The bond components are different:
VIAC Global 40:
- UBS Bonds CH Corporate (CH0281860111) - 46%: duration 4.87 years, yield to maturity 1.02%, credit risk AA to BBB.
Finpension Global 40 (Pension fund):
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Swisscanto (CH) Index Bond Fund Corp. World NMTH1 CHF (CH1529095445) - 12%: world fund, hedged in CHF. Couldn’t find the duration, YTM nor credit risk.
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Swisscanto (CH) Index Bond Fund Total Market AAA-BBB CHF (I) NMT CHF (CH1529124229) - 15%: Swiss bonds. There again, couldn’t find actual info but total market for me means also government and government like bonds with lower returns than investment grade corporates.
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Swisscanto (CH) Index Bond Fund World (ex CHF) Govt. (I) NMTH1 CHF (CH1529124658) - 10%: World ex CH, government, hedged in CHF.
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Swisscanto (CH) Index Bond Fund Emerging Markets Hard Currency NMTH1 CHF (CH1554622394) - 5%: Emerging markets, hedged in CHF.
A bond is not the same as another bond, what you choose matters. See the recent behavior of Swiss bonds vs bonds hedged in CHF presented by @jay: Does it make sense for a Swiss investor to hold USD-hedged international bond ETFs? - #16 by jay
Duration and credit ratings matter too. The equities and real estate parts of the portfolio probably differ too.