PRGMX vs. EVGOX
PRGMX (T. Rowe Price GNMA Fund) and EVGOX (Eaton Vance Government Opportunities Fund) are both Government Bonds funds. Over the past 10 years, PRGMX returned 1.32%/yr vs 1.61%/yr for EVGOX. A 0.66 correlation means they provide meaningful diversification when combined. PRGMX charges 0.58%/yr vs 1.05%/yr for EVGOX.
Performance
PRGMX vs. EVGOX - Performance Comparison
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Returns By Period
In the year-to-date period, PRGMX achieves a 1.18% return, which is significantly higher than EVGOX's 0.39% return. Over the past 10 years, PRGMX has underperformed EVGOX with an annualized return of 1.32%, while EVGOX has yielded a comparatively higher 1.61% annualized return.
PRGMX
- 1D
- 0.49%
- 1M
- 0.68%
- YTD
- 1.18%
- 6M
- 1.70%
- 1Y
- 6.81%
- 3Y*
- 4.88%
- 5Y*
- 0.76%
- 10Y*
- 1.32%
EVGOX
- 1D
- 0.57%
- 1M
- 0.85%
- YTD
- 0.39%
- 6M
- 0.85%
- 1Y
- 4.79%
- 3Y*
- 4.79%
- 5Y*
- 1.41%
- 10Y*
- 1.61%
PRGMX vs. EVGOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRGMX T. Rowe Price GNMA Fund | 1.18% | 8.72% | 1.86% | 5.62% | -11.45% | -2.18% | 4.21% | 5.18% | 0.58% | 1.23% |
EVGOX Eaton Vance Government Opportunities Fund | 0.39% | 10.50% | 0.07% | 4.56% | -6.57% | -1.20% | 4.59% | 2.43% | 0.72% | 1.30% |
Correlation
The correlation between PRGMX and EVGOX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1986 | 0.66 |
The correlation between PRGMX and EVGOX shifts across timeframes, from 0.64 (10 years) to 0.83 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRGMX vs. EVGOX — Risk / Return Rank
PRGMX
EVGOX
PRGMX vs. EVGOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price GNMA Fund (PRGMX) and Eaton Vance Government Opportunities Fund (EVGOX). 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.
| PRGMX | EVGOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.20 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 1.51 | +0.77 |
| Martin ratioReturn relative to average drawdown | 7.17 | 4.33 | +2.84 |
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Drawdowns
PRGMX vs. EVGOX - Drawdown Comparison
The maximum PRGMX drawdown since its inception was -18.22%, smaller than the maximum EVGOX drawdown of -23.97%. Use the drawdown chart below to compare losses from any high point for PRGMX and EVGOX.
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Drawdown Indicators
| PRGMX | EVGOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.22% | -23.97% | +5.75% |
Max Drawdown (1Y)Largest decline over 1 year | -3.00% | -3.32% | +0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -7.14% | -6.74% | -0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -17.28% | -11.06% | -6.22% |
Max Drawdown (10Y)Largest decline over 10 years | -18.22% | -11.44% | -6.78% |
Current DrawdownCurrent decline from peak | -1.00% | -1.57% | +0.57% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -3.42% | +1.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 1.15% | -0.20% |
Volatility
PRGMX vs. EVGOX - Volatility Comparison
The current volatility for T. Rowe Price GNMA Fund (PRGMX) is 1.43%, while Eaton Vance Government Opportunities Fund (EVGOX) has a volatility of 1.64%. This indicates that PRGMX experiences smaller price fluctuations and is considered to be less risky than EVGOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRGMX | EVGOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.43% | 1.64% | -0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 3.23% | 3.64% | -0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 4.71% | -0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.40% | 5.37% | +1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.78% | 4.06% | +0.72% |
PRGMX vs. EVGOX - Expense Ratio Comparison
PRGMX has a 0.58% expense ratio, which is lower than EVGOX's 1.05% expense ratio.
Dividends
PRGMX vs. EVGOX - Dividend Comparison
PRGMX's dividend yield for the trailing twelve months is around 4.98%, less than EVGOX's 5.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EVGOX Eaton Vance Government Opportunities Fund | 5.48% | 5.38% | 5.24% | 4.58% | 2.75% | 1.77% | 2.19% | 3.24% | 3.34% | 3.54% | 3.30% | 3.81% |
PRGMX T. Rowe Price GNMA Fund | 4.98% | 4.96% | 4.47% | 3.54% | 1.38% | 0.59% | 1.44% | 2.39% | 2.78% | 2.98% | 2.88% | 3.12% |
Frequently Asked Questions
PRGMX and EVGOX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EVGOX has higher volatility (1.64%) compared to PRGMX (1.43%). In terms of maximum drawdown, PRGMX dropped -18.22% vs EVGOX's -23.97%.
PRGMX currently has the higher Sharpe Ratio (1.64 vs 1.06), 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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