PRRIX vs. FXNAX

Last updated Jun 4, 2026

PRRIX (PIMCO Real Return Fund) and FXNAX (Fidelity U.S. Bond Index Fund) are both mutual funds - PRRIX is a Inflation-Protected Bonds fund managed by PIMCO, while FXNAX is a Total Bond Market fund managed by Fidelity. Over the past 10 years, PRRIX returned 2.87%/yr vs 1.51%/yr for FXNAX. A 0.77 correlation means they provide meaningful diversification when combined. PRRIX charges 0.45%/yr vs 0.03%/yr for FXNAX.

Performance

PRRIX vs. FXNAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Real Return Fund (PRRIX) and Fidelity U.S. Bond Index Fund (FXNAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRRIX achieves a 1.57% return, which is significantly higher than FXNAX's 0.40% return. Over the past 10 years, PRRIX has outperformed FXNAX with an annualized return of 2.87%, while FXNAX has yielded a comparatively lower 1.51% annualized return.

PRRIX

• 1D: 0.00%
• 1M: 0.44%
• YTD: 1.57%
• 6M: 1.24%
• 1Y: 6.06%
• 3Y*: 4.70%
• 5Y*: 1.11%
• 10Y*: 2.87%

FXNAX

• 1D: 0.00%
• 1M: 0.51%
• YTD: 0.40%
• 6M: 0.34%
• 1Y: 5.37%
• 3Y*: 4.02%
• 5Y*: 0.12%
• 10Y*: 1.51%

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

PRRIX vs. FXNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRRIX PIMCO Real Return Fund	1.57%	8.19%	2.60%	3.29%	-13.27%	5.70%	12.11%	8.53%	-1.96%	4.22%
FXNAX Fidelity U.S. Bond Index Fund	0.40%	7.14%	1.35%	5.82%	-13.55%	-2.10%	7.63%	8.50%	0.04%	3.50%

Correlation

The correlation between PRRIX and FXNAX 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	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since May 5, 2011	0.77

The correlation between PRRIX and FXNAX shifts across timeframes, from 0.77 (all time) to 0.89 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PRRIX vs. FXNAX — Risk / Return Rank

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

PRRIX

PRRIX Risk / Return Rank: 33
PRRIX Sharpe Ratio Rank: 29
PRRIX Sortino Ratio Rank: 33
PRRIX Omega Ratio Rank: 31
PRRIX Calmar Ratio Rank: 36
PRRIX Martin Ratio Rank: 36

FXNAX

FXNAX Risk / Return Rank: 23
FXNAX Sharpe Ratio Rank: 23
FXNAX Sortino Ratio Rank: 24
FXNAX Omega Ratio Rank: 22
FXNAX Calmar Ratio Rank: 24
FXNAX Martin Ratio Rank: 21

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.

PRRIX vs. FXNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Real Return Fund (PRRIX) and Fidelity U.S. Bond Index Fund (FXNAX). 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.

	PRRIX	FXNAX	Difference
Sharpe ratio Return per unit of total volatility	1.53	1.36	+0.16
Sortino ratio Return per unit of downside risk	2.39	2.06	+0.34
Omega ratio Gain probability vs. loss probability	1.29	1.24	+0.05
Calmar ratio Return relative to maximum drawdown	2.26	1.83	+0.43
Martin ratio Return relative to average drawdown	7.89	5.61	+2.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRRIX vs. FXNAX - Sharpe Ratio Comparison

The current PRRIX Sharpe Ratio is 1.53, which is comparable to the FXNAX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of PRRIX and FXNAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PRRIX	FXNAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	1.36	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.02	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.30	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.45	+0.41

Drawdowns

PRRIX vs. FXNAX - Drawdown Comparison

The maximum PRRIX drawdown since its inception was -19.25%, roughly equal to the maximum FXNAX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for PRRIX and FXNAX.

Drawdown Indicators

	PRRIX	FXNAX	Difference
Max Drawdown Largest peak-to-trough decline	-19.25%	-19.51%	+0.26%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-2.94%	+0.28%
Max Drawdown (3Y) Largest decline over 3 years	-4.51%	-6.16%	+1.65%
Max Drawdown (5Y) Largest decline over 5 years	-15.76%	-18.54%	+2.78%
Max Drawdown (10Y) Largest decline over 10 years	-15.76%	-19.51%	+3.75%
Current Drawdown Current decline from peak	-0.10%	-2.89%	+2.79%
Average Drawdown Average peak-to-trough decline	-3.17%	-3.87%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	0.96%	-0.20%

Volatility

PRRIX vs. FXNAX - Volatility Comparison

PIMCO Real Return Fund (PRRIX) has a higher volatility of 1.64% compared to Fidelity U.S. Bond Index Fund (FXNAX) at 1.41%. This indicates that PRRIX's price experiences larger fluctuations and is considered to be riskier than FXNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRRIX	FXNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	1.41%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	2.93%	2.82%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	3.95%	3.97%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.27%	6.07%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.64%	5.01%	+0.63%

PRRIX vs. FXNAX - Expense Ratio Comparison

PRRIX has a 0.45% expense ratio, which is higher than FXNAX's 0.03% expense ratio.

Dividends

PRRIX vs. FXNAX - Dividend Comparison

PRRIX's dividend yield for the trailing twelve months is around 4.14%, more than FXNAX's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXNAX Fidelity U.S. Bond Index Fund	3.71%	3.58%	3.40%	3.15%	1.81%	1.74%	2.92%	2.68%	2.74%	2.57%	2.76%	2.52%
PRRIX PIMCO Real Return Fund	4.14%	3.92%	3.17%	2.83%	7.38%	5.12%	2.62%	1.91%	2.70%	2.57%	1.10%	0.99%

Frequently Asked Questions

Can I hold both PRRIX and FXNAX in my portfolio?

PRRIX and FXNAX 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, PRRIX or FXNAX?

PRRIX has higher volatility (1.64%) compared to FXNAX (1.41%). In terms of maximum drawdown, PRRIX dropped -19.25% vs FXNAX's -19.51%.

Which has better risk-adjusted returns?

PRRIX currently has the higher Sharpe Ratio (1.53 vs 1.36), 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.