PNIGX vs. PRGMX

Last updated Jun 5, 2026

PNIGX (BlackRock U.S. Government Bond Portfolio) and PRGMX (T. Rowe Price GNMA Fund) are both Government Bonds funds. A 0.80 correlation means they provide meaningful diversification when combined. PNIGX charges 0.45%/yr vs 0.58%/yr for PRGMX.

Performance

PNIGX vs. PRGMX - Performance Comparison

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

Returns By Period

PNIGX

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

PRGMX

• 1D: -0.24%
• 1M: 0.07%
• YTD: 0.69%
• 6M: 1.32%
• 1Y: 6.95%
• 3Y*: 4.75%
• 5Y*: 0.62%
• 10Y*: 1.28%

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

PNIGX vs. PRGMX - 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%
PRGMX T. Rowe Price GNMA Fund	0.69%	8.72%	1.86%	5.62%	-11.45%	-2.18%	4.21%	5.18%	0.58%	1.23%

Correlation

The correlation between PNIGX and PRGMX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Apr 21, 1992	0.80

Over the past year, the correlation between PNIGX and PRGMX has dropped to 0.57 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

PNIGX vs. PRGMX — Risk / Return Rank

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

PRGMX

PRGMX Risk / Return Rank: 43
PRGMX Sharpe Ratio Rank: 40
PRGMX Sortino Ratio Rank: 45
PRGMX Omega Ratio Rank: 42
PRGMX Calmar Ratio Rank: 46
PRGMX Martin Ratio Rank: 41

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. PRGMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock U.S. Government Bond Portfolio (PNIGX) and T. Rowe Price GNMA Fund (PRGMX). 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	PRGMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.82	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.10	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.93	—

Drawdowns

Drawdown Indicators

	PNIGX	PRGMX	Difference
Max Drawdown Largest peak-to-trough decline	—	-18.22%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-3.00%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-18.22%	—
Current Drawdown Current decline from peak	—	-1.49%	—
Average Drawdown Average peak-to-trough decline	—	-2.24%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.89%	—

Volatility

Volatility by Period

	PNIGX	PRGMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.66%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	4.20%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	6.38%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	4.77%	—

PNIGX vs. PRGMX - Expense Ratio Comparison

PNIGX has a 0.45% expense ratio, which is lower than PRGMX's 0.58% expense ratio.

Dividends

PNIGX vs. PRGMX - Dividend Comparison

PNIGX's dividend yield for the trailing twelve months is around 0.98%, less than PRGMX's 5.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PRGMX T. Rowe Price GNMA Fund	5.00%	4.96%	4.47%	3.54%	1.38%	0.59%	1.44%	2.39%	2.78%	2.98%	2.88%	3.12%

Frequently Asked Questions

Can I hold both PNIGX and PRGMX in my portfolio?

PNIGX and PRGMX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.