PNIIX vs. RIBIX

Last updated Jul 14, 2026

PNIIX (Principal Bond Market Index Fund) and RIBIX (RBC Impact Bond Fund) are both Intermediate Core Bond funds. Over the past 5 years, PNIIX returned -0.26%/yr vs -1.32%/yr for RIBIX. Their correlation of 0.91 suggests significant overlap in exposure. PNIIX charges 0.15%/yr vs 0.73%/yr for RIBIX.

Performance

PNIIX vs. RIBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Bond Market Index Fund (PNIIX) and RBC Impact Bond Fund (RIBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PNIIX achieves a 0.12% return, which is significantly higher than RIBIX's -2.50% return.

PNIIX

• 1D: -0.12%
• 1M: -0.35%
• 6M: -0.12%
• YTD: 0.12%
• 1Y: 3.88%
• 3Y*: 4.09%
• 5Y*: -0.26%
• 10Y*: 1.27%

RIBIX

• 1D: -0.24%
• 1M: -0.86%
• 6M: -2.39%
• YTD: -2.50%
• 1Y: 0.30%
• 3Y*: 2.74%
• 5Y*: -1.32%
• 10Y*: —

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

PNIIX vs. RIBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNIIX Principal Bond Market Index Fund	0.12%	7.01%	1.17%	5.55%	-13.26%	-1.68%	7.28%	8.47%	-0.20%	0.09%
RIBIX RBC Impact Bond Fund	-2.50%	5.95%	1.11%	5.50%	-14.47%	-1.86%	7.98%	7.53%	-0.60%	0.00%

Correlation

The correlation between PNIIX and RIBIX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Dec 29, 2017	0.91

The correlation between PNIIX and RIBIX has been stable across timeframes, ranging from 0.84 to 0.93 - a consistent structural relationship.

Return for Risk

PNIIX vs. RIBIX — Risk / Return Rank

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

PNIIX

PNIIX Risk / Return Rank: 20
PNIIX Sharpe Ratio Rank: 19
PNIIX Sortino Ratio Rank: 20
PNIIX Omega Ratio Rank: 18
PNIIX Calmar Ratio Rank: 22
PNIIX Martin Ratio Rank: 19

RIBIX

RIBIX Risk / Return Rank: 3
RIBIX Sharpe Ratio Rank: 3
RIBIX Sortino Ratio Rank: 3
RIBIX Omega Ratio Rank: 3
RIBIX Calmar Ratio Rank: 3
RIBIX Martin Ratio Rank: 3

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.

PNIIX vs. RIBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Bond Market Index Fund (PNIIX) and RBC Impact Bond Fund (RIBIX). 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	RIBIX	Difference
Sharpe ratio: Return per unit of total volatility	0.92	-0.01	+0.93
Sortino ratio: Return per unit of downside risk	1.38	0.01	+1.37
Omega ratio: Gain probability vs. loss probability	1.16	1.00	+0.16
Calmar ratio: Return relative to maximum drawdown	1.28	-0.02	+1.30
Martin ratio: Return relative to average drawdown	3.56	-0.04	+3.60

PNIIX vs. RIBIX - Sharpe Ratio Comparison

The current PNIIX Sharpe Ratio is 0.92, which is higher than the RIBIX Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of PNIIX and RIBIX, 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

PNIIX vs. RIBIX - Drawdown Comparison

The maximum PNIIX drawdown since its inception was -18.76%, roughly equal to the maximum RIBIX drawdown of -19.37%. Use the drawdown chart below to compare losses from any high point for PNIIX and RIBIX.

Drawdown Indicators

	PNIIX	RIBIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.76%	-19.37%	+0.61%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-3.29%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-6.25%	-6.20%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-18.14%	-18.98%	+0.84%
Max Drawdown (10Y) Largest decline over 10 years	-18.76%	—	—
Current Drawdown Current decline from peak	-2.99%	-7.78%	+4.79%
Average Drawdown Average peak-to-trough decline	-3.44%	-6.44%	+3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	1.35%	-0.36%

Volatility

PNIIX vs. RIBIX - Volatility Comparison

Principal Bond Market Index Fund (PNIIX) has a higher volatility of 1.29% compared to RBC Impact Bond Fund (RIBIX) at 1.06%. This indicates that PNIIX's price experiences larger fluctuations and is considered to be riskier than RIBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNIIX	RIBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	1.06%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	2.92%	3.05%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.83%	4.17%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.32%	5.97%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.09%	5.17%	-0.08%

PNIIX vs. RIBIX - Expense Ratio Comparison

PNIIX has a 0.15% expense ratio, which is lower than RIBIX's 0.73% expense ratio.

Dividends

PNIIX vs. RIBIX - Dividend Comparison

PNIIX's dividend yield for the trailing twelve months is around 4.01%, more than RIBIX's 3.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PNIIX Principal Bond Market Index Fund	4.01%	4.01%	3.60%	4.18%	1.66%	2.03%	18.60%	2.40%	2.51%	2.35%	1.78%	2.10%
RIBIX RBC Impact Bond Fund	3.73%	4.02%	3.35%	2.50%	2.10%	1.94%	3.28%	3.91%	2.44%	0.05%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PNIIX and RIBIX in my portfolio?

PNIIX and RIBIX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PNIIX or RIBIX?

PNIIX has higher volatility (1.29%) compared to RIBIX (1.06%). In terms of maximum drawdown, PNIIX dropped -18.76% vs RIBIX's -19.37%.

Which has better risk-adjusted returns?

PNIIX currently has the higher Sharpe Ratio (0.92 vs -0.01), 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.