FIXD vs PAI
First Trust Smith Opportunistic Fixed Income ETF vs Western Asset Investment Grade Income Fund Inc.
Which is better, FIXD or PAI?
Each has led over a different period.
FIXD has a lower expense ratio. FIXD led over 1Y and 5Y, PAI over 3Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FIXD | PAI |
|---|---|---|
| Expense Ratio | 0.65%Best | 0.73% |
| AUM | $2.9B | $119M |
| Dividend Yield | 4.97% | 5.06% |
| Holdings | 421 | 473 |
| YTD Return | -2.78%Best | -6.49% |
| 1Y Return | -2.86%Best | -6.99% |
| 3Y Return (annualized) | +4.40% | +5.95%Best |
| 5Y Return (annualized) | -1.19%Best | -1.75% |
| Volatility (annualized) | 5.8%Best | 12.8% |
| Max Drawdown | -21.8%Best | -33.9% |
| $10,000 over 5 years | $9,419Best | $9,155 |
| Fund Family | First Trust Portfolios (US) | Franklin Templeton Investments (US) |
| Category | Fixed Income | Fixed Income |
| Style | Long Term Mid Quality | Long Term Mid Quality |
| Inception | Feb 14, 2017 | Mar 22, 1973 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Feb 15, 2017 to Oct 14, 2026 (9.7 years).
FIXD vs PAI growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 9.7 years both funds cover.
FIXD vs PAI Performance
First Trust Smith Opportunistic Fixed Income ETF (FIXD) is an ETF from First Trust Portfolios (US) and Western Asset Investment Grade Income Fund Inc. (PAI) is an ETF from Franklin Templeton Investments (US). Over the past year FIXD returned -2.86% while PAI returned -6.99%. Year to date, FIXD is down 2.78% versus a loss of 6.49% for PAI.
Over three years, FIXD compounded at +4.40% per year against +5.95% for PAI; over five years the annualized figures are -1.19% and -1.75% respectively. Across the full 10-year window we track, PAI has the edge at +0.24% annualized vs +0.21%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PAI has been the more volatile fund, with annualized monthly volatility of 12.8% compared with 5.8% for FIXD. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -21.8% for FIXD and -33.9% for PAI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.60. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FIXD charges 0.65% per year while PAI charges 0.73%. On a $10,000 position that is $65 vs $73 annually, a gap of $8 per year that compounds over a long holding period. On income, FIXD currently yields 4.97% against 5.06% for PAI.
Holdings Overlap
We hold position weights for 1 holding in FIXD and 7 in PAI, totalling 0.3% and 2.1% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in FIXD and 7 in PAI, against full books of 421 and 473.
You are not choosing between two funds in isolation.
Whichever of FIXD and PAI you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FIXD or PAI?
FIXD has an expense ratio of 0.65% while PAI charges 0.73%. FIXD is the cheaper option, by $8 a year on a $10,000 investment.
Which performed better, FIXD or PAI?
Over the past year FIXD returned -2.86% vs -6.99% for PAI, so FIXD leads on 1-year performance. Over the longest common window we track (10 years), FIXD annualized +0.21% vs +0.24% for PAI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FIXD or PAI?
PAI has been the more volatile fund at 12.8% annualized versus 5.8% for FIXD. Worst drawdown: FIXD -21.8% vs PAI -33.9%.
Should I hold both FIXD and PAI?
FIXD and PAI have a monthly-return correlation of 0.60, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, FIXD or PAI?
FIXD yields 4.97% while PAI yields 5.06%, so PAI currently pays the higher dividend yield.
Is PAI better than FIXD?
FIXD has a lower expense ratio. FIXD led over 1Y and 5Y, PAI over 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.