VCPAX vs. PIMIX

Last updated Jun 4, 2026

VCPAX (Vanguard Core-Plus Bond Fund Admiral Shares) and PIMIX (PIMCO Income Fund Institutional Class) are both mutual funds - VCPAX is a Total Bond Market fund managed by Vanguard, while PIMIX is a Multisector Bonds fund actively managed by PIMCO. Over the past 3 years, VCPAX returned 5.43%/yr vs 7.87%/yr for PIMIX. Their correlation of 0.82 suggests significant overlap in exposure. VCPAX charges 0.20%/yr vs 0.54%/yr for PIMIX.

Performance

VCPAX vs. PIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Core-Plus Bond Fund Admiral Shares (VCPAX) and PIMCO Income Fund Institutional Class (PIMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCPAX achieves a 0.78% return, which is significantly lower than PIMIX's 1.00% return.

VCPAX

• 1D: 0.06%
• 1M: 0.58%
• YTD: 0.78%
• 6M: 0.78%
• 1Y: 6.21%
• 3Y*: 5.43%
• 5Y*: —
• 10Y*: —

PIMIX

• 1D: 0.18%
• 1M: 0.91%
• YTD: 1.00%
• 6M: 1.41%
• 1Y: 8.39%
• 3Y*: 7.87%
• 5Y*: 3.53%
• 10Y*: 4.71%

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

VCPAX vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VCPAX Vanguard Core-Plus Bond Fund Admiral Shares	0.78%	8.06%	2.95%	6.80%	-12.60%	0.32%
PIMIX PIMCO Income Fund Institutional Class	1.00%	11.08%	5.45%	9.36%	-9.07%	0.17%

Correlation

The correlation between VCPAX and PIMIX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Oct 15, 2021	0.82

The correlation between VCPAX and PIMIX has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

Return for Risk

VCPAX vs. PIMIX — Risk / Return Rank

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

VCPAX

VCPAX Risk / Return Rank: 37
VCPAX Sharpe Ratio Rank: 37
VCPAX Sortino Ratio Rank: 40
VCPAX Omega Ratio Rank: 37
VCPAX Calmar Ratio Rank: 39
VCPAX Martin Ratio Rank: 33

PIMIX

PIMIX Risk / Return Rank: 45
PIMIX Sharpe Ratio Rank: 48
PIMIX Sortino Ratio Rank: 53
PIMIX Omega Ratio Rank: 52
PIMIX Calmar Ratio Rank: 37
PIMIX Martin Ratio Rank: 36

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.

VCPAX vs. PIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Core-Plus Bond Fund Admiral Shares (VCPAX) and PIMCO Income Fund Institutional Class (PIMIX). 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.

	VCPAX	PIMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.04	-0.30
Sortino ratio: Return per unit of downside risk	2.63	3.07	-0.44
Omega ratio: Gain probability vs. loss probability	1.32	1.40	-0.08
Calmar ratio: Return relative to maximum drawdown	2.35	2.29	+0.06
Martin ratio: Return relative to average drawdown	7.52	7.97	-0.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCPAX vs. PIMIX - Sharpe Ratio Comparison

The current VCPAX Sharpe Ratio is 1.74, which is comparable to the PIMIX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of VCPAX and PIMIX, 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

	VCPAX	PIMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	2.04	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.73	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.11	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	1.57	-1.38

Drawdowns

VCPAX vs. PIMIX - Drawdown Comparison

The maximum VCPAX drawdown since its inception was -17.25%, which is greater than PIMIX's maximum drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for VCPAX and PIMIX.

Drawdown Indicators

	VCPAX	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.25%	-13.39%	-3.86%
Max Drawdown (1Y) Largest decline over 1 year	-2.65%	-3.69%	+1.04%
Max Drawdown (3Y) Largest decline over 3 years	-5.71%	-3.84%	-1.87%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-13.39%	—
Current Drawdown Current decline from peak	-1.03%	-0.93%	-0.10%
Average Drawdown Average peak-to-trough decline	-6.45%	-1.69%	-4.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	1.06%	-0.23%

Volatility

VCPAX vs. PIMIX - Volatility Comparison

The current volatility for Vanguard Core-Plus Bond Fund Admiral Shares (VCPAX) is 1.30%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.68%. This indicates that VCPAX experiences smaller price fluctuations and is considered to be less risky than PIMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCPAX	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	1.68%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	2.59%	3.29%	-0.70%
Volatility (1Y) Calculated over the trailing 1-year period	3.59%	4.15%	-0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.64%	4.84%	+0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.64%	4.25%	+1.39%

VCPAX vs. PIMIX - Expense Ratio Comparison

VCPAX has a 0.20% expense ratio, which is lower than PIMIX's 0.54% expense ratio.

Dividends

VCPAX vs. PIMIX - Dividend Comparison

VCPAX's dividend yield for the trailing twelve months is around 4.84%, less than PIMIX's 5.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIMIX PIMCO Income Fund Institutional Class	5.83%	6.01%	6.27%	6.21%	4.98%	4.02%	4.88%	5.83%	5.66%	5.37%	5.52%	7.88%
VCPAX Vanguard Core-Plus Bond Fund Admiral Shares	4.84%	4.86%	5.19%	4.55%	3.26%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VCPAX and PIMIX in my portfolio?

VCPAX and PIMIX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCPAX or PIMIX?

PIMIX has higher volatility (1.68%) compared to VCPAX (1.30%). In terms of maximum drawdown, VCPAX dropped -17.25% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

PIMIX currently has the higher Sharpe Ratio (2.04 vs 1.74), 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.