PAI vs VGI: Correlation
How closely do Western Asset Investment Grade Income Fund Inc. (PAI) and Virtus Global Multi-Sector Income Fund (VGI) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAI and VGI?
On 3 years of weekly data the PAI/VGI correlation comes out at 0.66, strong. The relationship has been stable: the 1-year correlation (0.61) sits close to the 3-year figure. The 5-year figure is 0.66, and annualized covariance runs at 67.1 %².
In PAI's tracked universe of 11 assets, VGI sits right near the top at #2. Neither side won the trailing year by much: -0.6% against +3.8%.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
PAI vs VGI: side by side
| PAI (Western Asset Investment Grade Income Fund Inc.) | VGI (Virtus Global Multi-Sector Income Fund) | |
|---|---|---|
| 1-year return | -0.6% | +3.8% |
| 5-year return | -4.0% | +11.9% |
| Volatility (ann.) | 10.0% | 10.3% |
| Beta vs S&P 500 | 0.28 | 0.38 |
| Max drawdown (3Y) | -8.9% | -11.3% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | 12.9 | 7.8 |
| Dividend yield | 2.65% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAI | VGI |
|---|---|---|
| 2022 | -22.5% | -22.3% |
| 2023 | +9.1% | +13.4% |
| 2024 | +9.2% | +10.4% |
| 2025 | +5.4% | +16.1% |
| 2026 | -1.7% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAI and VGI good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between PAI and VGI?
As of 2026-08-27, the correlation of weekly returns between PAI and VGI is 0.66 over 3 years, 0.61 over 1 year and 0.66 over 5 years.
Is VGI a good diversifier for PAI?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 mean?
A reading of 0.66 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pai-vs-vgi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pai-vs-vgi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PAI correlations · VGI correlations
