PNIGX vs. GUSTX

Last updated Jun 3, 2026

PNIGX (BlackRock U.S. Government Bond Portfolio) and GUSTX (GMO U.S. Treasury Fund) are both Government Bonds funds. At a 0.10 correlation, their price movements are largely independent. PNIGX charges 0.45%/yr vs 0.01%/yr for GUSTX.

Performance

PNIGX vs. GUSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock U.S. Government Bond Portfolio (PNIGX) and GMO U.S. Treasury Fund (GUSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PNIGX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GUSTX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.46%
• 6M: 1.79%
• 1Y: 3.90%
• 3Y*: 3.18%
• 5Y*: 1.95%
• 10Y*: -13.74%

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

PNIGX vs. GUSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNIGX BlackRock U.S. Government Bond Portfolio	0.00%	6.68%	0.79%	4.11%	-13.73%	-1.36%	6.69%	6.88%	0.56%	1.94%
GUSTX GMO U.S. Treasury Fund	1.46%	4.45%	2.21%	2.52%	-0.73%	-0.06%	0.89%	0.14%	-79.59%	0.43%

Correlation

The correlation between PNIGX and GUSTX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010	0.10

Return for Risk

PNIGX vs. GUSTX — Risk / Return Rank

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

GUSTX

GUSTX Risk / Return Rank: 99
GUSTX Sharpe Ratio Rank: 95
GUSTX Sortino Ratio Rank: 100
GUSTX Omega Ratio Rank: 100
GUSTX Calmar Ratio Rank: 100
GUSTX Martin Ratio Rank: 99

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.

PNIGX vs. GUSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock U.S. Government Bond Portfolio (PNIGX) and GMO U.S. Treasury Fund (GUSTX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	PNIGX	GUSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.34	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.14	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.44	—

Drawdowns

Drawdown Indicators

	PNIGX	GUSTX	Difference
Max Drawdown Largest peak-to-trough decline	—	-79.98%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.20%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.19%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.19%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-79.98%	—
Current Drawdown Current decline from peak	—	-77.68%	—
Average Drawdown Average peak-to-trough decline	—	-36.04%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.07%	—

Volatility

Volatility by Period

	PNIGX	GUSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.34%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.87%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	1.22%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	1.75%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	25.45%	—

PNIGX vs. GUSTX - Expense Ratio Comparison

PNIGX has a 0.45% expense ratio, which is higher than GUSTX's 0.01% expense ratio.

Dividends

PNIGX vs. GUSTX - Dividend Comparison

PNIGX's dividend yield for the trailing twelve months is around 0.98%, less than GUSTX's 3.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUSTX GMO U.S. Treasury Fund	3.82%	4.15%	1.98%	2.28%	0.26%	0.14%	0.09%	0.14%	8.96%	0.50%	0.05%	0.04%
PNIGX BlackRock U.S. Government Bond Portfolio	0.98%	2.57%	3.57%	2.90%	1.95%	1.39%	1.84%	2.56%	2.59%	2.32%	2.24%	2.57%

Frequently Asked Questions

Can I hold both PNIGX and GUSTX in my portfolio?

PNIGX and GUSTX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.