0.49
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.43

The correlation between PGVAX and VGIVX shifts across timeframes, from 0.43 (all time) to 0.67 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PGVAX vs. VGIVX — Risk / Return Rank

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

PGVAX

PGVAX Risk / Return Rank: 16
PGVAX Sharpe Ratio Rank: 17
PGVAX Sortino Ratio Rank: 17
PGVAX Omega Ratio Rank: 16
PGVAX Calmar Ratio Rank: 15
PGVAX Martin Ratio Rank: 15

VGIVX

VGIVX Risk / Return Rank: 77
VGIVX Sharpe Ratio Rank: 87
VGIVX Sortino Ratio Rank: 92
VGIVX Omega Ratio Rank: 86
VGIVX Calmar Ratio Rank: 60
VGIVX Martin Ratio Rank: 60

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. 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.

	PGVAX	VGIVX	Difference
Sharpe ratio Return per unit of total volatility	1.18	2.85	-1.67
Sortino ratio Return per unit of downside risk	1.75	4.53	-2.78
Omega ratio Gain probability vs. loss probability	1.21	1.58	-0.37
Calmar ratio Return relative to maximum drawdown	1.38	2.98	-1.60
Martin ratio Return relative to average drawdown	4.27	11.93	-7.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGVAX vs. VGIVX - Sharpe Ratio Comparison

The current PGVAX Sharpe Ratio is 1.18, which is lower than the VGIVX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of PGVAX and VGIVX, 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

	PGVAX	VGIVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	2.85	-1.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.18	0.38	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.06	0.58	-0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.69	+0.18

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.

Drawdown Indicators

	PGVAX	VGIVX	Difference
Max Drawdown Largest 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	-6.46%	-7.14%	+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 Drawdown Current decline from peak	-9.09%	-0.07%	-9.02%
Average Drawdown Average peak-to-trough decline	-3.02%	-4.70%	+1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	0.98%	+0.15%

Volatility

PGVAX vs. VGIVX - Volatility Comparison

The current volatility for PGIM Government Income Fund (PGVAX) is 1.43%, while Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) has a volatility of 1.56%. This indicates that PGVAX experiences smaller price fluctuations and is considered to be less risky than VGIVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGVAX	VGIVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	1.56%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	3.35%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	4.10%	4.12%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.14%	6.30%	-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 3.45%, less than VGIVX's 5.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGVAX PGIM Government Income Fund	3.45%	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	5.88%	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

Can I hold both PGVAX and VGIVX in my portfolio?

PGVAX and VGIVX have a correlation of 0.55, 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 VGIVX?

VGIVX has higher volatility (1.56%) compared to PGVAX (1.43%). In terms of maximum drawdown, PGVAX dropped -22.05% vs VGIVX's -26.79%.

Which has better risk-adjusted returns?

VGIVX currently has the higher Sharpe Ratio (2.85 vs 1.18), 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.