DFSD vs. PIMIX

Last updated Jun 24, 2026

DFSD (Dimensional Short-Duration Fixed Income ETF) and PIMIX (PIMCO Income Fund Institutional Class) are both funds - DFSD is a Short-Term Bond fund actively managed by Dimensional, while PIMIX is a Multisector Bonds fund actively managed by PIMCO. Both are actively managed. Over the past 3 years, DFSD returned 5.16%/yr vs 7.60%/yr for PIMIX. A 0.69 correlation means they provide meaningful diversification when combined. DFSD charges 0.16%/yr vs 0.54%/yr for PIMIX.

Performance

DFSD vs. PIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Short-Duration Fixed Income ETF (DFSD) and PIMCO Income Fund Institutional Class (PIMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFSD achieves a 0.22% return, which is significantly lower than PIMIX's 0.72% return.

DFSD

• 1D: -0.44%
• 1M: -0.17%
• YTD: 0.22%
• 6M: 0.39%
• 1Y: 3.30%
• 3Y*: 5.16%
• 5Y*: —
• 10Y*: —

PIMIX

• 1D: -0.28%
• 1M: 0.91%
• YTD: 0.72%
• 6M: 1.32%
• 1Y: 7.28%
• 3Y*: 7.60%
• 5Y*: 3.49%
• 10Y*: 4.72%

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

DFSD vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFSD Dimensional Short-Duration Fixed Income ETF	0.22%	6.59%	4.60%	6.09%	-5.87%	-0.05%
PIMIX PIMCO Income Fund Institutional Class	0.72%	11.08%	5.45%	9.36%	-9.07%	0.34%

Correlation

The correlation between DFSD and PIMIX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Nov 16, 2021	0.69

The correlation between DFSD and PIMIX has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.

Return for Risk

DFSD vs. PIMIX — Risk / Return Rank

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

DFSD

DFSD Risk / Return Rank: 52
DFSD Sharpe Ratio Rank: 51
DFSD Sortino Ratio Rank: 55
DFSD Omega Ratio Rank: 54
DFSD Calmar Ratio Rank: 48
DFSD Martin Ratio Rank: 52

PIMIX

PIMIX Risk / Return Rank: 42
PIMIX Sharpe Ratio Rank: 45
PIMIX Sortino Ratio Rank: 50
PIMIX Omega Ratio Rank: 49
PIMIX Calmar Ratio Rank: 34
PIMIX Martin Ratio Rank: 33

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.

DFSD vs. PIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Short-Duration Fixed Income ETF (DFSD) and PIMCO Income Fund Institutional Class (PIMIX). 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.

	DFSD	PIMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.83	-0.16
Sortino ratio: Return per unit of downside risk	2.48	2.73	-0.25
Omega ratio: Gain probability vs. loss probability	1.32	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	2.26	2.07	+0.19
Martin ratio: Return relative to average drawdown	8.48	6.98	+1.51

DFSD vs. PIMIX - Sharpe Ratio Comparison

The current DFSD Sharpe Ratio is 1.67, which is comparable to the PIMIX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of DFSD and PIMIX, 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

DFSD vs. PIMIX - Drawdown Comparison

The maximum DFSD drawdown since its inception was -8.45%, smaller than the maximum PIMIX drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for DFSD and PIMIX.

Drawdown Indicators

	DFSD	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-8.45%	-13.39%	+4.94%
Max Drawdown (1Y) Largest decline over 1 year	-1.47%	-3.69%	+2.22%
Max Drawdown (3Y) Largest decline over 3 years	-1.47%	-3.84%	+2.37%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-13.39%	—
Current Drawdown Current decline from peak	-0.83%	-1.21%	+0.38%
Average Drawdown Average peak-to-trough decline	-2.05%	-1.69%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	1.09%	-0.70%

Volatility

DFSD vs. PIMIX - Volatility Comparison

The current volatility for Dimensional Short-Duration Fixed Income ETF (DFSD) is 0.78%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.34%. This indicates that DFSD experiences smaller price fluctuations and is considered to be less risky than PIMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFSD	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	1.34%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	1.59%	3.41%	-1.82%
Volatility (1Y) Calculated over the trailing 1-year period	1.98%	4.19%	-2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.78%	4.87%	-2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.78%	4.26%	-1.48%

DFSD vs. PIMIX - Expense Ratio Comparison

DFSD has a 0.16% expense ratio, which is lower than PIMIX's 0.54% expense ratio.

Dividends

DFSD vs. PIMIX - Dividend Comparison

DFSD's dividend yield for the trailing twelve months is around 3.99%, less than PIMIX's 5.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSD Dimensional Short-Duration Fixed Income ETF	3.99%	4.12%	4.81%	3.89%	2.12%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PIMIX PIMCO Income Fund Institutional Class	5.85%	6.01%	6.27%	6.21%	4.98%	4.02%	4.88%	5.83%	5.66%	5.37%	5.52%	7.88%

Frequently Asked Questions

Can I hold both DFSD and PIMIX in my portfolio?

DFSD and PIMIX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFSD or PIMIX?

PIMIX has higher volatility (1.34%) compared to DFSD (0.78%). In terms of maximum drawdown, DFSD dropped -8.45% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

PIMIX currently has the higher Sharpe Ratio (1.83 vs 1.67), 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.