PNIIX vs. VBMPX
PNIIX (Principal Bond Market Index Fund) and VBMPX (Vanguard Total Bond Market Index Fund Institutional Plus Shares) are both mutual funds - PNIIX is a Intermediate Core Bond fund managed by Principal, while VBMPX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, PNIIX returned 1.21%/yr vs 1.30%/yr for VBMPX. Their correlation of 0.92 means they have usually moved in the same direction. PNIIX charges 0.15%/yr vs 0.02%/yr for VBMPX.
Performance
PNIIX vs. VBMPX - 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 VBMPX's -0.69% return. Over the past 10 years, PNIIX has underperformed VBMPX with an annualized return of 1.21%, while VBMPX has yielded a comparatively higher 1.30% annualized return.
PNIIX
- 1D
- 0.00%
- 1M
- -0.93%
- 6M
- -0.58%
- YTD
- -0.35%
- 1Y
- 1.96%
- 3Y*
- 3.65%
- 5Y*
- -0.49%
- 10Y*
- 1.21%
- ALL TIME*
- 2.34%
VBMPX
- 1D
- 0.00%
- 1M
- -1.25%
- 6M
- -0.93%
- YTD
- -0.69%
- 1Y
- 1.68%
- 3Y*
- 3.70%
- 5Y*
- -0.43%
- 10Y*
- 1.30%
- ALL TIME*
- 2.23%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PNIIX vs. VBMPX - 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% |
VBMPX Vanguard Total Bond Market Index Fund Institutional Plus Shares | -0.69% | 7.18% | 1.27% | 5.75% | -13.14% | -1.95% | 7.75% | 8.74% | -0.24% | 3.58% |
Correlation
The correlation between PNIIX and VBMPX is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.93 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2010 | 0.92 |
The correlation between PNIIX and VBMPX has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.
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Return for Risk
PNIIX vs. VBMPX — Risk / Return Rank
PNIIX
VBMPX
PNIIX vs. VBMPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal Bond Market Index Fund (PNIIX) and Vanguard Total Bond Market Index Fund Institutional Plus Shares (VBMPX). 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 | VBMPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.13 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | 1.00 | +0.06 |
| Martin ratioReturn relative to average drawdown | 2.67 | 2.50 | +0.17 |
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Drawdowns
PNIIX vs. VBMPX - Drawdown Comparison
The maximum PNIIX drawdown since its inception was -18.76%, roughly equal to the maximum VBMPX drawdown of -18.90%. Use the drawdown chart below to compare losses from any high point for PNIIX and VBMPX.
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Drawdown Indicators
| PNIIX | VBMPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.76% | -18.90% | +0.14% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -2.89% | +0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -5.04% | -4.86% | -0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -18.14% | -18.12% | -0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -18.76% | -18.90% | +0.14% |
Current DrawdownCurrent decline from peak | -3.44% | -3.33% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -3.44% | -3.52% | +0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 1.15% | -0.05% |
Volatility
PNIIX vs. VBMPX - Volatility Comparison
Principal Bond Market Index Fund (PNIIX) and Vanguard Total Bond Market Index Fund Institutional Plus Shares (VBMPX) have volatilities of 1.00% and 0.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PNIIX | VBMPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 0.96% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.95% | 2.97% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.82% | 3.83% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.32% | 6.02% | +0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.09% | 4.98% | +0.11% |
PNIIX vs. VBMPX - Expense Ratio Comparison
PNIIX has a 0.15% expense ratio, which is higher than VBMPX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PNIIX vs. VBMPX - Dividend Comparison
PNIIX's dividend yield for the trailing twelve months is around 4.03%, more than VBMPX's 3.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PNIIX Principal Bond Market Index Fund | 4.03% | 4.01% | 3.60% | 4.18% | 1.66% | 2.03% | 18.60% | 2.40% | 2.51% | 2.35% | 1.78% | 2.10% |
VBMPX Vanguard Total Bond Market Index Fund Institutional Plus Shares | 3.73% | 3.88% | 3.69% | 3.11% | 2.61% | 1.81% | 2.41% | 2.75% | 2.58% | 2.58% | 2.55% | 2.85% |
Frequently Asked Questions
PNIIX and VBMPX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PNIIX has higher volatility (1.00%) compared to VBMPX (0.96%). In terms of maximum drawdown, PNIIX dropped -18.76% vs VBMPX's -18.90%.
PNIIX currently has the higher Sharpe Ratio (0.77 vs 0.76), 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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