VSCSX vs. PIMIX

Last updated Jun 23, 2026

VSCSX (Vanguard Short-Term Corporate Bond Index Fund Admiral Shares) and PIMIX (PIMCO Income Fund Institutional Class) are both mutual funds - VSCSX is a Corporate Bonds fund managed by Vanguard, while PIMIX is a Multisector Bonds fund actively managed by PIMCO. Over the past 10 years, VSCSX returned 2.71%/yr vs 4.72%/yr for PIMIX. A 0.58 correlation means they provide meaningful diversification when combined. VSCSX charges 0.07%/yr vs 0.54%/yr for PIMIX.

Performance

VSCSX vs. PIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Corporate Bond Index Fund Admiral Shares (VSCSX) 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, VSCSX achieves a 0.71% return, which is significantly lower than PIMIX's 1.00% return. Over the past 10 years, VSCSX has underperformed PIMIX with an annualized return of 2.71%, while PIMIX has yielded a comparatively higher 4.72% annualized return.

VSCSX

• 1D: 0.14%
• 1M: 0.33%
• YTD: 0.71%
• 6M: 0.89%
• 1Y: 4.24%
• 3Y*: 5.72%
• 5Y*: 2.43%
• 10Y*: 2.71%

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)

VSCSX vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSCSX Vanguard Short-Term Corporate Bond Index Fund Admiral Shares	0.71%	6.75%	5.36%	6.11%	-5.72%	-0.43%	5.06%	6.85%	0.88%	2.46%
PIMIX PIMCO Income Fund Institutional Class	1.00%	11.08%	5.45%	9.36%	-9.07%	2.62%	5.84%	8.10%	0.63%	8.63%

Correlation

The correlation between VSCSX 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	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Nov 19, 2009	0.58

Over the past year, VSCSX and PIMIX have become more correlated (0.81) than their long-term average of 0.58, meaning their price movements have been converging.

Return for Risk

VSCSX vs. PIMIX — Risk / Return Rank

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

VSCSX

VSCSX Risk / Return Rank: 78
VSCSX Sharpe Ratio Rank: 81
VSCSX Sortino Ratio Rank: 85
VSCSX Omega Ratio Rank: 82
VSCSX Calmar Ratio Rank: 74
VSCSX Martin Ratio Rank: 69

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.

VSCSX vs. PIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Corporate Bond Index Fund Admiral Shares (VSCSX) 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.

	VSCSX	PIMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.45	1.91	+0.55
Sortino ratio: Return per unit of downside risk	3.71	2.85	+0.86
Omega ratio: Gain probability vs. loss probability	1.50	1.37	+0.13
Calmar ratio: Return relative to maximum drawdown	3.19	2.15	+1.04
Martin ratio: Return relative to average drawdown	12.53	7.27	+5.26

VSCSX vs. PIMIX - Sharpe Ratio Comparison

The current VSCSX Sharpe Ratio is 2.45, which is comparable to the PIMIX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of VSCSX 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

VSCSX vs. PIMIX - Drawdown Comparison

The maximum VSCSX drawdown since its inception was -9.36%, smaller than the maximum PIMIX drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for VSCSX and PIMIX.

Drawdown Indicators

	VSCSX	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-9.36%	-13.39%	+4.03%
Max Drawdown (1Y) Largest decline over 1 year	-1.36%	-3.69%	+2.33%
Max Drawdown (3Y) Largest decline over 3 years	-1.36%	-3.84%	+2.48%
Max Drawdown (5Y) Largest decline over 5 years	-9.36%	-13.34%	+3.98%
Max Drawdown (10Y) Largest decline over 10 years	-9.36%	-13.39%	+4.03%
Current Drawdown Current decline from peak	-0.26%	-0.93%	+0.67%
Average Drawdown Average peak-to-trough decline	-0.97%	-1.69%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	1.09%	-0.74%

Volatility

VSCSX vs. PIMIX - Volatility Comparison

The current volatility for Vanguard Short-Term Corporate Bond Index Fund Admiral Shares (VSCSX) is 0.67%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.42%. This indicates that VSCSX 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

	VSCSX	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	1.42%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	1.35%	3.39%	-2.04%
Volatility (1Y) Calculated over the trailing 1-year period	1.77%	4.17%	-2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.72%	4.86%	-2.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.37%	4.26%	-1.89%

VSCSX vs. PIMIX - Expense Ratio Comparison

VSCSX has a 0.07% expense ratio, which is lower than PIMIX's 0.54% expense ratio.

Dividends

VSCSX vs. PIMIX - Dividend Comparison

VSCSX's dividend yield for the trailing twelve months is around 4.42%, 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%
VSCSX Vanguard Short-Term Corporate Bond Index Fund Admiral Shares	4.42%	4.32%	4.27%	3.07%	1.98%	1.78%	2.25%	2.85%	2.66%	2.26%	1.93%	2.21%

Frequently Asked Questions

Can I hold both VSCSX and PIMIX in my portfolio?

VSCSX 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, VSCSX or PIMIX?

PIMIX has higher volatility (1.42%) compared to VSCSX (0.67%). In terms of maximum drawdown, VSCSX dropped -9.36% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

VSCSX currently has the higher Sharpe Ratio (2.45 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.