PIGIX vs. GOVT

Last updated Jun 4, 2026

PIGIX (PIMCO Investment Grade Credit Bond Fund) and GOVT (iShares U.S. Treasury Bond ETF) are both funds - PIGIX is a Corporate Bonds fund managed by PIMCO, while GOVT is a Government Bonds fund tracking the ICE U.S. Treasury Core Bond Index. Over the past 10 years, PIGIX returned 2.85%/yr vs 0.87%/yr for GOVT. Their correlation of 0.82 suggests significant overlap in exposure. PIGIX charges 0.51%/yr vs 0.05%/yr for GOVT.

Performance

PIGIX vs. GOVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Investment Grade Credit Bond Fund (PIGIX) and iShares U.S. Treasury Bond ETF (GOVT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIGIX achieves a 0.51% return, which is significantly higher than GOVT's -0.11% return. Over the past 10 years, PIGIX has outperformed GOVT with an annualized return of 2.85%, while GOVT has yielded a comparatively lower 0.87% annualized return.

PIGIX

• 1D: 0.00%
• 1M: 0.87%
• YTD: 0.51%
• 6M: 0.39%
• 1Y: 6.47%
• 3Y*: 5.63%
• 5Y*: 0.58%
• 10Y*: 2.85%

GOVT

• 1D: -0.18%
• 1M: 0.11%
• YTD: -0.11%
• 6M: -0.34%
• 1Y: 3.87%
• 3Y*: 2.83%
• 5Y*: -0.45%
• 10Y*: 0.87%

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

PIGIX vs. GOVT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIGIX PIMCO Investment Grade Credit Bond Fund	0.51%	8.52%	3.28%	7.97%	-16.67%	-1.03%	7.53%	14.75%	-1.99%	7.96%
GOVT iShares U.S. Treasury Bond ETF	-0.11%	3.77%	2.95%	4.17%	-13.39%	-1.11%	7.28%	7.36%	0.26%	2.19%

Correlation

The correlation between PIGIX and GOVT is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 27, 2012	0.82

The correlation between PIGIX and GOVT shifts across timeframes, from 0.82 (all time) to 0.92 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PIGIX vs. GOVT — Risk / Return Rank

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

PIGIX

PIGIX Risk / Return Rank: 23
PIGIX Sharpe Ratio Rank: 24
PIGIX Sortino Ratio Rank: 25
PIGIX Omega Ratio Rank: 25
PIGIX Calmar Ratio Rank: 21
PIGIX Martin Ratio Rank: 21

GOVT

GOVT Risk / Return Rank: 28
GOVT Sharpe Ratio Rank: 29
GOVT Sortino Ratio Rank: 29
GOVT Omega Ratio Rank: 27
GOVT Calmar Ratio Rank: 28
GOVT Martin Ratio Rank: 28

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.

PIGIX vs. GOVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Investment Grade Credit Bond Fund (PIGIX) and iShares U.S. Treasury Bond ETF (GOVT). 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.

	PIGIX	GOVT	Difference
Sharpe ratio Return per unit of total volatility	1.41	1.07	+0.34
Sortino ratio Return per unit of downside risk	2.06	1.62	+0.44
Omega ratio Gain probability vs. loss probability	1.26	1.18	+0.07
Calmar ratio Return relative to maximum drawdown	1.67	1.36	+0.31
Martin ratio Return relative to average drawdown	5.47	4.01	+1.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIGIX vs. GOVT - Sharpe Ratio Comparison

The current PIGIX Sharpe Ratio is 1.41, which is higher than the GOVT Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of PIGIX and GOVT, 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

	PIGIX	GOVT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.07	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	-0.08	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.17	+0.33
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.26	+0.80

Drawdowns

PIGIX vs. GOVT - Drawdown Comparison

The maximum PIGIX drawdown since its inception was -23.09%, which is greater than GOVT's maximum drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for PIGIX and GOVT.

Drawdown Indicators

	PIGIX	GOVT	Difference
Max Drawdown Largest peak-to-trough decline	-23.09%	-19.07%	-4.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.98%	-2.85%	-1.13%
Max Drawdown (3Y) Largest decline over 3 years	-6.59%	-5.43%	-1.16%
Max Drawdown (5Y) Largest decline over 5 years	-23.09%	-16.60%	-6.49%
Max Drawdown (10Y) Largest decline over 10 years	-23.09%	-19.07%	-4.02%
Current Drawdown Current decline from peak	-1.35%	-7.17%	+5.82%
Average Drawdown Average peak-to-trough decline	-3.07%	-5.25%	+2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	0.97%	+0.24%

Volatility

PIGIX vs. GOVT - Volatility Comparison

PIMCO Investment Grade Credit Bond Fund (PIGIX) has a higher volatility of 1.67% compared to iShares U.S. Treasury Bond ETF (GOVT) at 1.09%. This indicates that PIGIX's price experiences larger fluctuations and is considered to be riskier than GOVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIGIX	GOVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.67%	1.09%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	3.64%	2.51%	+1.13%
Volatility (1Y) Calculated over the trailing 1-year period	4.72%	3.63%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.42%	6.04%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.81%	5.22%	+0.59%

PIGIX vs. GOVT - Expense Ratio Comparison

PIGIX has a 0.51% expense ratio, which is higher than GOVT's 0.05% expense ratio.

Dividends

PIGIX vs. GOVT - Dividend Comparison

PIGIX's dividend yield for the trailing twelve months is around 4.86%, more than GOVT's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GOVT iShares U.S. Treasury Bond ETF	3.59%	3.49%	3.14%	2.65%	1.77%	0.96%	2.17%	1.98%	1.97%	1.57%	1.40%	1.25%
PIGIX PIMCO Investment Grade Credit Bond Fund	4.86%	4.69%	4.37%	3.48%	3.37%	4.50%	3.81%	3.93%	4.22%	4.47%	3.91%	6.70%

Frequently Asked Questions

Can I hold both PIGIX and GOVT in my portfolio?

PIGIX and GOVT have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIGIX or GOVT?

PIGIX has higher volatility (1.67%) compared to GOVT (1.09%). In terms of maximum drawdown, PIGIX dropped -23.09% vs GOVT's -19.07%.

Which has better risk-adjusted returns?

PIGIX currently has the higher Sharpe Ratio (1.41 vs 1.07), 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.