VTBNX vs. PIMIX

Last updated Jun 4, 2026

VTBNX (Vanguard Total Bond Market II Index Fund) and PIMIX (PIMCO Income Fund Institutional Class) are both Total Bond Market funds. Over the past 10 years, VTBNX returned 1.55%/yr vs 4.71%/yr for PIMIX. A 0.63 correlation means they provide meaningful diversification when combined. VTBNX charges 0.02%/yr vs 0.62%/yr for PIMIX.

Performance

VTBNX vs. PIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Bond Market II Index Fund (VTBNX) 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, VTBNX achieves a 0.33% return, which is significantly lower than PIMIX's 1.00% return. Over the past 10 years, VTBNX has underperformed PIMIX with an annualized return of 1.55%, while PIMIX has yielded a comparatively higher 4.71% annualized return.

VTBNX

• 1D: 0.00%
• 1M: 0.45%
• YTD: 0.33%
• 6M: 0.25%
• 1Y: 5.21%
• 3Y*: 4.01%
• 5Y*: 0.20%
• 10Y*: 1.55%

PIMIX

• 1D: 0.18%
• 1M: 0.91%
• YTD: 1.00%
• 6M: 1.41%
• 1Y: 8.39%
• 3Y*: 7.87%
• 5Y*: 3.53%
• 10Y*: 4.71%

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

VTBNX vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTBNX Vanguard Total Bond Market II Index Fund	0.33%	7.18%	1.32%	5.68%	-13.12%	-1.82%	7.39%	8.71%	-0.27%	3.62%
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 VTBNX and PIMIX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.89
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 Jan 25, 2016	0.63

Over the past year, VTBNX and PIMIX have become more correlated (0.90) than their long-term average of 0.63, meaning their price movements have been converging.

Return for Risk

VTBNX vs. PIMIX — Risk / Return Rank

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

VTBNX

VTBNX Risk / Return Rank: 22
VTBNX Sharpe Ratio Rank: 22
VTBNX Sortino Ratio Rank: 24
VTBNX Omega Ratio Rank: 20
VTBNX Calmar Ratio Rank: 25
VTBNX Martin Ratio Rank: 21

PIMIX

PIMIX Risk / Return Rank: 45
PIMIX Sharpe Ratio Rank: 48
PIMIX Sortino Ratio Rank: 53
PIMIX Omega Ratio Rank: 52
PIMIX Calmar Ratio Rank: 37
PIMIX Martin Ratio Rank: 36

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.

VTBNX vs. PIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market II Index Fund (VTBNX) 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.

	VTBNX	PIMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.34	2.04	-0.70
Sortino ratio: Return per unit of downside risk	2.03	3.07	-1.04
Omega ratio: Gain probability vs. loss probability	1.23	1.40	-0.16
Calmar ratio: Return relative to maximum drawdown	1.85	2.29	-0.44
Martin ratio: Return relative to average drawdown	5.53	7.97	-2.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTBNX vs. PIMIX - Sharpe Ratio Comparison

The current VTBNX Sharpe Ratio is 1.34, which is lower than the PIMIX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of VTBNX 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

	VTBNX	PIMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	2.04	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.73	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	1.11	-0.80
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	1.57	-1.19

Drawdowns

VTBNX vs. PIMIX - Drawdown Comparison

The maximum VTBNX drawdown since its inception was -18.71%, which is greater than PIMIX's maximum drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for VTBNX and PIMIX.

Drawdown Indicators

	VTBNX	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.71%	-13.39%	-5.32%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-3.69%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	-5.97%	-3.84%	-2.13%
Max Drawdown (5Y) Largest decline over 5 years	-18.05%	-13.34%	-4.71%
Max Drawdown (10Y) Largest decline over 10 years	-18.71%	-13.39%	-5.32%
Current Drawdown Current decline from peak	-2.21%	-0.93%	-1.28%
Average Drawdown Average peak-to-trough decline	-4.87%	-1.69%	-3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.06%	-0.11%

Volatility

VTBNX vs. PIMIX - Volatility Comparison

The current volatility for Vanguard Total Bond Market II Index Fund (VTBNX) is 1.33%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.68%. This indicates that VTBNX 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

	VTBNX	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	1.68%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	3.29%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	4.15%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.96%	4.84%	+1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.93%	4.25%	+0.68%

VTBNX vs. PIMIX - Expense Ratio Comparison

VTBNX has a 0.02% expense ratio, which is lower than PIMIX's 0.62% expense ratio.

Dividends

VTBNX vs. PIMIX - Dividend Comparison

VTBNX's dividend yield for the trailing twelve months is around 4.06%, 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%
VTBNX Vanguard Total Bond Market II Index Fund	4.06%	3.95%	3.77%	3.13%	2.54%	1.82%	3.12%	2.79%	2.56%	2.52%	2.55%	0.00%

Frequently Asked Questions

Can I hold both VTBNX and PIMIX in my portfolio?

With a correlation of 0.90, VTBNX and PIMIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VTBNX or PIMIX?

PIMIX has higher volatility (1.68%) compared to VTBNX (1.33%). In terms of maximum drawdown, VTBNX dropped -18.71% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

PIMIX currently has the higher Sharpe Ratio (2.04 vs 1.34), 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.