VMGRX vs. PGOVX

Last updated Jun 6, 2026

VMGRX (Vanguard Mid-Cap Growth Fund) and PGOVX (PIMCO Long-Term U.S. Government Fund) are both mutual funds - VMGRX is a Mid Cap Growth Equities fund managed by Vanguard, while PGOVX is a Government Bonds fund managed by PIMCO. Over the past 10 years, VMGRX returned 10.06%/yr vs -1.25%/yr for PGOVX. At a correlation of -0.20, they often move in opposite directions. VMGRX charges 0.33%/yr vs 1.05%/yr for PGOVX.

Performance

VMGRX vs. PGOVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Growth Fund (VMGRX) and PIMCO Long-Term U.S. Government Fund (PGOVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMGRX achieves a 2.86% return, which is significantly higher than PGOVX's -0.33% return. Over the past 10 years, VMGRX has outperformed PGOVX with an annualized return of 10.06%, while PGOVX has yielded a comparatively lower -1.25% annualized return.

VMGRX

• 1D: 1.27%
• 1M: 4.71%
• YTD: 2.86%
• 6M: 3.52%
• 1Y: 9.78%
• 3Y*: 13.72%
• 5Y*: 3.94%
• 10Y*: 10.06%

PGOVX

• 1D: 0.15%
• 1M: -0.38%
• YTD: -0.33%
• 6M: -0.48%
• 1Y: 4.59%
• 3Y*: -1.20%
• 5Y*: -5.75%
• 10Y*: -1.25%

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

VMGRX vs. PGOVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMGRX Vanguard Mid-Cap Growth Fund	2.86%	8.80%	17.73%	24.15%	-30.13%	9.21%	33.40%	32.06%	-3.52%	21.60%
PGOVX PIMCO Long-Term U.S. Government Fund	-0.33%	6.44%	-7.62%	1.46%	-29.39%	-4.59%	17.83%	13.44%	-2.10%	9.08%

Correlation

The correlation between VMGRX and PGOVX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 2, 1998	-0.20

The correlation between VMGRX and PGOVX shifts across timeframes, from -0.20 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VMGRX vs. PGOVX — Risk / Return Rank

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

VMGRX

VMGRX Risk / Return Rank: 7
VMGRX Sharpe Ratio Rank: 7
VMGRX Sortino Ratio Rank: 7
VMGRX Omega Ratio Rank: 7
VMGRX Calmar Ratio Rank: 6
VMGRX Martin Ratio Rank: 7

PGOVX

PGOVX Risk / Return Rank: 7
PGOVX Sharpe Ratio Rank: 7
PGOVX Sortino Ratio Rank: 6
PGOVX Omega Ratio Rank: 6
PGOVX Calmar Ratio Rank: 7
PGOVX Martin Ratio Rank: 7

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.

VMGRX vs. PGOVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Growth Fund (VMGRX) and PIMCO Long-Term U.S. Government Fund (PGOVX). 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.

	VMGRX	PGOVX	Difference
Sharpe ratio: Return per unit of total volatility	0.50	0.49	+0.01
Sortino ratio: Return per unit of downside risk	0.80	0.76	+0.05
Omega ratio: Gain probability vs. loss probability	1.10	1.09	+0.01
Calmar ratio: Return relative to maximum drawdown	0.50	0.60	-0.10
Martin ratio: Return relative to average drawdown	1.56	1.64	-0.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMGRX vs. PGOVX - Sharpe Ratio Comparison

The current VMGRX Sharpe Ratio is 0.50, which is comparable to the PGOVX Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of VMGRX and PGOVX, 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

	VMGRX	PGOVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	0.49	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	-0.40	+0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	-0.09	+0.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.50	-0.14

Drawdowns

VMGRX vs. PGOVX - Drawdown Comparison

The maximum VMGRX drawdown since its inception was -71.74%, which is greater than PGOVX's maximum drawdown of -46.64%. Use the drawdown chart below to compare losses from any high point for VMGRX and PGOVX.

Drawdown Indicators

	VMGRX	PGOVX	Difference
Max Drawdown Largest peak-to-trough decline	-71.74%	-46.64%	-25.10%
Max Drawdown (1Y) Largest decline over 1 year	-19.09%	-7.60%	-11.49%
Max Drawdown (3Y) Largest decline over 3 years	-26.85%	-18.06%	-8.79%
Max Drawdown (5Y) Largest decline over 5 years	-39.71%	-41.48%	+1.77%
Max Drawdown (10Y) Largest decline over 10 years	-39.71%	-46.64%	+6.93%
Current Drawdown Current decline from peak	-1.24%	-37.97%	+36.73%
Average Drawdown Average peak-to-trough decline	-24.49%	-9.26%	-15.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.11%	2.75%	+3.36%

Volatility

VMGRX vs. PGOVX - Volatility Comparison

Vanguard Mid-Cap Growth Fund (VMGRX) has a higher volatility of 5.19% compared to PIMCO Long-Term U.S. Government Fund (PGOVX) at 2.90%. This indicates that VMGRX's price experiences larger fluctuations and is considered to be riskier than PGOVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMGRX	PGOVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	2.90%	+2.29%
Volatility (6M) Calculated over the trailing 6-month period	15.31%	6.41%	+8.90%
Volatility (1Y) Calculated over the trailing 1-year period	19.09%	9.34%	+9.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.25%	14.43%	+8.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.32%	13.75%	+8.57%

VMGRX vs. PGOVX - Expense Ratio Comparison

VMGRX has a 0.33% expense ratio, which is lower than PGOVX's 1.05% expense ratio.

Dividends

VMGRX vs. PGOVX - Dividend Comparison

VMGRX's dividend yield for the trailing twelve months is around 17.25%, more than PGOVX's 4.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGOVX PIMCO Long-Term U.S. Government Fund	4.12%	3.86%	1.19%	1.05%	2.09%	6.93%	27.91%	2.60%	3.25%	2.88%	3.31%	81.57%
VMGRX Vanguard Mid-Cap Growth Fund	17.25%	17.74%	1.80%	0.39%	0.26%	34.53%	6.30%	10.43%	14.53%	3.13%	0.67%	8.20%

Frequently Asked Questions

Can I hold both VMGRX and PGOVX in my portfolio?

VMGRX and PGOVX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMGRX or PGOVX?

VMGRX has higher volatility (5.19%) compared to PGOVX (2.90%). In terms of maximum drawdown, VMGRX dropped -71.74% vs PGOVX's -46.64%.

Which has better risk-adjusted returns?

VMGRX currently has the higher Sharpe Ratio (0.50 vs 0.49), 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.