PWLIX vs. BGX

Last updated Jun 24, 2026

PWLIX (PIMCO RAE Worldwide Long/Short PLUS Fund) and BGX (Blackstone Long-Short Credit Income Fund) are both Long-Short funds. Over the past 10 years, PWLIX returned 4.41%/yr vs 6.44%/yr for BGX. At a 0.15 correlation, their price movements are largely independent. PWLIX charges 1.19%/yr vs 1.46%/yr for BGX.

Performance

PWLIX vs. BGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAE Worldwide Long/Short PLUS Fund (PWLIX) and Blackstone Long-Short Credit Income Fund (BGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWLIX achieves a -1.77% return, which is significantly higher than BGX's -3.88% return. Over the past 10 years, PWLIX has underperformed BGX with an annualized return of 4.41%, while BGX has yielded a comparatively higher 6.44% annualized return.

PWLIX

• 1D: -0.28%
• 1M: -3.73%
• YTD: -1.77%
• 6M: -3.48%
• 1Y: -0.63%
• 3Y*: 3.90%
• 5Y*: 4.27%
• 10Y*: 4.41%

BGX

• 1D: 0.11%
• 1M: 0.57%
• YTD: -3.88%
• 6M: -3.03%
• 1Y: -2.58%
• 3Y*: 9.13%
• 5Y*: 2.84%
• 10Y*: 6.44%

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

PWLIX vs. BGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PWLIX PIMCO RAE Worldwide Long/Short PLUS Fund	-1.77%	4.64%	4.65%	4.04%	4.33%	15.15%	-12.66%	9.60%	0.49%	11.80%
BGX Blackstone Long-Short Credit Income Fund	-3.88%	2.09%	19.83%	18.92%	-20.57%	17.54%	-5.67%	24.98%	-4.19%	7.28%

Correlation

The correlation between PWLIX and BGX is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Dec 8, 2014	0.15

The correlation between PWLIX and BGX shifts across timeframes, from -0.02 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PWLIX vs. BGX — Risk / Return Rank

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

PWLIX

PWLIX Risk / Return Rank: 3
PWLIX Sharpe Ratio Rank: 3
PWLIX Sortino Ratio Rank: 3
PWLIX Omega Ratio Rank: 3
PWLIX Calmar Ratio Rank: 3
PWLIX Martin Ratio Rank: 3

BGX

BGX Risk / Return Rank: 2
BGX Sharpe Ratio Rank: 2
BGX Sortino Ratio Rank: 1
BGX Omega Ratio Rank: 1
BGX Calmar Ratio Rank: 2
BGX Martin Ratio Rank: 2

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.

PWLIX vs. BGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAE Worldwide Long/Short PLUS Fund (PWLIX) and Blackstone Long-Short Credit Income Fund (BGX). 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.

	PWLIX	BGX	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	-0.33	+0.32
Sortino ratio: Return per unit of downside risk	0.05	-0.42	+0.47
Omega ratio: Gain probability vs. loss probability	1.01	0.95	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.01	-0.21	+0.20
Martin ratio: Return relative to average drawdown	-0.03	-0.42	+0.39

PWLIX vs. BGX - Sharpe Ratio Comparison

The current PWLIX Sharpe Ratio is -0.01, which is higher than the BGX Sharpe Ratio of -0.33. The chart below compares the historical Sharpe Ratios of PWLIX and BGX, 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

PWLIX vs. BGX - Drawdown Comparison

The maximum PWLIX drawdown since its inception was -26.92%, smaller than the maximum BGX drawdown of -47.40%. Use the drawdown chart below to compare losses from any high point for PWLIX and BGX.

Drawdown Indicators

	PWLIX	BGX	Difference
Max Drawdown Largest peak-to-trough decline	-26.92%	-47.40%	+20.48%
Max Drawdown (1Y) Largest decline over 1 year	-10.30%	-12.43%	+2.13%
Max Drawdown (3Y) Largest decline over 3 years	-11.74%	-14.08%	+2.34%
Max Drawdown (5Y) Largest decline over 5 years	-11.74%	-25.94%	+14.20%
Max Drawdown (10Y) Largest decline over 10 years	-26.92%	-47.40%	+20.48%
Current Drawdown Current decline from peak	-10.30%	-7.56%	-2.74%
Average Drawdown Average peak-to-trough decline	-4.20%	-6.99%	+2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	6.16%	-2.44%

Volatility

PWLIX vs. BGX - Volatility Comparison

PIMCO RAE Worldwide Long/Short PLUS Fund (PWLIX) has a higher volatility of 3.28% compared to Blackstone Long-Short Credit Income Fund (BGX) at 0.96%. This indicates that PWLIX's price experiences larger fluctuations and is considered to be riskier than BGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWLIX	BGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	0.96%	+2.32%
Volatility (6M) Calculated over the trailing 6-month period	7.02%	5.90%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	8.89%	7.94%	+0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.02%	11.77%	-2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.04%	17.53%	-8.49%

PWLIX vs. BGX - Expense Ratio Comparison

PWLIX has a 1.19% expense ratio, which is lower than BGX's 1.46% expense ratio.

Dividends

PWLIX vs. BGX - Dividend Comparison

PWLIX's dividend yield for the trailing twelve months is around 5.01%, less than BGX's 9.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGX Blackstone Long-Short Credit Income Fund	9.05%	8.87%	9.89%	11.71%	8.15%	7.01%	8.76%	9.35%	11.74%	7.12%	9.01%	8.72%
PWLIX PIMCO RAE Worldwide Long/Short PLUS Fund	5.01%	6.65%	4.75%	5.51%	14.75%	11.99%	7.31%	6.79%	0.39%	10.82%	4.16%	3.61%

Frequently Asked Questions

Can I hold both PWLIX and BGX in my portfolio?

PWLIX and BGX have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PWLIX or BGX?

PWLIX has higher volatility (3.28%) compared to BGX (0.96%). In terms of maximum drawdown, PWLIX dropped -26.92% vs BGX's -47.40%.

Which has better risk-adjusted returns?

PWLIX currently has the higher Sharpe Ratio (-0.01 vs -0.33), 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.