PIGIX vs. TLT
PIGIX (PIMCO Investment Grade Credit Bond Fund) and TLT (iShares 20+ Year Treasury Bond ETF) are both funds - PIGIX is a Corporate Bonds fund managed by PIMCO, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Over the past 10 years, PIGIX returned 2.79%/yr vs -1.74%/yr for TLT. A 0.79 correlation means they provide meaningful diversification when combined. PIGIX charges 0.51%/yr vs 0.15%/yr for TLT.
Performance
PIGIX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, PIGIX achieves a 0.17% return, which is significantly lower than TLT's 0.77% return. Over the past 10 years, PIGIX has outperformed TLT with an annualized return of 2.79%, while TLT has yielded a comparatively lower -1.74% annualized return.
PIGIX
- 1D
- -0.44%
- 1M
- 0.76%
- YTD
- 0.17%
- 6M
- 0.71%
- 1Y
- 5.30%
- 3Y*
- 5.48%
- 5Y*
- 0.33%
- 10Y*
- 2.79%
TLT
- 1D
- 0.13%
- 1M
- 2.20%
- YTD
- 0.77%
- 6M
- 0.38%
- 1Y
- 3.87%
- 3Y*
- -1.89%
- 5Y*
- -6.59%
- 10Y*
- -1.74%
PIGIX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIGIX PIMCO Investment Grade Credit Bond Fund | 0.17% | 8.52% | 3.28% | 7.97% | -16.67% | -1.03% | 7.53% | 14.75% | -1.99% | 7.96% |
TLT iShares 20+ Year Treasury Bond ETF | 0.77% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between PIGIX and TLT is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | 0.79 |
The correlation between PIGIX and TLT has been stable across timeframes, ranging from 0.79 to 0.89 - a consistent structural relationship.
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Return for Risk
PIGIX vs. TLT — Risk / Return Rank
PIGIX
TLT
PIGIX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Investment Grade Credit Bond Fund (PIGIX) and iShares 20+ Year Treasury Bond ETF (TLT). 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.
| PIGIX | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.07 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 0.51 | +0.89 |
| Martin ratioReturn relative to average drawdown | 4.40 | 1.22 | +3.18 |
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Drawdowns
PIGIX vs. TLT - Drawdown Comparison
The maximum PIGIX drawdown since its inception was -23.09%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for PIGIX and TLT.
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Drawdown Indicators
| PIGIX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.09% | -48.35% | +25.26% |
Max Drawdown (1Y)Largest decline over 1 year | -3.98% | -7.58% | +3.60% |
Max Drawdown (3Y)Largest decline over 3 years | -6.59% | -19.18% | +12.59% |
Max Drawdown (5Y)Largest decline over 5 years | -23.09% | -43.70% | +20.61% |
Max Drawdown (10Y)Largest decline over 10 years | -23.09% | -48.35% | +25.26% |
Current DrawdownCurrent decline from peak | -1.68% | -39.82% | +38.14% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -13.87% | +10.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 3.18% | -1.92% |
Volatility
PIGIX vs. TLT - Volatility Comparison
The current volatility for PIMCO Investment Grade Credit Bond Fund (PIGIX) is 1.44%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.20%. This indicates that PIGIX experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIGIX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.44% | 2.20% | -0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 3.72% | 6.62% | -2.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.72% | 9.48% | -4.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.42% | 15.82% | -9.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.82% | 14.88% | -9.06% |
PIGIX vs. TLT - Expense Ratio Comparison
PIGIX has a 0.51% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
PIGIX vs. TLT - Dividend Comparison
PIGIX's dividend yield for the trailing twelve months is around 4.88%, more than TLT's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIGIX PIMCO Investment Grade Credit Bond Fund | 4.88% | 4.69% | 4.37% | 3.48% | 3.37% | 4.50% | 3.81% | 3.93% | 4.22% | 4.47% | 3.91% | 6.70% |
TLT iShares 20+ Year Treasury Bond ETF | 4.54% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
PIGIX and TLT have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.20%) compared to PIGIX (1.44%). In terms of maximum drawdown, PIGIX dropped -23.09% vs TLT's -48.35%.
PIGIX currently has the higher Sharpe Ratio (1.18 vs 0.41), 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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