VBF vs. PBDCX

Last updated Jun 4, 2026

VBF (Invesco Bond Fund) and PBDCX (PIMCO Investment Grade Credit Bond Fund Class C) are both Corporate Bonds funds. Both are actively managed. Over the past 10 years, VBF returned 2.94%/yr vs 1.72%/yr for PBDCX. At a 0.23 correlation, their price movements are largely independent. VBF charges 0.62%/yr vs 2.19%/yr for PBDCX.

Performance

VBF vs. PBDCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Bond Fund (VBF) and PIMCO Investment Grade Credit Bond Fund Class C (PBDCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VBF achieves a -0.95% return, which is significantly lower than PBDCX's 0.03% return. Over the past 10 years, VBF has outperformed PBDCX with an annualized return of 2.94%, while PBDCX has yielded a comparatively lower 1.72% annualized return.

VBF

• 1D: -0.07%
• 1M: -0.35%
• YTD: -0.95%
• 6M: -1.57%
• 1Y: 2.21%
• 3Y*: 5.57%
• 5Y*: -0.88%
• 10Y*: 2.94%

PBDCX

• 1D: 0.00%
• 1M: 0.77%
• YTD: 0.03%
• 6M: -0.19%
• 1Y: 5.25%
• 3Y*: 4.45%
• 5Y*: -0.46%
• 10Y*: 1.72%

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

VBF vs. PBDCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBF Invesco Bond Fund	-0.95%	5.46%	6.97%	2.27%	-17.77%	-5.37%	12.80%	30.91%	-11.16%	13.35%
PBDCX PIMCO Investment Grade Credit Bond Fund Class C	0.03%	7.27%	2.10%	6.82%	-17.38%	-2.01%	6.29%	13.44%	-3.12%	6.73%

Correlation

The correlation between VBF and PBDCX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jul 30, 2004	0.23

Over the past year, VBF and PBDCX have become more correlated (0.61) than their long-term average of 0.23, meaning their price movements have been converging.

Return for Risk

VBF vs. PBDCX — Risk / Return Rank

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

VBF

VBF Risk / Return Rank: 5
VBF Sharpe Ratio Rank: 5
VBF Sortino Ratio Rank: 5
VBF Omega Ratio Rank: 4
VBF Calmar Ratio Rank: 6
VBF Martin Ratio Rank: 6

PBDCX

PBDCX Risk / Return Rank: 16
PBDCX Sharpe Ratio Rank: 17
PBDCX Sortino Ratio Rank: 17
PBDCX Omega Ratio Rank: 17
PBDCX Calmar Ratio Rank: 15
PBDCX Martin Ratio Rank: 15

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.

VBF vs. PBDCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Bond Fund (VBF) and PIMCO Investment Grade Credit Bond Fund Class C (PBDCX). 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.

	VBF	PBDCX	Difference
Sharpe ratio: Return per unit of total volatility	0.37	1.17	-0.81
Sortino ratio: Return per unit of downside risk	0.60	1.69	-1.09
Omega ratio: Gain probability vs. loss probability	1.07	1.21	-0.15
Calmar ratio: Return relative to maximum drawdown	0.55	1.36	-0.81
Martin ratio: Return relative to average drawdown	1.52	4.27	-2.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VBF vs. PBDCX - Sharpe Ratio Comparison

The current VBF Sharpe Ratio is 0.37, which is lower than the PBDCX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of VBF and PBDCX, 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

	VBF	PBDCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	1.17	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	-0.07	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.30	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.73	-0.40

Drawdowns

VBF vs. PBDCX - Drawdown Comparison

The maximum VBF drawdown since its inception was -32.23%, which is greater than PBDCX's maximum drawdown of -23.73%. Use the drawdown chart below to compare losses from any high point for VBF and PBDCX.

Drawdown Indicators

	VBF	PBDCX	Difference
Max Drawdown Largest peak-to-trough decline	-32.23%	-23.73%	-8.50%
Max Drawdown (1Y) Largest decline over 1 year	-4.03%	-3.98%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-11.52%	-6.87%	-4.65%
Max Drawdown (5Y) Largest decline over 5 years	-32.23%	-23.70%	-8.53%
Max Drawdown (10Y) Largest decline over 10 years	-32.23%	-23.73%	-8.50%
Current Drawdown Current decline from peak	-11.75%	-5.25%	-6.50%
Average Drawdown Average peak-to-trough decline	-7.25%	-4.01%	-3.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	1.26%	+0.20%

Volatility

VBF vs. PBDCX - Volatility Comparison

Invesco Bond Fund (VBF) has a higher volatility of 1.74% compared to PIMCO Investment Grade Credit Bond Fund Class C (PBDCX) at 1.64%. This indicates that VBF's price experiences larger fluctuations and is considered to be riskier than PBDCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBF	PBDCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.74%	1.64%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	4.54%	3.57%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	6.05%	4.63%	+1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.38%	6.36%	+6.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.73%	5.74%	+6.99%

VBF vs. PBDCX - Expense Ratio Comparison

VBF has a 0.62% expense ratio, which is lower than PBDCX's 2.19% expense ratio.

Dividends

VBF vs. PBDCX - Dividend Comparison

VBF's dividend yield for the trailing twelve months is around 5.54%, more than PBDCX's 3.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBDCX PIMCO Investment Grade Credit Bond Fund Class C	3.70%	3.55%	3.21%	2.45%	2.46%	3.48%	2.69%	2.82%	3.04%	3.33%	2.76%	5.47%
VBF Invesco Bond Fund	5.54%	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

Can I hold both VBF and PBDCX in my portfolio?

VBF and PBDCX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VBF or PBDCX?

VBF has higher volatility (1.74%) compared to PBDCX (1.64%). In terms of maximum drawdown, VBF dropped -32.23% vs PBDCX's -23.73%.

Which has better risk-adjusted returns?

PBDCX currently has the higher Sharpe Ratio (1.17 vs 0.37), 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.