VMSAX vs. PIMIX

Last updated Jun 3, 2026

VMSAX (Vanguard Multi-Sector Income Bond Fund Admiral Shares) and PIMIX (PIMCO Income Fund Institutional Class) are both mutual funds - VMSAX is a Multisector Bonds fund actively managed by Vanguard, while PIMIX is a Total Bond Market fund managed by PIMCO. Over the past 3 years, VMSAX returned 7.90%/yr vs 7.80%/yr for PIMIX. Their correlation of 0.83 suggests significant overlap in exposure. VMSAX charges 0.30%/yr vs 0.62%/yr for PIMIX.

Performance

VMSAX vs. PIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX) 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, VMSAX achieves a 1.13% return, which is significantly higher than PIMIX's 0.81% return.

VMSAX

• 1D: -0.08%
• 1M: 0.31%
• YTD: 1.13%
• 6M: 1.69%
• 1Y: 7.13%
• 3Y*: 7.90%
• 5Y*: —
• 10Y*: —

PIMIX

• 1D: -0.18%
• 1M: 0.35%
• YTD: 0.81%
• 6M: 1.41%
• 1Y: 8.19%
• 3Y*: 7.80%
• 5Y*: 3.45%
• 10Y*: 4.69%

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

VMSAX vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares	1.13%	9.08%	6.86%	10.53%	-8.42%
PIMIX PIMCO Income Fund Institutional Class	0.81%	11.08%	5.45%	9.36%	-8.22%

Correlation

The correlation between VMSAX and PIMIX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (All Time) Calculated using the full available price history since Feb 2, 2022	0.83

The correlation between VMSAX and PIMIX has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

Return for Risk

VMSAX vs. PIMIX — Risk / Return Rank

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

VMSAX

VMSAX Risk / Return Rank: 24
VMSAX Sharpe Ratio Rank: 3
VMSAX Sortino Ratio Rank: 11
VMSAX Omega Ratio Rank: 98
VMSAX Calmar Ratio Rank: 3
VMSAX Martin Ratio Rank: 7

PIMIX

PIMIX Risk / Return Rank: 45
PIMIX Sharpe Ratio Rank: 45
PIMIX Sortino Ratio Rank: 49
PIMIX Omega Ratio Rank: 48
PIMIX Calmar Ratio Rank: 42
PIMIX Martin Ratio Rank: 40

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.

VMSAX vs. PIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX) 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.

	VMSAX	PIMIX	Difference
Sharpe ratio Return per unit of total volatility	0.05	1.97	-1.91
Sortino ratio Return per unit of downside risk	1.34	2.96	-1.62
Omega ratio Gain probability vs. loss probability	2.11	1.38	+0.73
Calmar ratio Return relative to maximum drawdown	0.13	2.51	-2.38
Martin ratio Return relative to average drawdown	2.04	8.78	-6.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMSAX vs. PIMIX - Sharpe Ratio Comparison

The current VMSAX Sharpe Ratio is 0.05, which is lower than the PIMIX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of VMSAX 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

	VMSAX	PIMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	1.97	-1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.72	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.11	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	1.57	-1.50

Drawdowns

VMSAX vs. PIMIX - Drawdown Comparison

The maximum VMSAX drawdown since its inception was -54.84%, which is greater than PIMIX's maximum drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for VMSAX and PIMIX.

Drawdown Indicators

	VMSAX	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-54.84%	-13.39%	-41.45%
Max Drawdown (1Y) Largest decline over 1 year	-54.84%	-3.69%	-51.15%
Max Drawdown (3Y) Largest decline over 3 years	-54.84%	-3.84%	-51.00%
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	-0.08%	-1.12%	+1.04%
Average Drawdown Average peak-to-trough decline	-3.10%	-1.69%	-1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	1.06%	+2.43%

Volatility

VMSAX vs. PIMIX - Volatility Comparison

The current volatility for Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX) is 0.96%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.68%. This indicates that VMSAX 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

	VMSAX	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	1.68%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	112.84%	3.28%	+109.56%
Volatility (1Y) Calculated over the trailing 1-year period	133.58%	4.16%	+129.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.34%	4.84%	+59.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.34%	4.25%	+60.09%

VMSAX vs. PIMIX - Expense Ratio Comparison

VMSAX has a 0.30% expense ratio, which is lower than PIMIX's 0.62% expense ratio.

Dividends

VMSAX vs. PIMIX - Dividend Comparison

VMSAX's dividend yield for the trailing twelve months is around 5.55%, less than PIMIX's 5.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIMIX PIMCO Income Fund Institutional Class	5.84%	6.01%	6.27%	6.21%	4.98%	4.02%	4.88%	5.83%	5.66%	5.37%	5.52%	7.88%
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares	5.55%	5.66%	6.48%	5.52%	3.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VMSAX and PIMIX in my portfolio?

VMSAX and PIMIX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMSAX or PIMIX?

PIMIX has higher volatility (1.68%) compared to VMSAX (0.96%). In terms of maximum drawdown, VMSAX dropped -54.84% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

PIMIX currently has the higher Sharpe Ratio (1.97 vs 0.05), 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.