VBF vs. PAI
VBF (Invesco Bond Fund) and PAI (Western Asset Investment Grade Income Fund Inc.) are both Corporate Bonds funds. Both are actively managed. Over the past 10 years, VBF returned 3.01%/yr vs 3.19%/yr for PAI. At a 0.22 correlation, their price movements are largely independent.
Performance
VBF vs. PAI - Performance Comparison
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Returns By Period
In the year-to-date period, VBF achieves a -0.44% return, which is significantly higher than PAI's -1.19% return. Over the past 10 years, VBF has underperformed PAI with an annualized return of 3.01%, while PAI has yielded a comparatively higher 3.19% annualized return.
VBF
- 1D
- 0.20%
- 1M
- 0.38%
- YTD
- -0.44%
- 6M
- -0.12%
- 1Y
- 1.90%
- 3Y*
- 5.67%
- 5Y*
- -1.34%
- 10Y*
- 3.01%
PAI
- 1D
- 0.10%
- 1M
- 0.64%
- YTD
- -1.19%
- 6M
- -0.77%
- 1Y
- 2.39%
- 3Y*
- 6.50%
- 5Y*
- 0.06%
- 10Y*
- 3.19%
VBF vs. PAI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBF Invesco Bond Fund | -0.44% | 5.46% | 6.97% | 2.27% | -17.77% | -5.37% | 12.80% | 30.91% | -11.16% | 13.35% |
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 VBF and PAI is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.22 |
The correlation between VBF and PAI shifts across timeframes, from 0.22 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VBF vs. PAI — Risk / Return Rank
VBF
PAI
VBF vs. PAI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Bond Fund (VBF) 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.
| VBF | PAI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.06 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 0.31 | +0.17 |
| Martin ratioReturn relative to average drawdown | 1.25 | 0.67 | +0.57 |
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Drawdowns
VBF vs. PAI - Drawdown Comparison
The maximum VBF drawdown since its inception was -32.23%, smaller than the maximum PAI drawdown of -39.03%. Use the drawdown chart below to compare losses from any high point for VBF and PAI.
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Drawdown Indicators
| VBF | PAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.23% | -39.03% | +6.80% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -7.79% | +3.76% |
Max Drawdown (3Y)Largest decline over 3 years | -11.52% | -8.87% | -2.65% |
Max Drawdown (5Y)Largest decline over 5 years | -32.23% | -33.71% | +1.48% |
Max Drawdown (10Y)Largest decline over 10 years | -32.23% | -33.71% | +1.48% |
Current DrawdownCurrent decline from peak | -11.30% | -11.29% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -7.25% | -7.13% | -0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.53% | 3.56% | -2.03% |
Volatility
VBF vs. PAI - Volatility Comparison
Invesco Bond Fund (VBF) has a higher volatility of 1.64% compared to Western Asset Investment Grade Income Fund Inc. (PAI) at 1.18%. This indicates that VBF's price experiences larger fluctuations and is considered to be riskier than PAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBF | PAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.64% | 1.18% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 4.54% | 5.49% | -0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.01% | 7.98% | -1.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.36% | 11.99% | +0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.74% | 15.43% | -2.69% |
Dividends
VBF vs. PAI - Dividend Comparison
VBF's dividend yield for the trailing twelve months is around 5.52%, more 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% |
VBF Invesco Bond Fund | 5.52% | 5.46% | 5.51% | 5.31% | 4.60% | 3.36% | 6.89% | 5.04% | 5.40% | 5.07% | 4.56% | 5.40% |
Frequently Asked Questions
VBF and PAI have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VBF has higher volatility (1.64%) compared to PAI (1.18%). In terms of maximum drawdown, VBF dropped -32.23% vs PAI's -39.03%.
VBF currently has the higher Sharpe Ratio (0.32 vs 0.30), 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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