PIRMX vs. AGG

Last updated Jun 4, 2026

PIRMX (PIMCO Inflation Response Multi-Asset Fund Institutional) and AGG (iShares Core U.S. Aggregate Bond ETF) are both funds - PIRMX is a Diversified Portfolio fund actively managed by PIMCO, while AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. PIRMX is actively managed, while AGG is passively managed. Over the past 10 years, PIRMX returned 7.69%/yr vs 1.57%/yr for AGG. At a 0.35 correlation, their price movements are largely independent. PIRMX charges 1.91%/yr vs 0.03%/yr for AGG.

Performance

PIRMX vs. AGG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Inflation Response Multi-Asset Fund Institutional (PIRMX) and iShares Core U.S. Aggregate Bond ETF (AGG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIRMX achieves a 7.45% return, which is significantly higher than AGG's 0.25% return. Over the past 10 years, PIRMX has outperformed AGG with an annualized return of 7.69%, while AGG has yielded a comparatively lower 1.57% annualized return.

PIRMX

• 1D: 0.20%
• 1M: 0.30%
• YTD: 7.45%
• 6M: 7.55%
• 1Y: 17.97%
• 3Y*: 14.49%
• 5Y*: 8.47%
• 10Y*: 7.69%

AGG

• 1D: -0.21%
• 1M: 0.24%
• YTD: 0.25%
• 6M: 0.09%
• 1Y: 5.14%
• 3Y*: 3.95%
• 5Y*: 0.10%
• 10Y*: 1.57%

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

PIRMX vs. AGG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIRMX PIMCO Inflation Response Multi-Asset Fund Institutional	7.45%	16.76%	12.47%	6.50%	-5.11%	13.86%	9.36%	10.03%	-3.70%	8.59%
AGG iShares Core U.S. Aggregate Bond ETF	0.25%	7.19%	1.31%	5.65%	-13.02%	-1.77%	7.48%	8.46%	0.09%	3.55%

Correlation

The correlation between PIRMX and AGG is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Sep 2, 2011	0.35

The correlation between PIRMX and AGG shifts across timeframes, from 0.35 (all time) to 0.53 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PIRMX vs. AGG — Risk / Return Rank

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

PIRMX

PIRMX Risk / Return Rank: 91
PIRMX Sharpe Ratio Rank: 91
PIRMX Sortino Ratio Rank: 88
PIRMX Omega Ratio Rank: 87
PIRMX Calmar Ratio Rank: 94
PIRMX Martin Ratio Rank: 95

AGG

AGG Risk / Return Rank: 36
AGG Sharpe Ratio Rank: 36
AGG Sortino Ratio Rank: 38
AGG Omega Ratio Rank: 35
AGG Calmar Ratio Rank: 37
AGG Martin Ratio Rank: 36

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.

PIRMX vs. AGG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Inflation Response Multi-Asset Fund Institutional (PIRMX) and iShares Core U.S. Aggregate Bond ETF (AGG). 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.

	PIRMX	AGG	Difference
Sharpe ratio Return per unit of total volatility	3.07	1.34	+1.73
Sortino ratio Return per unit of downside risk	4.21	2.00	+2.22
Omega ratio Gain probability vs. loss probability	1.60	1.24	+0.36
Calmar ratio Return relative to maximum drawdown	5.34	1.87	+3.47
Martin ratio Return relative to average drawdown	22.22	5.73	+16.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIRMX vs. AGG - Sharpe Ratio Comparison

The current PIRMX Sharpe Ratio is 3.07, which is higher than the AGG Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of PIRMX and AGG, 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

	PIRMX	AGG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.07	1.34	+1.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	0.02	+1.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.03	0.29	+0.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.59	+0.10

Drawdowns

PIRMX vs. AGG - Drawdown Comparison

The maximum PIRMX drawdown since its inception was -18.51%, roughly equal to the maximum AGG drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for PIRMX and AGG.

Drawdown Indicators

	PIRMX	AGG	Difference
Max Drawdown Largest peak-to-trough decline	-18.51%	-18.43%	-0.08%
Max Drawdown (1Y) Largest decline over 1 year	-3.37%	-2.76%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-4.96%	-6.11%	+1.15%
Max Drawdown (5Y) Largest decline over 5 years	-14.31%	-17.82%	+3.51%
Max Drawdown (10Y) Largest decline over 10 years	-18.20%	-18.43%	+0.23%
Current Drawdown Current decline from peak	-0.80%	-2.14%	+1.34%
Average Drawdown Average peak-to-trough decline	-4.10%	-2.71%	-1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.90%	-0.09%

Volatility

PIRMX vs. AGG - Volatility Comparison

PIMCO Inflation Response Multi-Asset Fund Institutional (PIRMX) has a higher volatility of 1.59% compared to iShares Core U.S. Aggregate Bond ETF (AGG) at 1.30%. This indicates that PIRMX's price experiences larger fluctuations and is considered to be riskier than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIRMX	AGG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.59%	1.30%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	4.69%	2.74%	+1.95%
Volatility (1Y) Calculated over the trailing 1-year period	5.88%	3.85%	+2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.30%	6.09%	+2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.48%	5.40%	+2.08%

PIRMX vs. AGG - Expense Ratio Comparison

PIRMX has a 1.91% expense ratio, which is higher than AGG's 0.03% expense ratio.

Dividends

PIRMX vs. AGG - Dividend Comparison

PIRMX's dividend yield for the trailing twelve months is around 2.41%, less than AGG's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGG iShares Core U.S. Aggregate Bond ETF	3.99%	3.89%	3.74%	3.13%	2.39%	1.77%	2.14%	2.70%	2.72%	2.32%	2.39%	2.45%
PIRMX PIMCO Inflation Response Multi-Asset Fund Institutional	2.41%	2.66%	9.91%	0.13%	14.12%	11.21%	0.80%	2.05%	11.41%	6.43%	0.49%	3.13%

Frequently Asked Questions

Can I hold both PIRMX and AGG in my portfolio?

PIRMX and AGG have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIRMX or AGG?

PIRMX has higher volatility (1.59%) compared to AGG (1.30%). In terms of maximum drawdown, PIRMX dropped -18.51% vs AGG's -18.43%.

Which has better risk-adjusted returns?

PIRMX currently has the higher Sharpe Ratio (3.07 vs 1.34), 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.