PAI vs GBF

Comparison between Western Asset Investment Grade Income Fund Inc (PAI, ETF) and ISHARES GOVERNMENT/CREDIT BOND ETF (GBF, ETF).

5-Year PerformancePAI has outperformed GBF, delivering a return of -0.4% compared to -0.7%

PAI vs GBF - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PAI(ETF)	GBF(ETF)
Net Assets	$125M	$125M
Expense Ratio	N/A	0.20%
Max Drawdown	45.93%	23.43%
Sharpe Ratio	-0.71	-0.20
5Y Beta	0.22	0.03
5Y Dividends CAGR	3.72%	19.07%

Net Assets

Winner

PAI

$125M

GBF

$125M

Expense Ratio

PAI

N/A

GBF

0.20%

Max Drawdown

PAI

45.93%

Winner

GBF

23.43%

Sharpe Ratio

PAI

-0.71

Winner

GBF

-0.20

5Y Beta

PAI

0.22

Winner

GBF

0.03

5Y Dividends CAGR

PAI

3.72%

Winner

GBF

19.07%

PAI vs GBF - Historical Returns

Returns include dividend reinvestment.

Period	PAI	GBF
1 month	-0.48%	-0.56%
3 months	-0.79%	-0.86%
6 months	-2.15%	-0.42%
1 year	-1.15%	+2.73%
5 years(CAGR)	-0.44%	-0.65%
10 years(CAGR)	+2.81%	+1.26%
Max(CAGR)	+6.00%	+2.98%

Winner

PAI

-0.48%

GBF

-0.56%

Winner

PAI

-0.79%

GBF

-0.86%

PAI

-2.15%

Winner

GBF

-0.42%

PAI

-1.15%

Winner

GBF

+2.73%

5Y(CAGR)

Winner

PAI

-0.44%

GBF

-0.65%

10Y(CAGR)

Winner

PAI

+2.81%

GBF

+1.26%

Max(CAGR)

Winner

PAI

+6.00%

GBF

+2.98%

PAI vs GBF - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	PAI	GBF
2026	-1.84%	-0.35%
2025	+7.09%	+6.30%
2024	+9.44%	+1.42%
2023	+7.42%	+5.13%
2022	-21.03%	-13.13%
2021	+1.88%	-2.07%
2020	+6.17%	+8.44%
2019	+20.23%	+9.34%
2018	-11.78%	-0.15%
2017	+16.74%	+3.83%
2016	+15.58%	+2.25%
2015	+1.70%	-0.28%
2014	+7.73%	+6.05%
2013	-7.43%	-2.09%
2012	+12.40%	+4.13%
2011	+13.11%	+9.44%
2010	+6.63%	+5.44%
2009	+29.99%	+3.45%
2008	-16.92%	+6.81%
2007	-5.46%	+6.69%
2006	+16.18%	N/A
2005	-0.98%	N/A
2004	+10.46%	N/A
2003	+15.49%	N/A
2002	+6.03%	N/A
2001	+14.94%	N/A
2000	+25.82%	N/A
1999	-2.13%	N/A

PAI vs GBF Drawdown Comparison

The maximum drawdown for PAI was -38.96%, occurring on Nov 24, 2008. Recovery took 575 trading sessions.

The maximum drawdown for GBF was -19.67%, occurring on Oct 24, 2022. This drawdown has not yet recovered.

The current PAI drawdown is -11.83%. The current GBF drawdown is -5.31%.

Rank	PAI	GBF
#1	-38.96% Jun 1, 2007 - Sep 11, 2009	-19.67% Aug 4, 2020 - Oct 24, 2022
#2	-33.71% Dec 2, 2021 - Oct 20, 2022	-8.75% Sep 9, 2008 - Dec 2, 2008
#3	-30.98% Nov 15, 2019 - Jul 15, 2020	-7.97% Mar 9, 2020 - Jun 26, 2020
#4	-22.02% Nov 26, 2012 - Apr 22, 2016	-6.12% May 2, 2013 - Jul 23, 2014
#5	-19.82% Sep 28, 2017 - Jun 11, 2019	-5.85% Dec 29, 2008 - Jul 31, 2009
#6	-13.79% May 24, 2010 - Sep 1, 2011	-5.20% Jul 8, 2016 - Sep 5, 2017
#7	-13.48% Aug 30, 2016 - Jun 19, 2017	-4.35% Oct 6, 2010 - Jun 1, 2011
#8	-10.99% Mar 17, 2004 - Sep 15, 2004	-3.90% Sep 7, 2017 - Feb 7, 2019
#9	-9.79% Nov 9, 2012 - Nov 21, 2012	-3.73% Jan 30, 2015 - Feb 11, 2016
#10	-9.55% Sep 28, 2020 - Aug 20, 2021	-2.81% Apr 9, 2008 - Sep 4, 2008
#11	-9.15% Sep 24, 2002 - Dec 16, 2002	-2.75% May 7, 2007 - Aug 16, 2007
#12	-8.91% Jun 20, 2003 - Nov 20, 2003	-2.58% Sep 4, 2019 - Jan 23, 2020
#13	-8.83% Sep 30, 2009 - Mar 17, 2010	-2.00% Nov 12, 2012 - Apr 15, 2013
#14	-8.29% Sep 15, 2021 - Nov 19, 2021	-1.98% Jul 24, 2012 - Nov 7, 2012
#15	-8.08% Feb 10, 2005 - Jun 30, 2005	-1.86% Nov 30, 2009 - Mar 2, 2010

Correlation

Correlation between PAI and GBF is 0.97 which considered as a very strong positive correlation - the stocks move almost identically together.

0.97

-101

Dividend Comparison (1999 - 2026)

PAI vs GBF dividend yield comparison.

Year	PAI	GBF
2026	2.19%	1.90%
2025	5.45%	3.81%
2024	4.83%	3.94%
2023	4.67%	3.03%
2022	4.82%	2.13%
2021	3.57%	1.22%
2020	3.82%	1.64%
2019	4.43%	2.64%
2018	5.23%	2.59%
2017	4.36%	2.31%
2016	4.82%	2.09%
2015	5.30%	2.04%
2014	5.13%	2.08%
2013	5.24%	2.37%
2012	4.84%	2.53%
2011	5.39%	3.03%
2010	6.13%	3.19%
2009	7.37%	3.56%
2008	9.37%	4.17%
2007	8.28%	4.67%
2006	5.59%	0.00%
2005	7.58%	0.00%
2004	9.41%	0.00%
2003	6.38%	0.00%
2002	6.97%	0.00%
2001	7.28%	0.00%
2000	8.00%	0.00%
1999	2.10%	0.00%