PIMIX vs. BND

Last updated Jun 6, 2026

PIMIX (PIMCO Income Fund Institutional Class) and BND (Vanguard Total Bond Market ETF) are both funds - PIMIX is a Multisector Bonds fund actively managed by PIMCO, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. PIMIX is actively managed, while BND is passively managed. Over the past 10 years, PIMIX returned 4.67%/yr vs 1.56%/yr for BND. A 0.56 correlation means they provide meaningful diversification when combined. PIMIX charges 0.54%/yr vs 0.03%/yr for BND.

Performance

PIMIX vs. BND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Income Fund Institutional Class (PIMIX) and Vanguard Total Bond Market ETF (BND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIMIX achieves a 0.81% return, which is significantly higher than BND's -0.05% return. Over the past 10 years, PIMIX has outperformed BND with an annualized return of 4.67%, while BND has yielded a comparatively lower 1.56% annualized return.

PIMIX

• 1D: 0.19%
• 1M: 0.26%
• YTD: 0.81%
• 6M: 1.50%
• 1Y: 8.50%
• 3Y*: 7.77%
• 5Y*: 3.45%
• 10Y*: 4.67%

BND

• 1D: -0.45%
• 1M: -0.39%
• YTD: -0.05%
• 6M: 0.11%
• 1Y: 4.90%
• 3Y*: 3.80%
• 5Y*: 0.02%
• 10Y*: 1.56%

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

PIMIX vs. BND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIMIX PIMCO Income Fund Institutional Class	0.81%	11.08%	5.45%	9.36%	-9.07%	2.62%	5.84%	8.10%	0.63%	8.63%
BND Vanguard Total Bond Market ETF	-0.05%	7.08%	1.38%	5.65%	-13.11%	-1.86%	7.71%	8.84%	-0.12%	3.57%

Correlation

The correlation between PIMIX and BND is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007	0.56

Over the past year, PIMIX and BND have become more correlated (0.83) than their long-term average of 0.56, meaning their price movements have been converging.

Return for Risk

PIMIX vs. BND — Risk / Return Rank

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

PIMIX

PIMIX Risk / Return Rank: 41
PIMIX Sharpe Ratio Rank: 45
PIMIX Sortino Ratio Rank: 48
PIMIX Omega Ratio Rank: 48
PIMIX Calmar Ratio Rank: 34
PIMIX Martin Ratio Rank: 33

BND

BND Risk / Return Rank: 33
BND Sharpe Ratio Rank: 33
BND Sortino Ratio Rank: 33
BND Omega Ratio Rank: 30
BND Calmar Ratio Rank: 34
BND Martin Ratio Rank: 33

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.

PIMIX vs. BND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Fund Institutional Class (PIMIX) and Vanguard Total Bond Market ETF (BND). 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.

	PIMIX	BND	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.16	+0.71
Sortino ratio: Return per unit of downside risk	2.80	1.71	+1.09
Omega ratio: Gain probability vs. loss probability	1.36	1.20	+0.16
Calmar ratio: Return relative to maximum drawdown	2.10	1.62	+0.47
Martin ratio: Return relative to average drawdown	7.27	4.86	+2.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIMIX vs. BND - Sharpe Ratio Comparison

The current PIMIX Sharpe Ratio is 1.87, which is higher than the BND Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of PIMIX and BND, 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

	PIMIX	BND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	1.16	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.00	+0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.10	0.28	+0.82
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	0.58	+0.98

Drawdowns

PIMIX vs. BND - Drawdown Comparison

The maximum PIMIX drawdown since its inception was -13.39%, smaller than the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for PIMIX and BND.

Drawdown Indicators

	PIMIX	BND	Difference
Max Drawdown Largest peak-to-trough decline	-13.39%	-18.58%	+5.19%
Max Drawdown (1Y) Largest decline over 1 year	-3.69%	-2.68%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-3.84%	-5.92%	+2.08%
Max Drawdown (5Y) Largest decline over 5 years	-13.34%	-17.91%	+4.57%
Max Drawdown (10Y) Largest decline over 10 years	-13.39%	-18.58%	+5.19%
Current Drawdown Current decline from peak	-1.12%	-2.67%	+1.55%
Average Drawdown Average peak-to-trough decline	-1.69%	-3.06%	+1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	0.89%	+0.17%

Volatility

PIMIX vs. BND - Volatility Comparison

PIMCO Income Fund Institutional Class (PIMIX) has a higher volatility of 1.69% compared to Vanguard Total Bond Market ETF (BND) at 1.23%. This indicates that PIMIX's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIMIX	BND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.69%	1.23%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	3.29%	2.70%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	4.17%	3.76%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.84%	6.02%	-1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.25%	5.53%	-1.28%

PIMIX vs. BND - Expense Ratio Comparison

PIMIX has a 0.54% expense ratio, which is higher than BND's 0.03% expense ratio.

Dividends

PIMIX vs. BND - Dividend Comparison

PIMIX's dividend yield for the trailing twelve months is around 5.84%, more than BND's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BND Vanguard Total Bond Market ETF	3.98%	3.86%	3.67%	3.09%	2.60%	2.12%	2.38%	2.72%	2.81%	2.54%	2.51%	2.57%
PIMIX PIMCO Income Fund Institutional Class	5.84%	6.01%	6.27%	6.21%	4.98%	4.02%	4.88%	5.83%	5.66%	5.37%	5.52%	7.88%

Frequently Asked Questions

Can I hold both PIMIX and BND in my portfolio?

PIMIX and BND have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIMIX or BND?

PIMIX has higher volatility (1.69%) compared to BND (1.23%). In terms of maximum drawdown, PIMIX dropped -13.39% vs BND's -18.58%.

Which has better risk-adjusted returns?

PIMIX currently has the higher Sharpe Ratio (1.87 vs 1.16), 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.