VUBFX vs. PIMIX

Last updated Jun 24, 2026

VUBFX (Vanguard Ultra-Short-Term Bond Fund Investor Shares) and PIMIX (PIMCO Income Fund Institutional Class) are both mutual funds - VUBFX is a Total Bond Market fund managed by Vanguard, while PIMIX is a Multisector Bonds fund actively managed by PIMCO. Over the past 10 years, VUBFX returned 2.61%/yr vs 4.72%/yr for PIMIX. At a 0.34 correlation, their price movements are largely independent. VUBFX charges 0.20%/yr vs 0.54%/yr for PIMIX.

Performance

VUBFX vs. PIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Ultra-Short-Term Bond Fund Investor Shares (VUBFX) 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, VUBFX achieves a 1.47% return, which is significantly higher than PIMIX's 0.72% return. Over the past 10 years, VUBFX has underperformed PIMIX with an annualized return of 2.61%, while PIMIX has yielded a comparatively higher 4.72% annualized return.

VUBFX

• 1D: 0.10%
• 1M: 0.25%
• YTD: 1.47%
• 6M: 1.58%
• 1Y: 4.19%
• 3Y*: 5.29%
• 5Y*: 3.42%
• 10Y*: 2.61%

PIMIX

• 1D: -0.28%
• 1M: 0.91%
• YTD: 0.72%
• 6M: 1.32%
• 1Y: 7.28%
• 3Y*: 7.60%
• 5Y*: 3.49%
• 10Y*: 4.72%

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

VUBFX vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VUBFX Vanguard Ultra-Short-Term Bond Fund Investor Shares	1.47%	5.04%	5.99%	5.43%	-0.53%	0.03%	1.95%	3.34%	1.94%	1.23%
PIMIX PIMCO Income Fund Institutional Class	0.72%	11.08%	5.45%	9.36%	-9.07%	2.62%	5.84%	8.10%	0.63%	8.63%

Correlation

The correlation between VUBFX and PIMIX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.34

The correlation between VUBFX and PIMIX shifts across timeframes, from 0.32 (1 year) to 0.48 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VUBFX vs. PIMIX — Risk / Return Rank

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

VUBFX

VUBFX Risk / Return Rank: 100
VUBFX Sharpe Ratio Rank: 100
VUBFX Sortino Ratio Rank: 100
VUBFX Omega Ratio Rank: 99
VUBFX Calmar Ratio Rank: 99
VUBFX Martin Ratio Rank: 100

PIMIX

PIMIX Risk / Return Rank: 42
PIMIX Sharpe Ratio Rank: 45
PIMIX Sortino Ratio Rank: 50
PIMIX Omega Ratio Rank: 49
PIMIX Calmar Ratio Rank: 34
PIMIX Martin Ratio Rank: 33

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.

VUBFX vs. PIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Ultra-Short-Term Bond Fund Investor Shares (VUBFX) 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.

	VUBFX	PIMIX	Difference
Sharpe ratio: Return per unit of total volatility	5.51	1.83	+3.68
Sortino ratio: Return per unit of downside risk	12.01	2.73	+9.28
Omega ratio: Gain probability vs. loss probability	4.18	1.35	+2.83
Calmar ratio: Return relative to maximum drawdown	14.44	2.07	+12.37
Martin ratio: Return relative to average drawdown	81.08	6.98	+74.10

VUBFX vs. PIMIX - Sharpe Ratio Comparison

The current VUBFX Sharpe Ratio is 5.51, which is higher than the PIMIX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of VUBFX 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

VUBFX vs. PIMIX - Drawdown Comparison

The maximum VUBFX drawdown since its inception was -1.86%, smaller than the maximum PIMIX drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for VUBFX and PIMIX.

Drawdown Indicators

	VUBFX	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-1.86%	-13.39%	+11.53%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-3.69%	+3.39%
Max Drawdown (3Y) Largest decline over 3 years	-0.30%	-3.84%	+3.54%
Max Drawdown (5Y) Largest decline over 5 years	-1.86%	-13.34%	+11.48%
Max Drawdown (10Y) Largest decline over 10 years	-1.86%	-13.39%	+11.53%
Current Drawdown Current decline from peak	-0.00%	-1.21%	+1.21%
Average Drawdown Average peak-to-trough decline	-0.17%	-1.69%	+1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	1.09%	-1.04%

Volatility

VUBFX vs. PIMIX - Volatility Comparison

The current volatility for Vanguard Ultra-Short-Term Bond Fund Investor Shares (VUBFX) is 0.25%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.34%. This indicates that VUBFX 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

	VUBFX	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	1.34%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	0.57%	3.41%	-2.84%
Volatility (1Y) Calculated over the trailing 1-year period	0.78%	4.19%	-3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.99%	4.87%	-3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.84%	4.26%	-3.42%

VUBFX vs. PIMIX - Expense Ratio Comparison

VUBFX has a 0.20% expense ratio, which is lower than PIMIX's 0.54% expense ratio.

Dividends

VUBFX vs. PIMIX - Dividend Comparison

VUBFX's dividend yield for the trailing twelve months is around 4.42%, 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%
VUBFX Vanguard Ultra-Short-Term Bond Fund Investor Shares	4.42%	4.62%	5.42%	4.06%	1.28%	0.43%	1.52%	2.58%	2.13%	1.43%	0.98%	0.00%

Frequently Asked Questions

Can I hold both VUBFX and PIMIX in my portfolio?

VUBFX and PIMIX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VUBFX or PIMIX?

PIMIX has higher volatility (1.34%) compared to VUBFX (0.25%). In terms of maximum drawdown, VUBFX dropped -1.86% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

VUBFX currently has the higher Sharpe Ratio (5.51 vs 1.83), 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.