PIOBX vs. GUGAX

Last updated Jun 4, 2026

PIOBX (Pioneer Bond Fund) and GUGAX (GMO Multi-Sector Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 10 years, PIOBX returned 2.01%/yr vs 1.52%/yr for GUGAX. A 0.74 correlation means they provide meaningful diversification when combined. PIOBX charges 0.79%/yr vs 0.45%/yr for GUGAX.

Performance

PIOBX vs. GUGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Bond Fund (PIOBX) and GMO Multi-Sector Fixed Income Fund (GUGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIOBX achieves a 0.45% return, which is significantly lower than GUGAX's 0.96% return. Over the past 10 years, PIOBX has outperformed GUGAX with an annualized return of 2.01%, while GUGAX has yielded a comparatively lower 1.52% annualized return.

PIOBX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 0.45%
• 6M: 0.43%
• 1Y: 5.78%
• 3Y*: 4.18%
• 5Y*: -0.04%
• 10Y*: 2.01%

GUGAX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.96%
• 6M: 0.82%
• 1Y: 5.93%
• 3Y*: 4.32%
• 5Y*: -0.35%
• 10Y*: 1.52%

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

PIOBX vs. GUGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIOBX Pioneer Bond Fund	0.45%	8.09%	1.22%	5.68%	-14.96%	0.36%	8.51%	8.95%	-0.87%	4.24%
GUGAX GMO Multi-Sector Fixed Income Fund	0.96%	7.29%	0.96%	6.02%	-14.52%	-3.17%	4.91%	9.66%	2.13%	4.44%

Correlation

The correlation between PIOBX and GUGAX is 0.69, 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	0.69
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	0.83
Correlation (All Time) Calculated using the full available price history since Jan 5, 1998	0.74

The correlation between PIOBX and GUGAX shifts across timeframes, from 0.69 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PIOBX vs. GUGAX — Risk / Return Rank

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

PIOBX

PIOBX Risk / Return Rank: 25
PIOBX Sharpe Ratio Rank: 25
PIOBX Sortino Ratio Rank: 27
PIOBX Omega Ratio Rank: 25
PIOBX Calmar Ratio Rank: 25
PIOBX Martin Ratio Rank: 23

GUGAX

GUGAX Risk / Return Rank: 74
GUGAX Sharpe Ratio Rank: 52
GUGAX Sortino Ratio Rank: 69
GUGAX Omega Ratio Rank: 70
GUGAX Calmar Ratio Rank: 94
GUGAX Martin Ratio Rank: 85

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. GUGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Bond Fund (PIOBX) and GMO Multi-Sector Fixed Income Fund (GUGAX). 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.

	PIOBX	GUGAX	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.13	-0.70
Sortino ratio: Return per unit of downside risk	2.16	3.47	-1.31
Omega ratio: Gain probability vs. loss probability	1.26	1.47	-0.21
Calmar ratio: Return relative to maximum drawdown	1.86	5.57	-3.71
Martin ratio: Return relative to average drawdown	5.83	16.20	-10.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIOBX vs. GUGAX - Sharpe Ratio Comparison

The current PIOBX Sharpe Ratio is 1.43, which is lower than the GUGAX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of PIOBX and GUGAX, 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

	PIOBX	GUGAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	2.13	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	-0.05	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.28	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.08	+0.64

Drawdowns

PIOBX vs. GUGAX - Drawdown Comparison

The maximum PIOBX drawdown since its inception was -21.80%, smaller than the maximum GUGAX drawdown of -38.57%. Use the drawdown chart below to compare losses from any high point for PIOBX and GUGAX.

Drawdown Indicators

	PIOBX	GUGAX	Difference
Max Drawdown Largest peak-to-trough decline	-21.80%	-38.57%	+16.77%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-1.16%	-1.90%
Max Drawdown (3Y) Largest decline over 3 years	-7.11%	-6.12%	-0.99%
Max Drawdown (5Y) Largest decline over 5 years	-19.64%	-20.53%	+0.89%
Max Drawdown (10Y) Largest decline over 10 years	-19.64%	-23.06%	+3.42%
Current Drawdown Current decline from peak	-2.20%	-6.72%	+4.52%
Average Drawdown Average peak-to-trough decline	-3.55%	-11.27%	+7.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.43%	+0.54%

Volatility

PIOBX vs. GUGAX - Volatility Comparison

Pioneer Bond Fund (PIOBX) has a higher volatility of 1.46% compared to GMO Multi-Sector Fixed Income Fund (GUGAX) at 0.00%. This indicates that PIOBX's price experiences larger fluctuations and is considered to be riskier than GUGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIOBX	GUGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	0.00%	+1.46%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	1.43%	+1.38%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	3.05%	+0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.01%	6.57%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.94%	5.43%	-0.49%

PIOBX vs. GUGAX - Expense Ratio Comparison

PIOBX has a 0.79% expense ratio, which is higher than GUGAX's 0.45% expense ratio.

Dividends

PIOBX vs. GUGAX - Dividend Comparison

PIOBX's dividend yield for the trailing twelve months is around 3.73%, less than GUGAX's 4.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUGAX GMO Multi-Sector Fixed Income Fund	4.52%	3.69%	4.34%	0.00%	1.94%	2.90%	7.96%	5.74%	5.08%	2.43%	3.29%	1.76%
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

Can I hold both PIOBX and GUGAX in my portfolio?

PIOBX and GUGAX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIOBX or GUGAX?

PIOBX has higher volatility (1.46%) compared to GUGAX (0.00%). In terms of maximum drawdown, PIOBX dropped -21.80% vs GUGAX's -38.57%.

Which has better risk-adjusted returns?

GUGAX currently has the higher Sharpe Ratio (2.13 vs 1.43), 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.