VMSIX vs. PIMIX

Last updated Jun 23, 2026

VMSIX (Vanguard Multi-Sector Income Bond Inv) and PIMIX (PIMCO Income Fund Institutional Class) are both Multisector Bonds funds. Both are actively managed. Over the past 3 years, VMSIX returned 7.73%/yr vs 7.73%/yr for PIMIX. Their correlation of 0.81 suggests significant overlap in exposure. VMSIX charges 0.45%/yr vs 0.54%/yr for PIMIX.

Performance

VMSIX vs. PIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Multi-Sector Income Bond Inv (VMSIX) 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, VMSIX achieves a 1.25% return, which is significantly higher than PIMIX's 1.00% return.

VMSIX

• 1D: 0.11%
• 1M: 0.68%
• YTD: 1.25%
• 6M: 1.58%
• 1Y: 6.49%
• 3Y*: 7.73%
• 5Y*: —
• 10Y*: —

PIMIX

• 1D: 0.09%
• 1M: 1.19%
• YTD: 1.00%
• 6M: 1.60%
• 1Y: 7.88%
• 3Y*: 7.73%
• 5Y*: 3.58%
• 10Y*: 4.72%

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

VMSIX vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VMSIX Vanguard Multi-Sector Income Bond Inv	1.25%	9.09%	6.68%	10.43%	-8.50%
PIMIX PIMCO Income Fund Institutional Class	1.00%	11.08%	5.45%	9.36%	-8.15%

Correlation

The correlation between VMSIX and PIMIX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022	0.81

The correlation between VMSIX and PIMIX has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

Return for Risk

VMSIX vs. PIMIX — Risk / Return Rank

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

VMSIX

VMSIX Risk / Return Rank: 81
VMSIX Sharpe Ratio Rank: 86
VMSIX Sortino Ratio Rank: 88
VMSIX Omega Ratio Rank: 87
VMSIX Calmar Ratio Rank: 65
VMSIX Martin Ratio Rank: 78

PIMIX

PIMIX Risk / Return Rank: 46
PIMIX Sharpe Ratio Rank: 50
PIMIX Sortino Ratio Rank: 55
PIMIX Omega Ratio Rank: 54
PIMIX Calmar Ratio Rank: 36
PIMIX Martin Ratio Rank: 34

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.

VMSIX vs. PIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Multi-Sector Income Bond Inv (VMSIX) 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.

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.

	VMSIX	PIMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.61	1.91	+0.70
Sortino ratio: Return per unit of downside risk	3.91	2.85	+1.06
Omega ratio: Gain probability vs. loss probability	1.56	1.37	+0.19
Calmar ratio: Return relative to maximum drawdown	2.96	2.15	+0.81
Martin ratio: Return relative to average drawdown	13.55	7.27	+6.28

VMSIX vs. PIMIX - Sharpe Ratio Comparison

The current VMSIX Sharpe Ratio is 2.61, which is higher than the PIMIX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of VMSIX 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.

Drawdowns

VMSIX vs. PIMIX - Drawdown Comparison

The maximum VMSIX drawdown since its inception was -13.11%, roughly equal to the maximum PIMIX drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for VMSIX and PIMIX.

Drawdown Indicators

	VMSIX	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-13.11%	-13.39%	+0.28%
Max Drawdown (1Y) Largest decline over 1 year	-2.20%	-3.69%	+1.49%
Max Drawdown (3Y) Largest decline over 3 years	-3.82%	-3.84%	+0.02%
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	-0.11%	-0.93%	+0.82%
Average Drawdown Average peak-to-trough decline	-3.05%	-1.69%	-1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	1.09%	-0.61%

Volatility

VMSIX vs. PIMIX - Volatility Comparison

The current volatility for Vanguard Multi-Sector Income Bond Inv (VMSIX) is 0.78%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.42%. This indicates that VMSIX 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

	VMSIX	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	1.42%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	3.39%	-1.34%
Volatility (1Y) Calculated over the trailing 1-year period	2.50%	4.17%	-1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.68%	4.86%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.68%	4.26%	+0.42%

VMSIX vs. PIMIX - Expense Ratio Comparison

VMSIX has a 0.45% expense ratio, which is lower than PIMIX's 0.54% expense ratio.

Dividends

VMSIX vs. PIMIX - Dividend Comparison

VMSIX's dividend yield for the trailing twelve months is around 5.44%, 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%
VMSIX Vanguard Multi-Sector Income Bond Inv	5.44%	5.56%	6.37%	5.43%	3.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VMSIX and PIMIX in my portfolio?

VMSIX and PIMIX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMSIX or PIMIX?

PIMIX has higher volatility (1.42%) compared to VMSIX (0.78%). In terms of maximum drawdown, VMSIX dropped -13.11% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

VMSIX currently has the higher Sharpe Ratio (2.61 vs 1.91), 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.