(Bloomberg) -- Bill Gross is taking investors in his $232 billion Pimco Total Return Fund for a rough ride.

The world’s largest bond fund produced the worst risk- adjusted return over the past year among 16 U.S. intermediate- term funds with at least $5 billion in assets, according to the BLOOMBERG RISKLESS RETURN RANKING. As shorter-term debt tumbled in anticipation of rising interest rates, Gross’s fund posted the second-worst returns and second-highest volatility in the group. The Pimco Income Fund, run by Daniel Ivascyn, had the second-best performance with the third-lowest price swings.

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