TSDOX vs. PAIPX

Last updated Jun 4, 2026

TSDOX (Touchstone Ultra Short Duration Fixed Income Fund) and PAIPX (PIMCO Short Asset Investment Fund) are both Ultrashort Bond funds. Over the past 10 years, TSDOX returned 2.65%/yr vs 2.51%/yr for PAIPX. At a 0.32 correlation, their price movements are largely independent. TSDOX charges 0.69%/yr vs 0.45%/yr for PAIPX.

Performance

TSDOX vs. PAIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Touchstone Ultra Short Duration Fixed Income Fund (TSDOX) and PIMCO Short Asset Investment Fund (PAIPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSDOX achieves a 1.59% return, which is significantly lower than PAIPX's 1.80% return. Over the past 10 years, TSDOX has outperformed PAIPX with an annualized return of 2.65%, while PAIPX has yielded a comparatively lower 2.51% annualized return.

TSDOX

• 1D: 0.00%
• 1M: 0.43%
• YTD: 1.59%
• 6M: 1.98%
• 1Y: 4.43%
• 3Y*: 5.76%
• 5Y*: 3.67%
• 10Y*: 2.65%

PAIPX

• 1D: 0.00%
• 1M: 0.41%
• YTD: 1.80%
• 6M: 2.25%
• 1Y: 4.65%
• 3Y*: 5.16%
• 5Y*: 3.36%
• 10Y*: 2.51%

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

TSDOX vs. PAIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TSDOX Touchstone Ultra Short Duration Fixed Income Fund	1.59%	4.73%	6.87%	5.75%	-0.37%	0.20%	1.25%	3.07%	1.63%	1.32%
PAIPX PIMCO Short Asset Investment Fund	1.80%	4.83%	5.93%	4.55%	-0.00%	-0.19%	1.12%	2.56%	1.90%	1.82%

Correlation

The correlation between TSDOX and PAIPX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jun 4, 2012	0.32

Over the past year, TSDOX and PAIPX have become more correlated (0.54) than their long-term average of 0.32, meaning their price movements have been converging.

Return for Risk

TSDOX vs. PAIPX — Risk / Return Rank

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

TSDOX

TSDOX Risk / Return Rank: 98
TSDOX Sharpe Ratio Rank: 92
TSDOX Sortino Ratio Rank: 99
TSDOX Omega Ratio Rank: 99
TSDOX Calmar Ratio Rank: 100
TSDOX Martin Ratio Rank: 99

PAIPX

PAIPX Risk / Return Rank: 100
PAIPX Sharpe Ratio Rank: 98
PAIPX Sortino Ratio Rank: 100
PAIPX Omega Ratio Rank: 100
PAIPX Calmar Ratio Rank: 100
PAIPX Martin Ratio Rank: 100

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.

TSDOX vs. PAIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Touchstone Ultra Short Duration Fixed Income Fund (TSDOX) and PIMCO Short Asset Investment Fund (PAIPX). 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.

	TSDOX	PAIPX	Difference
Sharpe ratio: Return per unit of total volatility	3.12	3.93	-0.82
Sortino ratio: Return per unit of downside risk	10.05	26.36	-16.30
Omega ratio: Gain probability vs. loss probability	3.87	16.16	-12.29
Calmar ratio: Return relative to maximum drawdown	20.54	46.81	-26.27
Martin ratio: Return relative to average drawdown	65.75	185.02	-119.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSDOX vs. PAIPX - Sharpe Ratio Comparison

The current TSDOX Sharpe Ratio is 3.12, which is comparable to the PAIPX Sharpe Ratio of 3.93. The chart below compares the historical Sharpe Ratios of TSDOX and PAIPX, 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

	TSDOX	PAIPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.12	3.93	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.70	2.02	+0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.01	1.87	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	1.76	1.75	+0.01

Drawdowns

TSDOX vs. PAIPX - Drawdown Comparison

The maximum TSDOX drawdown since its inception was -5.27%, which is greater than PAIPX's maximum drawdown of -3.49%. Use the drawdown chart below to compare losses from any high point for TSDOX and PAIPX.

Drawdown Indicators

	TSDOX	PAIPX	Difference
Max Drawdown Largest peak-to-trough decline	-5.27%	-3.49%	-1.78%
Max Drawdown (1Y) Largest decline over 1 year	-0.22%	-0.10%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-0.32%	-1.20%	+0.88%
Max Drawdown (5Y) Largest decline over 5 years	-1.50%	-1.64%	+0.14%
Max Drawdown (10Y) Largest decline over 10 years	-5.27%	-3.49%	-1.78%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.18%	-0.15%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.03%	+0.04%

Volatility

TSDOX vs. PAIPX - Volatility Comparison

Touchstone Ultra Short Duration Fixed Income Fund (TSDOX) has a higher volatility of 0.42% compared to PIMCO Short Asset Investment Fund (PAIPX) at 0.32%. This indicates that TSDOX's price experiences larger fluctuations and is considered to be riskier than PAIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSDOX	PAIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	0.32%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	1.01%	0.85%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	1.43%	1.19%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.36%	1.67%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	1.35%	-0.02%

TSDOX vs. PAIPX - Expense Ratio Comparison

TSDOX has a 0.69% expense ratio, which is higher than PAIPX's 0.45% expense ratio.

Dividends

TSDOX vs. PAIPX - Dividend Comparison

TSDOX's dividend yield for the trailing twelve months is around 4.33%, more than PAIPX's 3.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAIPX PIMCO Short Asset Investment Fund	3.93%	4.29%	5.04%	4.04%	1.21%	0.31%	1.00%	2.53%	2.28%	1.81%	1.21%	0.78%
TSDOX Touchstone Ultra Short Duration Fixed Income Fund	4.33%	4.51%	5.64%	4.11%	1.61%	0.86%	1.66%	2.48%	2.16%	1.64%	1.29%	1.27%

Frequently Asked Questions

Can I hold both TSDOX and PAIPX in my portfolio?

TSDOX and PAIPX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSDOX or PAIPX?

TSDOX has higher volatility (0.42%) compared to PAIPX (0.32%). In terms of maximum drawdown, TSDOX dropped -5.27% vs PAIPX's -3.49%.

Which has better risk-adjusted returns?

PAIPX currently has the higher Sharpe Ratio (3.93 vs 3.12), 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.