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 2.41%/yr vs -2.38%/yr for TLT. Their 0.79 correlation means they have sometimes moved together and sometimes differently. 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 -0.86% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, PIGIX has outperformed TLT with an annualized return of 2.41%, while TLT has yielded a comparatively lower -2.38% annualized return.
PIGIX
- 1D
- 0.11%
- 1M
- -1.66%
- 6M
- -1.26%
- YTD
- -0.86%
- 1Y
- 2.14%
- 3Y*
- 4.88%
- 5Y*
- -0.26%
- 10Y*
- 2.41%
- ALL TIME*
- 5.76%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $2.33B | $2.02B | $2.19B |
PIGIX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIGIX PIMCO Investment Grade Credit Bond Fund | -0.86% | 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 | -3.49% | 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 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.88 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.83 |
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 0.88 - 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 | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.99 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | -0.14 | +0.99 |
| Martin ratioReturn relative to average drawdown | 2.42 | -0.30 | +2.72 |
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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% | -7.74% | +3.76% |
Max Drawdown (3Y)Largest decline over 3 years | -5.62% | -14.79% | +9.17% |
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 | -2.69% | -42.36% | +39.67% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -13.99% | +10.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 3.57% | -2.18% |
Volatility
PIGIX vs. TLT - Volatility Comparison
The current volatility for PIMCO Investment Grade Credit Bond Fund (PIGIX) is 1.22%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. 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 | 1.22% | 2.46% | -1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 3.84% | 6.85% | -3.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.68% | 9.32% | -4.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.43% | 15.74% | -9.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.82% | 14.83% | -9.01% |
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 4.57%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIGIX PIMCO Investment Grade Credit Bond Fund | 4.57% | 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 | 4.34% | 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 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.46%) compared to PIGIX (1.22%). In terms of maximum drawdown, PIGIX dropped -23.09% vs TLT's -48.35%.
PIGIX currently has the higher Sharpe Ratio (0.72 vs -0.11), 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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