CIUEX vs. PMZIX

Last updated Jul 14, 2026

CIUEX (Six Circles International Unconstrained Equity Fund) and PMZIX (PIMCO Mortgage Opportunities and Bond Fund) are both mutual funds - CIUEX is a Foreign Large Cap Equities fund managed by Six Circles, while PMZIX is a Nontraditional Bonds fund managed by PIMCO. Over the past 5 years, CIUEX returned 9.52%/yr vs 2.84%/yr for PMZIX. At a 0.17 correlation, their price movements are largely independent. CIUEX charges 0.10%/yr vs 0.60%/yr for PMZIX.

Performance

CIUEX vs. PMZIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Six Circles International Unconstrained Equity Fund (CIUEX) and PIMCO Mortgage Opportunities and Bond Fund (PMZIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CIUEX achieves a 9.31% return, which is significantly higher than PMZIX's 0.72% return.

CIUEX

• 1D: 0.07%
• 1M: 0.60%
• 6M: 5.35%
• YTD: 9.31%
• 1Y: 19.75%
• 3Y*: 16.66%
• 5Y*: 9.52%
• 10Y*: —

PMZIX

• 1D: -0.11%
• 1M: -0.10%
• 6M: 0.62%
• YTD: 0.72%
• 1Y: 5.17%
• 3Y*: 6.39%
• 5Y*: 2.84%
• 10Y*: 3.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CIUEX vs. PMZIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CIUEX Six Circles International Unconstrained Equity Fund	9.31%	34.22%	2.29%	18.98%	-13.67%	14.00%	5.75%	18.91%	-17.00%
PMZIX PIMCO Mortgage Opportunities and Bond Fund	0.72%	8.50%	5.74%	7.03%	-8.00%	2.42%	5.44%	5.04%	0.83%

Correlation

The correlation between CIUEX and PMZIX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jul 26, 2018	0.17

Over the past year, CIUEX and PMZIX have become more correlated (0.40) than their long-term average of 0.17, meaning their price movements have been converging.

Return for Risk

CIUEX vs. PMZIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CIUEX

CIUEX Risk / Return Rank: 29
CIUEX Sharpe Ratio Rank: 28
CIUEX Sortino Ratio Rank: 29
CIUEX Omega Ratio Rank: 27
CIUEX Calmar Ratio Rank: 29
CIUEX Martin Ratio Rank: 32

PMZIX

PMZIX Risk / Return Rank: 48
PMZIX Sharpe Ratio Rank: 45
PMZIX Sortino Ratio Rank: 54
PMZIX Omega Ratio Rank: 54
PMZIX Calmar Ratio Rank: 45
PMZIX Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CIUEX vs. PMZIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Six Circles International Unconstrained Equity Fund (CIUEX) and PIMCO Mortgage Opportunities and Bond Fund (PMZIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CIUEX	PMZIX	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.50	-0.36
Sortino ratio: Return per unit of downside risk	1.69	2.34	-0.65
Omega ratio: Gain probability vs. loss probability	1.21	1.30	-0.10
Calmar ratio: Return relative to maximum drawdown	1.57	2.06	-0.49
Martin ratio: Return relative to average drawdown	5.77	7.22	-1.45

CIUEX vs. PMZIX - Sharpe Ratio Comparison

The current CIUEX Sharpe Ratio is 1.14, which is comparable to the PMZIX Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of CIUEX and PMZIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CIUEX vs. PMZIX - Drawdown Comparison

The maximum CIUEX drawdown since its inception was -37.39%, which is greater than PMZIX's maximum drawdown of -10.44%. Use the drawdown chart below to compare losses from any high point for CIUEX and PMZIX.

Drawdown Indicators

	CIUEX	PMZIX	Difference
Max Drawdown Largest peak-to-trough decline	-37.39%	-10.44%	-26.95%
Max Drawdown (1Y) Largest decline over 1 year	-11.89%	-2.42%	-9.47%
Max Drawdown (3Y) Largest decline over 3 years	-13.99%	-3.53%	-10.46%
Max Drawdown (5Y) Largest decline over 5 years	-30.15%	-10.44%	-19.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-10.44%	—
Current Drawdown Current decline from peak	-1.75%	-0.88%	-0.87%
Average Drawdown Average peak-to-trough decline	-6.65%	-1.18%	-5.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	0.69%	+2.54%

Volatility

CIUEX vs. PMZIX - Volatility Comparison

Six Circles International Unconstrained Equity Fund (CIUEX) has a higher volatility of 5.11% compared to PIMCO Mortgage Opportunities and Bond Fund (PMZIX) at 1.00%. This indicates that CIUEX's price experiences larger fluctuations and is considered to be riskier than PMZIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CIUEX	PMZIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	1.00%	+4.11%
Volatility (6M) Calculated over the trailing 6-month period	13.99%	2.58%	+11.41%
Volatility (1Y) Calculated over the trailing 1-year period	16.38%	3.32%	+13.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.74%	3.87%	+13.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.00%	3.24%	+15.76%

CIUEX vs. PMZIX - Expense Ratio Comparison

CIUEX has a 0.10% expense ratio, which is lower than PMZIX's 0.60% expense ratio.

Dividends

CIUEX vs. PMZIX - Dividend Comparison

CIUEX's dividend yield for the trailing twelve months is around 2.89%, less than PMZIX's 5.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIUEX Six Circles International Unconstrained Equity Fund	2.89%	3.16%	3.25%	2.87%	3.14%	2.44%	1.59%	2.87%	0.00%	0.00%	0.00%	0.00%
PMZIX PIMCO Mortgage Opportunities and Bond Fund	5.53%	5.84%	7.59%	6.74%	5.87%	3.99%	3.96%	4.38%	4.34%	3.62%	5.24%	4.08%

Frequently Asked Questions

Can I hold both CIUEX and PMZIX in my portfolio?

CIUEX and PMZIX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CIUEX or PMZIX?

CIUEX has higher volatility (5.11%) compared to PMZIX (1.00%). In terms of maximum drawdown, CIUEX dropped -37.39% vs PMZIX's -10.44%.

Which has better risk-adjusted returns?

PMZIX currently has the higher Sharpe Ratio (1.50 vs 1.14), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.