PRAIX vs. SWRSX

Last updated Jun 23, 2026

PRAIX (PIMCO Long-Term Real Return Fund) and SWRSX (Schwab Treasury Inflation Protected Securities Index Fund) are both Inflation-Protected Bonds funds. Over the past 10 years, PRAIX returned 1.06%/yr vs 2.51%/yr for SWRSX. Their correlation of 0.89 suggests significant overlap in exposure. PRAIX charges 0.50%/yr vs 0.05%/yr for SWRSX.

Performance

PRAIX vs. SWRSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Long-Term Real Return Fund (PRAIX) and Schwab Treasury Inflation Protected Securities Index Fund (SWRSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRAIX achieves a -0.03% return, which is significantly lower than SWRSX's 0.84% return. Over the past 10 years, PRAIX has underperformed SWRSX with an annualized return of 1.06%, while SWRSX has yielded a comparatively higher 2.51% annualized return.

PRAIX

• 1D: 0.36%
• 1M: 2.51%
• YTD: -0.03%
• 6M: 0.71%
• 1Y: 4.21%
• 3Y*: -0.66%
• 5Y*: -6.09%
• 10Y*: 1.06%

SWRSX

• 1D: -0.38%
• 1M: -0.10%
• YTD: 0.84%
• 6M: 0.94%
• 1Y: 3.57%
• 3Y*: 3.65%
• 5Y*: 0.94%
• 10Y*: 2.51%

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

PRAIX vs. SWRSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRAIX PIMCO Long-Term Real Return Fund	-0.03%	5.26%	-4.11%	0.14%	-33.83%	7.21%	27.16%	19.62%	-6.49%	8.84%
SWRSX Schwab Treasury Inflation Protected Securities Index Fund	0.84%	6.84%	1.95%	3.80%	-12.01%	5.83%	10.88%	8.38%	-1.32%	2.69%

Correlation

The correlation between PRAIX and SWRSX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 3, 2006	0.89

The correlation between PRAIX and SWRSX has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

PRAIX vs. SWRSX — Risk / Return Rank

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

PRAIX

PRAIX Risk / Return Rank: 6
PRAIX Sharpe Ratio Rank: 6
PRAIX Sortino Ratio Rank: 6
PRAIX Omega Ratio Rank: 6
PRAIX Calmar Ratio Rank: 7
PRAIX Martin Ratio Rank: 6

SWRSX

SWRSX Risk / Return Rank: 21
SWRSX Sharpe Ratio Rank: 18
SWRSX Sortino Ratio Rank: 18
SWRSX Omega Ratio Rank: 17
SWRSX Calmar Ratio Rank: 29
SWRSX Martin Ratio Rank: 25

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.

PRAIX vs. SWRSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Long-Term Real Return Fund (PRAIX) and Schwab Treasury Inflation Protected Securities Index Fund (SWRSX). 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.

	PRAIX	SWRSX	Difference
Sharpe ratio: Return per unit of total volatility	0.46	1.12	-0.66
Sortino ratio: Return per unit of downside risk	0.71	1.68	-0.97
Omega ratio: Gain probability vs. loss probability	1.08	1.20	-0.12
Calmar ratio: Return relative to maximum drawdown	0.57	1.88	-1.31
Martin ratio: Return relative to average drawdown	1.30	5.61	-4.31

PRAIX vs. SWRSX - Sharpe Ratio Comparison

The current PRAIX Sharpe Ratio is 0.46, which is lower than the SWRSX Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of PRAIX and SWRSX, 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

PRAIX vs. SWRSX - Drawdown Comparison

The maximum PRAIX drawdown since its inception was -43.52%, which is greater than SWRSX's maximum drawdown of -14.29%. Use the drawdown chart below to compare losses from any high point for PRAIX and SWRSX.

Drawdown Indicators

	PRAIX	SWRSX	Difference
Max Drawdown Largest peak-to-trough decline	-43.52%	-14.29%	-29.23%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-1.90%	-5.72%
Max Drawdown (3Y) Largest decline over 3 years	-16.65%	-4.46%	-12.19%
Max Drawdown (5Y) Largest decline over 5 years	-43.52%	-14.29%	-29.23%
Max Drawdown (10Y) Largest decline over 10 years	-43.52%	-14.29%	-29.23%
Current Drawdown Current decline from peak	-34.22%	-0.96%	-33.26%
Average Drawdown Average peak-to-trough decline	-10.30%	-3.72%	-6.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	0.64%	+2.68%

Volatility

PRAIX vs. SWRSX - Volatility Comparison

PIMCO Long-Term Real Return Fund (PRAIX) has a higher volatility of 2.66% compared to Schwab Treasury Inflation Protected Securities Index Fund (SWRSX) at 1.11%. This indicates that PRAIX's price experiences larger fluctuations and is considered to be riskier than SWRSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRAIX	SWRSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	1.11%	+1.55%
Volatility (6M) Calculated over the trailing 6-month period	6.95%	2.33%	+4.62%
Volatility (1Y) Calculated over the trailing 1-year period	9.46%	3.21%	+6.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.31%	6.02%	+10.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.97%	5.37%	+9.60%

PRAIX vs. SWRSX - Expense Ratio Comparison

PRAIX has a 0.50% expense ratio, which is higher than SWRSX's 0.05% expense ratio.

Dividends

PRAIX vs. SWRSX - Dividend Comparison

PRAIX's dividend yield for the trailing twelve months is around 5.73%, more than SWRSX's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRAIX PIMCO Long-Term Real Return Fund	5.73%	5.72%	4.64%	4.75%	12.40%	15.85%	37.88%	7.20%	3.06%	2.76%	1.54%	2.05%
SWRSX Schwab Treasury Inflation Protected Securities Index Fund	3.81%	4.20%	3.68%	3.11%	7.95%	4.45%	1.33%	2.20%	2.87%	1.75%	1.81%	1.06%

Frequently Asked Questions

Can I hold both PRAIX and SWRSX in my portfolio?

PRAIX and SWRSX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRAIX or SWRSX?

PRAIX has higher volatility (2.66%) compared to SWRSX (1.11%). In terms of maximum drawdown, PRAIX dropped -43.52% vs SWRSX's -14.29%.

Which has better risk-adjusted returns?

SWRSX currently has the higher Sharpe Ratio (1.12 vs 0.46), 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.