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PSAIX vs. DOXLX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PSAIX vs. DOXLX

Last updated Jun 23, 2026

PSAIX (PIMCO Global Advantage Strategy Bond Fund) and DOXLX (Dodge & Cox Global Bond Fund) are both Global Bonds funds. Over the past 3 years, PSAIX returned 6.10%/yr vs 6.66%/yr for DOXLX. Their correlation of 0.80 suggests significant overlap in exposure. PSAIX charges 0.65%/yr vs 0.37%/yr for DOXLX.

Performance

PSAIX vs. DOXLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Global Advantage Strategy Bond Fund (PSAIX) and Dodge & Cox Global Bond Fund (DOXLX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PSAIX achieves a 0.71% return, which is significantly lower than DOXLX's 1.25% return.

PSAIX

1D
0.00%
1M
1.35%
YTD
0.71%
6M
1.50%
1Y
5.90%
3Y*
6.10%
5Y*
2.04%
10Y*
3.52%

DOXLX

1D
-0.09%
1M
0.98%
YTD
1.25%
6M
1.61%
1Y
6.29%
3Y*
6.66%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PSAIX vs. DOXLX - Yearly Performance Comparison

2026 (YTD)2025202420232022
PSAIX
PIMCO Global Advantage Strategy Bond Fund		0.71%8.87%3.21%7.91%-3.41%
DOXLX
Dodge & Cox Global Bond Fund		1.25%11.60%0.63%12.48%0.43%

Correlation

The correlation between PSAIX and DOXLX 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

0.82

Correlation (All Time)
Calculated using the full available price history since May 3, 2022

0.80

The correlation between PSAIX and DOXLX has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

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PIMCO Global Advantage Strategy Bond Fund

Dodge & Cox Global Bond Fund

Often compared with PSAIX:
PSAIX vs. ZMMK.TOPSAIX vs. PTTRXPSAIX vs. DFSHXPSAIX vs. DGFFXPSAIX vs. FBIIXPSAIX vs. PYGSXPSAIX vs. UDBPX
Often compared with DOXLX:
DOXLX vs. DODFXDOXLX vs. DODLXDOXLX vs. DODIXDOXLX vs. DODGXDOXLX vs. DOXFXDOXLX vs. DOXIXDOXLX vs. DODBX

Return for Risk

PSAIX vs. DOXLX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PSAIX
PSAIX Risk / Return Rank: 2323
Overall Rank
PSAIX Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
PSAIX Sortino Ratio Rank: 2525
Sortino Ratio Rank
PSAIX Omega Ratio Rank: 3131
Omega Ratio Rank
PSAIX Calmar Ratio Rank: 1515
Calmar Ratio Rank
PSAIX Martin Ratio Rank: 1616
Martin Ratio Rank
DOXLX
DOXLX Risk / Return Rank: 2828
Overall Rank
DOXLX Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
DOXLX Sortino Ratio Rank: 3030
Sortino Ratio Rank
DOXLX Omega Ratio Rank: 3030
Omega Ratio Rank
DOXLX Calmar Ratio Rank: 2525
Calmar Ratio Rank
DOXLX Martin Ratio Rank: 2323
Martin Ratio Rank
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.

PSAIX vs. DOXLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Global Advantage Strategy Bond Fund (PSAIX) and Dodge & Cox Global Bond Fund (DOXLX). 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.

PSAIXDOXLXDifference
Sharpe ratioReturn per unit of total volatility
1.35
1.45

-0.10

Sortino ratioReturn per unit of downside risk
1.94
2.13

-0.19

Omega ratioGain probability vs. loss probability

1.27

1.27

+0.01

Calmar ratioReturn relative to maximum drawdown

1.27

1.73

-0.46

Martin ratioReturn relative to average drawdown

4.09

5.27

-1.18

PSAIX vs. DOXLX - Sharpe Ratio Comparison

The current PSAIX Sharpe Ratio is 1.35, which is comparable to the DOXLX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of PSAIX and DOXLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PSAIX vs. DOXLX - Drawdown Comparison

The maximum PSAIX drawdown since its inception was -15.35%, which is greater than DOXLX's maximum drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for PSAIX and DOXLX.

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Drawdown Indicators

PSAIXDOXLXDifference

Max Drawdown

Largest peak-to-trough decline

-15.35%

-8.14%

-7.21%

Max Drawdown (1Y)

Largest decline over 1 year

-4.61%

-3.65%

-0.96%

Max Drawdown (3Y)

Largest decline over 3 years

-4.61%

-6.12%

+1.51%

Max Drawdown (5Y)

Largest decline over 5 years

-15.35%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-15.35%

—

—

Current Drawdown

Current decline from peak

-1.40%

-1.47%

+0.07%

Average Drawdown

Average peak-to-trough decline

-3.31%

-1.63%

-1.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.42%

1.20%

+0.22%

Volatility

PSAIX vs. DOXLX - Volatility Comparison

The current volatility for PIMCO Global Advantage Strategy Bond Fund (PSAIX) is 1.37%, while Dodge & Cox Global Bond Fund (DOXLX) has a volatility of 1.49%. This indicates that PSAIX experiences smaller price fluctuations and is considered to be less risky than DOXLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PSAIXDOXLXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.37%

1.49%

-0.12%

Volatility (6M)

Calculated over the trailing 6-month period

3.84%

3.47%

+0.37%

Volatility (1Y)

Calculated over the trailing 1-year period

4.32%

4.36%

-0.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.99%

5.47%

-1.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.67%

5.47%

-1.80%

PSAIX vs. DOXLX - Expense Ratio Comparison

PSAIX has a 0.65% expense ratio, which is higher than DOXLX's 0.37% expense ratio.

Dividends

PSAIX vs. DOXLX - Dividend Comparison

PSAIX's dividend yield for the trailing twelve months is around 4.27%, more than DOXLX's 4.11% yield.

PositionTTM20252024202320222021202020192018201720162015
DOXLX
Dodge & Cox Global Bond Fund		4.11%4.14%4.81%3.36%4.58%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
PSAIX
PIMCO Global Advantage Strategy Bond Fund		4.27%4.22%3.66%3.14%4.10%4.61%2.20%2.79%2.43%1.83%2.03%2.52%

Frequently Asked Questions

PSAIX and DOXLX 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.

DOXLX has higher volatility (1.49%) compared to PSAIX (1.37%). In terms of maximum drawdown, PSAIX dropped -15.35% vs DOXLX's -8.14%.

DOXLX currently has the higher Sharpe Ratio (1.45 vs 1.35), 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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