PNIIX vs. PCBIX
PNIIX (Principal Bond Market Index Fund) and PCBIX (Principal MidCap Fund Institutional Class) are both mutual funds - PNIIX is a Intermediate Core Bond fund managed by Principal, while PCBIX is a Mid Cap Growth Equities fund managed by Principal. Over the past 10 years, PNIIX returned 1.38%/yr vs 12.26%/yr for PCBIX. At a correlation of -0.09, they often move in opposite directions. PNIIX charges 0.15%/yr vs 0.67%/yr for PCBIX.
Performance
PNIIX vs. PCBIX - Performance Comparison
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Returns By Period
In the year-to-date period, PNIIX achieves a 0.35% return, which is significantly higher than PCBIX's -6.91% return. Over the past 10 years, PNIIX has underperformed PCBIX with an annualized return of 1.38%, while PCBIX has yielded a comparatively higher 12.26% annualized return.
PNIIX
- 1D
- -0.23%
- 1M
- 0.59%
- YTD
- 0.35%
- 6M
- 0.35%
- 1Y
- 4.13%
- 3Y*
- 3.77%
- 5Y*
- -0.07%
- 10Y*
- 1.38%
PCBIX
- 1D
- -1.02%
- 1M
- 2.71%
- YTD
- -6.91%
- 6M
- -8.20%
- 1Y
- -8.90%
- 3Y*
- 9.65%
- 5Y*
- 4.75%
- 10Y*
- 12.26%
PNIIX vs. PCBIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PNIIX Principal Bond Market Index Fund | 0.35% | 7.01% | 1.17% | 5.55% | -13.26% | -1.68% | 7.28% | 8.47% | -0.20% | 3.31% |
PCBIX Principal MidCap Fund Institutional Class | -6.91% | 1.62% | 23.63% | 25.92% | -23.16% | 25.22% | 18.25% | 49.40% | -6.86% | 25.32% |
Correlation
The correlation between PNIIX and PCBIX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 2009 | -0.09 |
The correlation between PNIIX and PCBIX shifts across timeframes, from -0.09 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PNIIX vs. PCBIX — Risk / Return Rank
PNIIX
PCBIX
PNIIX vs. PCBIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal Bond Market Index Fund (PNIIX) and Principal MidCap Fund Institutional Class (PCBIX). 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.
| PNIIX | PCBIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.68 | ||
| Sortino ratioReturn per unit of downside risk | +2.41 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.93 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | -0.41 | +1.99 |
| Martin ratioReturn relative to average drawdown | 4.56 | -0.85 | +5.42 |
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Drawdowns
PNIIX vs. PCBIX - Drawdown Comparison
The maximum PNIIX drawdown since its inception was -18.76%, smaller than the maximum PCBIX drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for PNIIX and PCBIX.
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Drawdown Indicators
| PNIIX | PCBIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.76% | -50.25% | +31.49% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -19.29% | +16.53% |
Max Drawdown (3Y)Largest decline over 3 years | -6.25% | -19.29% | +13.04% |
Max Drawdown (5Y)Largest decline over 5 years | -18.14% | -31.17% | +13.03% |
Max Drawdown (10Y)Largest decline over 10 years | -18.76% | -40.56% | +21.80% |
Current DrawdownCurrent decline from peak | -2.76% | -13.00% | +10.24% |
Average DrawdownAverage peak-to-trough decline | -3.44% | -6.57% | +3.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 9.16% | -8.20% |
Volatility
PNIIX vs. PCBIX - Volatility Comparison
The current volatility for Principal Bond Market Index Fund (PNIIX) is 1.15%, while Principal MidCap Fund Institutional Class (PCBIX) has a volatility of 4.40%. This indicates that PNIIX experiences smaller price fluctuations and is considered to be less risky than PCBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PNIIX | PCBIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 4.40% | -3.25% |
Volatility (6M)Calculated over the trailing 6-month period | 2.82% | 11.64% | -8.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.83% | 14.67% | -10.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.32% | 18.69% | -12.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.09% | 19.18% | -14.09% |
PNIIX vs. PCBIX - Expense Ratio Comparison
PNIIX has a 0.15% expense ratio, which is lower than PCBIX's 0.67% expense ratio.
Dividends
PNIIX vs. PCBIX - Dividend Comparison
PNIIX's dividend yield for the trailing twelve months is around 4.00%, less than PCBIX's 6.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCBIX Principal MidCap Fund Institutional Class | 6.25% | 5.81% | 6.40% | 2.51% | 3.18% | 7.96% | 1.08% | 9.02% | 12.24% | 3.31% | 2.49% | 6.30% |
PNIIX Principal Bond Market Index Fund | 4.00% | 4.01% | 3.60% | 4.18% | 1.66% | 2.03% | 18.60% | 2.40% | 2.51% | 2.35% | 1.78% | 2.10% |
Frequently Asked Questions
PNIIX and PCBIX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCBIX has higher volatility (4.40%) compared to PNIIX (1.15%). In terms of maximum drawdown, PNIIX dropped -18.76% vs PCBIX's -50.25%.
PNIIX currently has the higher Sharpe Ratio (1.15 vs -0.53), 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.
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