SIDCX vs. PAI

Last updated Jul 17, 2026

SIDCX (SEI Institutional Investments Trust Intermediate Duration Credit Fund) and PAI (Western Asset Investment Grade Income Fund Inc.) are both Corporate Bonds funds. Over the past 10 years, SIDCX returned 2.03%/yr vs 2.97%/yr for PAI. At a 0.28 correlation, their price movements are largely independent.

Performance

SIDCX vs. PAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Investments Trust Intermediate Duration Credit Fund (SIDCX) and Western Asset Investment Grade Income Fund Inc. (PAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SIDCX achieves a -0.04% return, which is significantly higher than PAI's -1.19% return. Over the past 10 years, SIDCX has underperformed PAI with an annualized return of 2.03%, while PAI has yielded a comparatively higher 2.97% annualized return.

SIDCX

• 1D: 0.23%
• 1M: -0.74%
• 6M: -0.26%
• YTD: -0.04%
• 1Y: 4.18%
• 3Y*: 4.25%
• 5Y*: -0.48%
• 10Y*: 2.03%

PAI

• 1D: 0.08%
• 1M: -0.19%
• 6M: -1.82%
• YTD: -1.19%
• 1Y: -0.10%
• 3Y*: 6.13%
• 5Y*: -0.46%
• 10Y*: 2.97%

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

SIDCX vs. PAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SIDCX SEI Institutional Investments Trust Intermediate Duration Credit Fund	-0.04%	7.40%	1.92%	6.58%	-15.78%	-1.66%	10.68%	12.43%	-1.61%	5.66%
PAI Western Asset Investment Grade Income Fund Inc.	-1.19%	5.34%	9.17%	9.09%	-22.50%	1.89%	6.71%	23.16%	-12.35%	15.76%

Correlation

The correlation between SIDCX and PAI is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Apr 1, 2015	0.28

The correlation between SIDCX and PAI shifts across timeframes, from 0.28 (all time) to 0.48 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SIDCX vs. PAI — Risk / Return Rank

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

SIDCX

SIDCX Risk / Return Rank: 21
SIDCX Sharpe Ratio Rank: 21
SIDCX Sortino Ratio Rank: 21
SIDCX Omega Ratio Rank: 19
SIDCX Calmar Ratio Rank: 22
SIDCX Martin Ratio Rank: 21

PAI

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

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.

SIDCX vs. PAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Investments Trust Intermediate Duration Credit Fund (SIDCX) and Western Asset Investment Grade Income Fund Inc. (PAI). 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.

	SIDCX	PAI	Difference
Sharpe ratio: Return per unit of total volatility	1.06	-0.01	+1.07
Sortino ratio: Return per unit of downside risk	1.56	0.03	+1.53
Omega ratio: Gain probability vs. loss probability	1.19	1.00	+0.18
Calmar ratio: Return relative to maximum drawdown	1.44	-0.01	+1.45
Martin ratio: Return relative to average drawdown	4.23	-0.03	+4.26

SIDCX vs. PAI - Sharpe Ratio Comparison

The current SIDCX Sharpe Ratio is 1.06, which is higher than the PAI Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of SIDCX and PAI, 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

SIDCX vs. PAI - Drawdown Comparison

The maximum SIDCX drawdown since its inception was -21.47%, smaller than the maximum PAI drawdown of -39.03%. Use the drawdown chart below to compare losses from any high point for SIDCX and PAI.

Drawdown Indicators

	SIDCX	PAI	Difference
Max Drawdown Largest peak-to-trough decline	-21.47%	-39.03%	+17.56%
Max Drawdown (1Y) Largest decline over 1 year	-3.10%	-7.79%	+4.69%
Max Drawdown (3Y) Largest decline over 3 years	-6.38%	-8.87%	+2.49%
Max Drawdown (5Y) Largest decline over 5 years	-21.39%	-33.71%	+12.32%
Max Drawdown (10Y) Largest decline over 10 years	-21.47%	-33.71%	+12.24%
Current Drawdown Current decline from peak	-3.41%	-11.29%	+7.88%
Average Drawdown Average peak-to-trough decline	-5.19%	-7.14%	+1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	3.57%	-2.52%

Volatility

SIDCX vs. PAI - Volatility Comparison

The current volatility for SEI Institutional Investments Trust Intermediate Duration Credit Fund (SIDCX) is 1.11%, while Western Asset Investment Grade Income Fund Inc. (PAI) has a volatility of 1.46%. This indicates that SIDCX experiences smaller price fluctuations and is considered to be less risky than PAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIDCX	PAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	1.46%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	3.34%	5.52%	-2.18%
Volatility (1Y) Calculated over the trailing 1-year period	4.21%	7.41%	-3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.42%	11.95%	-5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.70%	15.41%	-9.71%

Dividends

SIDCX vs. PAI - Dividend Comparison

SIDCX's dividend yield for the trailing twelve months is around 4.76%, less than PAI's 5.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAI Western Asset Investment Grade Income Fund Inc.	5.22%	5.45%	4.83%	4.67%	4.82%	3.57%	3.82%	4.43%	5.23%	4.36%	4.82%	5.30%
SIDCX SEI Institutional Investments Trust Intermediate Duration Credit Fund	4.76%	4.61%	4.20%	2.99%	2.36%	3.57%	4.93%	3.07%	3.16%	2.77%	2.75%	1.89%

Frequently Asked Questions

Can I hold both SIDCX and PAI in my portfolio?

SIDCX and PAI have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIDCX or PAI?

PAI has higher volatility (1.46%) compared to SIDCX (1.11%). In terms of maximum drawdown, SIDCX dropped -21.47% vs PAI's -39.03%.

Which has better risk-adjusted returns?

SIDCX currently has the higher Sharpe Ratio (1.06 vs -0.01), 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.