VOHIX vs. PIMIX

Last updated Jun 5, 2026

VOHIX (Vanguard Ohio Long-Term Tax-Exempt Fund) and PIMIX (PIMCO Income Fund Institutional Class) are both mutual funds - VOHIX is a Municipal Bonds fund managed by Vanguard, while PIMIX is a Multisector Bonds fund actively managed by PIMCO. Over the past 10 years, VOHIX returned 2.61%/yr vs 4.67%/yr for PIMIX. At a 0.40 correlation, their price movements are largely independent. VOHIX charges 0.13%/yr vs 0.54%/yr for PIMIX.

Performance

VOHIX vs. PIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Ohio Long-Term Tax-Exempt Fund (VOHIX) 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, VOHIX achieves a 1.88% return, which is significantly higher than PIMIX's 0.63% return. Over the past 10 years, VOHIX has underperformed PIMIX with an annualized return of 2.61%, while PIMIX has yielded a comparatively higher 4.67% annualized return.

VOHIX

• 1D: 0.00%
• 1M: 0.91%
• YTD: 1.88%
• 6M: 2.28%
• 1Y: 8.16%
• 3Y*: 4.84%
• 5Y*: 1.10%
• 10Y*: 2.61%

PIMIX

• 1D: -0.37%
• 1M: 0.45%
• YTD: 0.63%
• 6M: 1.13%
• 1Y: 7.49%
• 3Y*: 7.74%
• 5Y*: 3.42%
• 10Y*: 4.67%

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

VOHIX vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOHIX Vanguard Ohio Long-Term Tax-Exempt Fund	1.88%	5.07%	2.76%	7.03%	-11.01%	1.72%	7.04%	8.34%	0.96%	6.33%
PIMIX PIMCO Income Fund Institutional Class	0.63%	11.08%	5.45%	9.36%	-9.07%	2.62%	5.84%	8.10%	0.63%	8.63%

Correlation

The correlation between VOHIX and PIMIX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Apr 3, 2007	0.40

Over the past year, VOHIX and PIMIX have become more correlated (0.63) than their long-term average of 0.40, meaning their price movements have been converging.

Return for Risk

VOHIX vs. PIMIX — Risk / Return Rank

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

VOHIX

VOHIX Risk / Return Rank: 71
VOHIX Sharpe Ratio Rank: 84
VOHIX Sortino Ratio Rank: 88
VOHIX Omega Ratio Rank: 90
VOHIX Calmar Ratio Rank: 49
VOHIX Martin Ratio Rank: 45

PIMIX

PIMIX Risk / Return Rank: 41
PIMIX Sharpe Ratio Rank: 43
PIMIX Sortino Ratio Rank: 47
PIMIX Omega Ratio Rank: 46
PIMIX Calmar Ratio Rank: 34
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.

VOHIX vs. PIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Ohio Long-Term Tax-Exempt Fund (VOHIX) 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.

	VOHIX	PIMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.75	1.93	+0.81
Sortino ratio: Return per unit of downside risk	4.30	2.90	+1.39
Omega ratio: Gain probability vs. loss probability	1.68	1.37	+0.30
Calmar ratio: Return relative to maximum drawdown	2.68	2.18	+0.50
Martin ratio: Return relative to average drawdown	9.43	7.56	+1.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOHIX vs. PIMIX - Sharpe Ratio Comparison

The current VOHIX Sharpe Ratio is 2.75, which is higher than the PIMIX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of VOHIX 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

	VOHIX	PIMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	1.93	+0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.71	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	1.10	-0.54
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	1.56	-0.29

Drawdowns

VOHIX vs. PIMIX - Drawdown Comparison

The maximum VOHIX drawdown since its inception was -16.81%, which is greater than PIMIX's maximum drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for VOHIX and PIMIX.

Drawdown Indicators

	VOHIX	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-16.81%	-13.39%	-3.42%
Max Drawdown (1Y) Largest decline over 1 year	-3.20%	-3.69%	+0.49%
Max Drawdown (3Y) Largest decline over 3 years	-7.44%	-3.84%	-3.60%
Max Drawdown (5Y) Largest decline over 5 years	-16.81%	-13.34%	-3.47%
Max Drawdown (10Y) Largest decline over 10 years	-16.81%	-13.39%	-3.42%
Current Drawdown Current decline from peak	-0.26%	-1.30%	+1.04%
Average Drawdown Average peak-to-trough decline	-1.89%	-1.69%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.06%	-0.15%

Volatility

VOHIX vs. PIMIX - Volatility Comparison

The current volatility for Vanguard Ohio Long-Term Tax-Exempt Fund (VOHIX) is 1.30%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.68%. This indicates that VOHIX 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

	VOHIX	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	2.35%	3.29%	-0.94%
Volatility (1Y) Calculated over the trailing 1-year period	3.13%	4.17%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.75%	4.84%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.63%	4.25%	+0.38%

VOHIX vs. PIMIX - Expense Ratio Comparison

VOHIX has a 0.13% expense ratio, which is lower than PIMIX's 0.54% expense ratio.

Dividends

VOHIX vs. PIMIX - Dividend Comparison

VOHIX's dividend yield for the trailing twelve months is around 3.61%, less than PIMIX's 5.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIMIX PIMCO Income Fund Institutional Class	5.85%	6.01%	6.27%	6.21%	4.98%	4.02%	4.88%	5.83%	5.66%	5.37%	5.52%	7.88%
VOHIX Vanguard Ohio Long-Term Tax-Exempt Fund	3.61%	4.43%	3.92%	3.05%	2.73%	2.78%	3.39%	3.93%	3.51%	3.70%	3.75%	3.84%

Frequently Asked Questions

Can I hold both VOHIX and PIMIX in my portfolio?

VOHIX and PIMIX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOHIX or PIMIX?

PIMIX has higher volatility (1.68%) compared to VOHIX (1.30%). In terms of maximum drawdown, VOHIX dropped -16.81% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

VOHIX currently has the higher Sharpe Ratio (2.75 vs 1.93), 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.