PMTGX vs. VSBIX

Last updated Aug 1, 2026

PMTGX (PIA MBS Bond Fund) and VSBIX (Vanguard Short-Term Treasury Index Fund Institutional Shares) are both Government Bonds funds. Over the past 10 years, PMTGX returned 1.00%/yr vs 1.77%/yr for VSBIX. Their 0.69 correlation means they have sometimes moved together and sometimes differently. PMTGX charges 0.23%/yr vs 0.05%/yr for VSBIX.

Performance

PMTGX vs. VSBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIA MBS Bond Fund (PMTGX) and Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMTGX achieves a -0.80% return, which is significantly lower than VSBIX's 0.83% return. Over the past 10 years, PMTGX has underperformed VSBIX with an annualized return of 1.00%, while VSBIX has yielded a comparatively higher 1.77% annualized return.

PMTGX

• 1D: -0.24%
• 1M: -0.86%
• 6M: -1.39%
• YTD: -0.80%
• 1Y: 2.88%
• 3Y*: 3.61%
• 5Y*: -0.11%
• 10Y*: 1.00%
• ALL TIME*: 2.83%

VSBIX

• 1D: 0.04%
• 1M: 0.12%
• 6M: 0.63%
• YTD: 0.83%
• 1Y: 2.64%
• 3Y*: 4.41%
• 5Y*: 1.94%
• 10Y*: 1.77%
• ALL TIME*: 1.42%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PMTGX PIA MBS Bond Fund	$0.00	$0.00	$0.00
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares	$0.00	$0.00	$0.00

PMTGX vs. VSBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMTGX PIA MBS Bond Fund	-0.80%	7.83%	0.96%	4.73%	-11.37%	-1.18%	3.85%	6.02%	0.76%	2.35%
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares	0.83%	5.11%	4.37%	4.28%	-3.87%	-0.67%	3.11%	3.53%	1.52%	0.40%

Correlation

The correlation between PMTGX and VSBIX is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (10Y) Provides a long-term view across more market conditions.	0.71
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009	0.69

The correlation between PMTGX and VSBIX has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.

Return for Risk

PMTGX vs. VSBIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PMTGX

PMTGX Risk / Return Rank: 21
PMTGX Sharpe Ratio Rank: 23
PMTGX Sortino Ratio Rank: 23
PMTGX Omega Ratio Rank: 21
PMTGX Calmar Ratio Rank: 20
PMTGX Martin Ratio Rank: 17

VSBIX

VSBIX Risk / Return Rank: 94
VSBIX Sharpe Ratio Rank: 94
VSBIX Sortino Ratio Rank: 95
VSBIX Omega Ratio Rank: 92
VSBIX Calmar Ratio Rank: 94
VSBIX Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PMTGX vs. VSBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIA MBS Bond Fund (PMTGX) and Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX). 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.

	PMTGX	VSBIX	Difference
Sharpe ratio: Return per unit of total volatility	0.84	2.45	-1.61
Sortino ratio: Return per unit of downside risk	1.24	3.94	-2.70
Omega ratio: Gain probability vs. loss probability	1.15	1.51	-0.36
Calmar ratio: Return relative to maximum drawdown	0.99	3.94	-2.94
Martin ratio: Return relative to average drawdown	2.51	15.79	-13.28

PMTGX vs. VSBIX - Sharpe Ratio Comparison

The current PMTGX Sharpe Ratio is 0.84, which is lower than the VSBIX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of PMTGX and VSBIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PMTGX vs. VSBIX - Drawdown Comparison

The maximum PMTGX drawdown since its inception was -17.09%, which is greater than VSBIX's maximum drawdown of -5.74%. Use the drawdown chart below to compare losses from any high point for PMTGX and VSBIX.

Drawdown Indicators

	PMTGX	VSBIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.09%	-5.74%	-11.35%
Max Drawdown (1Y) Largest decline over 1 year	-3.68%	-0.81%	-2.87%
Max Drawdown (3Y) Largest decline over 3 years	-6.47%	-0.81%	-5.66%
Max Drawdown (5Y) Largest decline over 5 years	-16.77%	-5.70%	-11.07%
Max Drawdown (10Y) Largest decline over 10 years	-17.09%	-5.74%	-11.35%
Current Drawdown Current decline from peak	-2.93%	0.00%	-2.93%
Average Drawdown Average peak-to-trough decline	-2.13%	-0.58%	-1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	0.20%	+1.25%

Volatility

PMTGX vs. VSBIX - Volatility Comparison

PIA MBS Bond Fund (PMTGX) has a higher volatility of 1.30% compared to Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX) at 0.35%. This indicates that PMTGX's price experiences larger fluctuations and is considered to be riskier than VSBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMTGX	VSBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	0.35%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	3.43%	0.99%	+2.44%
Volatility (1Y) Calculated over the trailing 1-year period	4.34%	1.30%	+3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.33%	1.96%	+4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.79%	1.54%	+3.25%

PMTGX vs. VSBIX - Expense Ratio Comparison

PMTGX has a 0.23% expense ratio, which is higher than VSBIX's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PMTGX vs. VSBIX - Dividend Comparison

PMTGX's dividend yield for the trailing twelve months is around 3.53%, which matches VSBIX's 3.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMTGX PIA MBS Bond Fund	3.53%	4.10%	4.16%	3.48%	2.17%	0.79%	2.12%	2.96%	2.76%	2.75%	2.96%	2.79%
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares	3.50%	3.99%	4.52%	3.31%	1.14%	0.65%	1.74%	2.28%	1.81%	1.11%	0.80%	0.74%

Frequently Asked Questions

Can I hold both PMTGX and VSBIX in my portfolio?

PMTGX and VSBIX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMTGX or VSBIX?

PMTGX has higher volatility (1.30%) compared to VSBIX (0.35%). In terms of maximum drawdown, PMTGX dropped -17.09% vs VSBIX's -5.74%.

Which has better risk-adjusted returns?

VSBIX currently has the higher Sharpe Ratio (2.45 vs 0.84), 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.