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PIOBX vs. BGHSX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PIOBX vs. BGHSX

Last updated Jun 23, 2026

PIOBX (Pioneer Bond Fund) and BGHSX (BrandywineGLOBAL - High Yield Fund) are both mutual funds - PIOBX is a Intermediate Core-Plus Bond fund managed by Amundi, while BGHSX is a High Yield Bonds fund managed by Franklin Templeton. Over the past 3 years, PIOBX returned 4.18%/yr vs 7.77%/yr for BGHSX. At a 0.47 correlation, their price movements are largely independent. PIOBX charges 0.79%/yr vs 0.54%/yr for BGHSX.

Performance

PIOBX vs. BGHSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Bond Fund (PIOBX) and BrandywineGLOBAL - High Yield Fund (BGHSX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PIOBX achieves a 0.45% return, which is significantly higher than BGHSX's 0.03% return.

PIOBX

1D
0.60%
1M
0.94%
YTD
0.45%
6M
0.90%
1Y
5.02%
3Y*
4.18%
5Y*
-0.16%
10Y*
2.01%

BGHSX

1D
-0.10%
1M
0.53%
YTD
0.03%
6M
0.72%
1Y
4.58%
3Y*
7.77%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PIOBX vs. BGHSX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
PIOBX
Pioneer Bond Fund		0.45%8.09%1.22%5.68%-14.96%-0.98%
BGHSX
BrandywineGLOBAL - High Yield Fund		0.03%5.55%9.90%13.21%-10.23%1.12%

Correlation

The correlation between PIOBX and BGHSX is 0.51, 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

0.51

Correlation (3Y)
Calculated over the trailing 3-year period

0.51

Correlation (All Time)
Calculated using the full available price history since Aug 4, 2021

0.47

The correlation between PIOBX and BGHSX has been stable across timeframes, ranging from 0.47 to 0.51 - a consistent structural relationship.

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Pioneer Bond Fund

BrandywineGLOBAL - High Yield Fund

Often compared with PIOBX:
PIOBX vs. FXAIXPIOBX vs. MUNIPIOBX vs. SCHDPIOBX vs. VWILXPIOBX vs. VBILXPIOBX vs. VFITXPIOBX vs. PCGRX
Often compared with BGHSX:
BGHSX vs. CSOIXBGHSX vs. BCAAXBGHSX vs. MNHAXBGHSX vs. FAGIXBGHSX vs. SHYGBGHSX vs. SPYBGHSX vs. VWEHX

Return for Risk

PIOBX vs. BGHSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PIOBX
PIOBX Risk / Return Rank: 2424
Overall Rank
PIOBX Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
PIOBX Sortino Ratio Rank: 2626
Sortino Ratio Rank
PIOBX Omega Ratio Rank: 2323
Omega Ratio Rank
PIOBX Calmar Ratio Rank: 2424
Calmar Ratio Rank
PIOBX Martin Ratio Rank: 2121
Martin Ratio Rank
BGHSX
BGHSX Risk / Return Rank: 3434
Overall Rank
BGHSX Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
BGHSX Sortino Ratio Rank: 4343
Sortino Ratio Rank
BGHSX Omega Ratio Rank: 4040
Omega Ratio Rank
BGHSX Calmar Ratio Rank: 2424
Calmar Ratio Rank
BGHSX Martin Ratio Rank: 3333
Martin Ratio Rank
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.

PIOBX vs. BGHSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Bond Fund (PIOBX) and BrandywineGLOBAL - High Yield Fund (BGHSX). 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.

PIOBXBGHSXDifference
Sharpe ratioReturn per unit of total volatility
1.30
1.45

-0.15

Sortino ratioReturn per unit of downside risk
1.95
2.55

-0.60

Omega ratioGain probability vs. loss probability

1.23

1.31

-0.08

Calmar ratioReturn relative to maximum drawdown

1.69

1.72

-0.03

Martin ratioReturn relative to average drawdown

4.97

6.98

-2.02

PIOBX vs. BGHSX - Sharpe Ratio Comparison

The current PIOBX Sharpe Ratio is 1.30, which is comparable to the BGHSX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of PIOBX and BGHSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PIOBX vs. BGHSX - Drawdown Comparison

The maximum PIOBX drawdown since its inception was -21.80%, which is greater than BGHSX's maximum drawdown of -14.30%. Use the drawdown chart below to compare losses from any high point for PIOBX and BGHSX.

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Drawdown Indicators

PIOBXBGHSXDifference

Max Drawdown

Largest peak-to-trough decline

-21.80%

-14.30%

-7.50%

Max Drawdown (1Y)

Largest decline over 1 year

-3.06%

-2.67%

-0.39%

Max Drawdown (3Y)

Largest decline over 3 years

-7.11%

-4.55%

-2.56%

Max Drawdown (5Y)

Largest decline over 5 years

-19.64%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-19.64%

—

—

Current Drawdown

Current decline from peak

-2.20%

-0.30%

-1.90%

Average Drawdown

Average peak-to-trough decline

-3.55%

-3.21%

-0.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.04%

0.66%

+0.38%

Volatility

PIOBX vs. BGHSX - Volatility Comparison

Pioneer Bond Fund (PIOBX) has a higher volatility of 1.55% compared to BrandywineGLOBAL - High Yield Fund (BGHSX) at 0.77%. This indicates that PIOBX's price experiences larger fluctuations and is considered to be riskier than BGHSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PIOBXBGHSXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.55%

0.77%

+0.78%

Volatility (6M)

Calculated over the trailing 6-month period

3.02%

2.31%

+0.71%

Volatility (1Y)

Calculated over the trailing 1-year period

3.96%

3.16%

+0.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.03%

4.46%

+1.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.95%

4.46%

+0.49%

PIOBX vs. BGHSX - Expense Ratio Comparison

PIOBX has a 0.79% expense ratio, which is higher than BGHSX's 0.54% expense ratio.

Dividends

PIOBX vs. BGHSX - Dividend Comparison

PIOBX's dividend yield for the trailing twelve months is around 3.73%, less than BGHSX's 6.26% yield.

PositionTTM20252024202320222021202020192018201720162015
BGHSX
BrandywineGLOBAL - High Yield Fund		6.26%7.08%7.49%5.23%5.32%4.71%0.00%0.00%0.00%0.00%0.00%0.00%
PIOBX
Pioneer Bond Fund		3.73%3.78%3.31%2.46%1.62%5.71%4.62%3.02%3.13%3.01%2.97%3.05%

Frequently Asked Questions

PIOBX and BGHSX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PIOBX has higher volatility (1.55%) compared to BGHSX (0.77%). In terms of maximum drawdown, PIOBX dropped -21.80% vs BGHSX's -14.30%.

BGHSX currently has the higher Sharpe Ratio (1.45 vs 1.30), 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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