CORP vs. MUNI
CORP (PIMCO Investment Grade Corporate Bond Index ETF) and MUNI (PIMCO Intermediate Municipal Bond Active ETF) are both exchange-traded funds - CORP is a Corporate Bonds fund tracking the ICE BofA US Corporate, while MUNI is a Municipal Bonds fund actively managed by PIMCO. CORP is passively managed, while MUNI is actively managed. Over the past 10 years, CORP returned 2.79%/yr vs 2.16%/yr for MUNI. At a 0.48 correlation, their price movements are largely independent. CORP charges 0.20%/yr vs 0.35%/yr for MUNI.
Performance
CORP vs. MUNI - Performance Comparison
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Returns By Period
In the year-to-date period, CORP achieves a 0.57% return, which is significantly lower than MUNI's 1.24% return. Over the past 10 years, CORP has outperformed MUNI with an annualized return of 2.79%, while MUNI has yielded a comparatively lower 2.16% annualized return.
CORP
- 1D
- -0.21%
- 1M
- 0.55%
- YTD
- 0.57%
- 6M
- 0.40%
- 1Y
- 6.11%
- 3Y*
- 5.48%
- 5Y*
- 0.92%
- 10Y*
- 2.79%
MUNI
- 1D
- -0.04%
- 1M
- 0.42%
- YTD
- 1.24%
- 6M
- 1.44%
- 1Y
- 6.52%
- 3Y*
- 3.96%
- 5Y*
- 1.27%
- 10Y*
- 2.16%
CORP vs. MUNI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CORP PIMCO Investment Grade Corporate Bond Index ETF | 0.57% | 7.96% | 2.47% | 9.13% | -14.96% | -1.18% | 9.70% | 14.80% | -3.29% | 6.56% |
MUNI PIMCO Intermediate Municipal Bond Active ETF | 1.24% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 7.09% | 0.84% | 4.86% |
Correlation
The correlation between CORP and MUNI is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2010 | 0.48 |
Over the past year, CORP and MUNI have become more correlated (0.73) than their long-term average of 0.48, meaning their price movements have been converging.
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Return for Risk
CORP vs. MUNI — Risk / Return Rank
CORP
MUNI
CORP vs. MUNI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Investment Grade Corporate Bond Index ETF (CORP) and PIMCO Intermediate Municipal Bond Active ETF (MUNI). 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.
| CORP | MUNI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.65 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 2.86 | -0.73 |
| Martin ratioReturn relative to average drawdown | 6.90 | 9.39 | -2.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CORP | MUNI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.47 | 2.89 | -1.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | 0.38 | -0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | 0.56 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.78 | -0.22 |
Drawdowns
CORP vs. MUNI - Drawdown Comparison
The maximum CORP drawdown since its inception was -21.21%, which is greater than MUNI's maximum drawdown of -11.15%. Use the drawdown chart below to compare losses from any high point for CORP and MUNI.
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Drawdown Indicators
| CORP | MUNI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.21% | -11.15% | -10.06% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -2.29% | -0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -6.06% | -4.09% | -1.97% |
Max Drawdown (5Y)Largest decline over 5 years | -21.21% | -11.15% | -10.06% |
Max Drawdown (10Y)Largest decline over 10 years | -21.21% | -11.15% | -10.06% |
Current DrawdownCurrent decline from peak | -1.06% | -0.79% | -0.27% |
Average DrawdownAverage peak-to-trough decline | -3.61% | -1.73% | -1.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.70% | +0.19% |
Volatility
CORP vs. MUNI - Volatility Comparison
PIMCO Investment Grade Corporate Bond Index ETF (CORP) has a higher volatility of 1.33% compared to PIMCO Intermediate Municipal Bond Active ETF (MUNI) at 0.77%. This indicates that CORP's price experiences larger fluctuations and is considered to be riskier than MUNI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CORP | MUNI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 0.77% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 1.60% | +1.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 2.27% | +1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.89% | 3.31% | +3.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.08% | 3.85% | +3.23% |
CORP vs. MUNI - Expense Ratio Comparison
CORP has a 0.20% expense ratio, which is lower than MUNI's 0.35% expense ratio.
Dividends
CORP vs. MUNI - Dividend Comparison
CORP's dividend yield for the trailing twelve months is around 4.85%, more than MUNI's 3.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORP PIMCO Investment Grade Corporate Bond Index ETF | 4.85% | 4.77% | 4.74% | 4.12% | 3.28% | 2.51% | 2.90% | 3.25% | 3.18% | 3.08% | 2.91% | 3.14% |
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.29% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
Frequently Asked Questions
CORP and MUNI have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CORP has higher volatility (1.33%) compared to MUNI (0.77%). In terms of maximum drawdown, CORP dropped -21.21% vs MUNI's -11.15%.
On 10-year performance, CORP leads with 2.79% vs 2.16% for MUNI. On fees, CORP is cheaper at 0.20% per year. On volatility, MUNI has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CORP has performed better with a 2.79% return vs 2.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CORP is cheaper with a 0.20% expense ratio, compared with 0.35% for MUNI.
CORP has the higher dividend yield at 4.85%, compared with 3.29% for MUNI.
CORP is categorized as Corporate Bonds, while MUNI is Municipal Bonds. Their fees differ too: 0.20% for CORP and 0.35% for MUNI.
MUNI currently has the higher Sharpe Ratio (2.89 vs 1.47), 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.
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