PNIGX vs. VTCLX

Last updated Aug 1, 2026

PNIGX (BlackRock U.S. Government Bond Portfolio) and VTCLX (Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares) are both mutual funds - PNIGX is a Government Bonds fund managed by BlackRock, while VTCLX is a Large Cap Blend Equities fund tracking the Russell 1000 Index. Their -0.18 correlation means they have often moved in opposite directions in the past. PNIGX charges 0.45%/yr vs 0.05%/yr for VTCLX.

Performance

PNIGX vs. VTCLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock U.S. Government Bond Portfolio (PNIGX) and Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PNIGX

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

VTCLX

• 1D: 1.63%
• 1M: -0.80%
• 6M: 7.72%
• YTD: 9.27%
• 1Y: 20.40%
• 3Y*: 18.54%
• 5Y*: 11.93%
• 10Y*: 14.86%
• ALL TIME*: 10.08%

*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)
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares	$0.00	$0.00	$0.00

PNIGX vs. VTCLX - 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%
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares	9.27%	17.44%	23.76%	26.62%	-19.07%	26.87%	21.08%	31.47%	-4.98%	22.40%

Correlation

The correlation between PNIGX and VTCLX is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.04
Correlation (3Y) Balances recent behavior with more history.	0.16
Correlation (5Y) Shows whether the relationship held over a longer period.	0.14
Correlation (10Y) Provides a long-term view across more market conditions.	-0.01
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001	-0.18

The correlation between PNIGX and VTCLX shifts across timeframes, from -0.18 (all time) to 0.16 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PNIGX vs. VTCLX — Risk / Return Rank

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

PNIGX

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

VTCLX

VTCLX Risk / Return Rank: 62
VTCLX Sharpe Ratio Rank: 59
VTCLX Sortino Ratio Rank: 56
VTCLX Omega Ratio Rank: 55
VTCLX Calmar Ratio Rank: 64
VTCLX Martin Ratio Rank: 77

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.

PNIGX vs. VTCLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock U.S. Government Bond Portfolio (PNIGX) and Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX). 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.

	PNIGX	VTCLX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.40	—
Sortino ratio: Return per unit of downside risk	—	1.97	—
Omega ratio: Gain probability vs. loss probability	—	1.25	—
Calmar ratio: Return relative to maximum drawdown	—	2.07	—
Martin ratio: Return relative to average drawdown	—	8.96	—

Drawdowns

Drawdown Indicators

	PNIGX	VTCLX	Difference
Max Drawdown Largest peak-to-trough decline	—	-55.18%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.79%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.56%	—
Current Drawdown Current decline from peak	—	-1.83%	—
Average Drawdown Average peak-to-trough decline	—	-7.53%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.02%	—

Volatility

Volatility by Period

	PNIGX	VTCLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.16%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	12.97%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.33%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	18.27%	—

PNIGX vs. VTCLX - Expense Ratio Comparison

PNIGX has a 0.45% expense ratio, which is higher than VTCLX's 0.05% expense ratio.

Dividends

PNIGX vs. VTCLX - Dividend Comparison

PNIGX's dividend yield for the trailing twelve months is around 0.33%, less than VTCLX's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PNIGX BlackRock U.S. Government Bond Portfolio	0.33%	2.57%	3.57%	2.90%	1.95%	1.39%	1.84%	2.56%	2.59%	2.32%	2.24%	2.57%
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares	0.91%	0.93%	1.04%	1.24%	1.47%	1.04%	1.32%	1.52%	1.83%	1.57%	1.76%	1.69%

Frequently Asked Questions

Can I hold both PNIGX and VTCLX in my portfolio?

PNIGX and VTCLX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.