USGNX vs. PDMIX

Last updated Jun 4, 2026

USGNX (USAA Government Securities Fund) and PDMIX (PIMCO GNMA and Government Securities Fund) are both Government Bonds funds. Over the past 10 years, USGNX returned 1.57%/yr vs 1.56%/yr for PDMIX. Their correlation of 0.84 suggests significant overlap in exposure. USGNX charges 0.53%/yr vs 0.50%/yr for PDMIX.

Performance

USGNX vs. PDMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Government Securities Fund (USGNX) and PIMCO GNMA and Government Securities Fund (PDMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USGNX achieves a 0.34% return, which is significantly lower than PDMIX's 1.23% return. Both investments have delivered pretty close results over the past 10 years, with USGNX having a 1.57% annualized return and PDMIX not far behind at 1.56%.

USGNX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 0.34%
• 6M: 0.44%
• 1Y: 5.05%
• 3Y*: 3.85%
• 5Y*: 0.80%
• 10Y*: 1.57%

PDMIX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.23%
• 6M: 1.21%
• 1Y: 7.10%
• 3Y*: 4.86%
• 5Y*: 0.32%
• 10Y*: 1.56%

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

USGNX vs. PDMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USGNX USAA Government Securities Fund	0.34%	7.20%	1.94%	4.13%	-8.13%	-1.05%	5.48%	5.60%	1.05%	1.35%
PDMIX PIMCO GNMA and Government Securities Fund	1.23%	8.43%	1.59%	6.03%	-13.96%	-0.65%	5.78%	6.57%	0.83%	2.06%

Correlation

The correlation between USGNX and PDMIX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Aug 1, 1997	0.84

The correlation between USGNX and PDMIX shifts across timeframes, from 0.84 (all time) to 0.94 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

USGNX vs. PDMIX — Risk / Return Rank

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

USGNX

USGNX Risk / Return Rank: 25
USGNX Sharpe Ratio Rank: 25
USGNX Sortino Ratio Rank: 27
USGNX Omega Ratio Rank: 25
USGNX Calmar Ratio Rank: 25
USGNX Martin Ratio Rank: 24

PDMIX

PDMIX Risk / Return Rank: 33
PDMIX Sharpe Ratio Rank: 31
PDMIX Sortino Ratio Rank: 34
PDMIX Omega Ratio Rank: 33
PDMIX Calmar Ratio Rank: 34
PDMIX Martin Ratio Rank: 33

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.

USGNX vs. PDMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Government Securities Fund (USGNX) and PIMCO GNMA and Government Securities Fund (PDMIX). 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.

	USGNX	PDMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.61	-0.16
Sortino ratio: Return per unit of downside risk	2.19	2.43	-0.24
Omega ratio: Gain probability vs. loss probability	1.26	1.30	-0.04
Calmar ratio: Return relative to maximum drawdown	1.84	2.21	-0.37
Martin ratio: Return relative to average drawdown	5.95	7.55	-1.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USGNX vs. PDMIX - Sharpe Ratio Comparison

The current USGNX Sharpe Ratio is 1.44, which is comparable to the PDMIX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of USGNX and PDMIX, 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

	USGNX	PDMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	1.61	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.05	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.31	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	1.03	+0.09

Drawdowns

USGNX vs. PDMIX - Drawdown Comparison

The maximum USGNX drawdown since its inception was -12.03%, smaller than the maximum PDMIX drawdown of -18.64%. Use the drawdown chart below to compare losses from any high point for USGNX and PDMIX.

Drawdown Indicators

	USGNX	PDMIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.03%	-18.64%	+6.61%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-3.24%	+0.56%
Max Drawdown (3Y) Largest decline over 3 years	-5.11%	-7.13%	+2.02%
Max Drawdown (5Y) Largest decline over 5 years	-12.03%	-18.59%	+6.56%
Max Drawdown (10Y) Largest decline over 10 years	-12.03%	-18.64%	+6.61%
Current Drawdown Current decline from peak	-1.37%	-1.34%	-0.03%
Average Drawdown Average peak-to-trough decline	-1.36%	-1.75%	+0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.94%	-0.11%

Volatility

USGNX vs. PDMIX - Volatility Comparison

The current volatility for USAA Government Securities Fund (USGNX) is 1.31%, while PIMCO GNMA and Government Securities Fund (PDMIX) has a volatility of 1.76%. This indicates that USGNX experiences smaller price fluctuations and is considered to be less risky than PDMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USGNX	PDMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	1.76%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	2.48%	3.27%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	3.44%	4.46%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.82%	6.66%	-1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	5.06%	-1.26%

USGNX vs. PDMIX - Expense Ratio Comparison

USGNX has a 0.53% expense ratio, which is higher than PDMIX's 0.50% expense ratio.

Dividends

USGNX vs. PDMIX - Dividend Comparison

USGNX's dividend yield for the trailing twelve months is around 3.82%, less than PDMIX's 4.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PDMIX PIMCO GNMA and Government Securities Fund	4.30%	4.29%	4.66%	3.76%	3.84%	2.03%	2.40%	3.41%	3.10%	2.96%	2.93%	2.14%
USGNX USAA Government Securities Fund	3.82%	3.75%	3.65%	2.77%	2.07%	3.02%	2.84%	2.46%	2.26%	2.07%	2.07%	2.38%

Frequently Asked Questions

Can I hold both USGNX and PDMIX in my portfolio?

With a correlation of 0.93, USGNX and PDMIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, USGNX or PDMIX?

PDMIX has higher volatility (1.76%) compared to USGNX (1.31%). In terms of maximum drawdown, USGNX dropped -12.03% vs PDMIX's -18.64%.

Which has better risk-adjusted returns?

PDMIX currently has the higher Sharpe Ratio (1.61 vs 1.44), 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.