GCMFX vs. GNMFX

Last updated Jun 24, 2026

GCMFX (PIMCO California Municipal Opportunistic Value Fund) and GNMFX (PIMCO National Municipal Opportunistic Value Fund) are both Municipal Bonds funds from Gurtin. Over the past 10 years, GCMFX returned 2.00%/yr vs 2.01%/yr for GNMFX. A 0.80 correlation means they provide meaningful diversification when combined. Both charge a 0.63% expense ratio.

Performance

GCMFX vs. GNMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO California Municipal Opportunistic Value Fund (GCMFX) and PIMCO National Municipal Opportunistic Value Fund (GNMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with GCMFX having a 1.95% return and GNMFX slightly higher at 1.98%. Both investments have delivered pretty close results over the past 10 years, with GCMFX having a 2.00% annualized return and GNMFX not far ahead at 2.01%.

GCMFX

• 1D: 0.00%
• 1M: 1.64%
• YTD: 1.95%
• 6M: 2.35%
• 1Y: 6.65%
• 3Y*: 3.36%
• 5Y*: 1.79%
• 10Y*: 2.00%

GNMFX

• 1D: -0.10%
• 1M: 1.67%
• YTD: 1.98%
• 6M: 2.31%
• 1Y: 6.61%
• 3Y*: 3.48%
• 5Y*: 1.45%
• 10Y*: 2.01%

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

GCMFX vs. GNMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GCMFX PIMCO California Municipal Opportunistic Value Fund	1.95%	2.76%	2.24%	5.22%	-3.47%	1.76%	2.69%	5.06%	1.83%	2.96%
GNMFX PIMCO National Municipal Opportunistic Value Fund	1.98%	3.09%	2.38%	4.89%	-5.25%	1.40%	3.17%	6.43%	2.09%	2.41%

Correlation

The correlation between GCMFX and GNMFX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Nov 3, 2014	0.80

The correlation between GCMFX and GNMFX shifts across timeframes, from 0.80 (all time) to 0.90 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

GCMFX vs. GNMFX — Risk / Return Rank

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

GCMFX

GCMFX Risk / Return Rank: 81
GCMFX Sharpe Ratio Rank: 89
GCMFX Sortino Ratio Rank: 95
GCMFX Omega Ratio Rank: 95
GCMFX Calmar Ratio Rank: 69
GCMFX Martin Ratio Rank: 59

GNMFX

GNMFX Risk / Return Rank: 79
GNMFX Sharpe Ratio Rank: 84
GNMFX Sortino Ratio Rank: 90
GNMFX Omega Ratio Rank: 90
GNMFX Calmar Ratio Rank: 73
GNMFX Martin Ratio Rank: 59

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.

GCMFX vs. GNMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO California Municipal Opportunistic Value Fund (GCMFX) and PIMCO National Municipal Opportunistic Value Fund (GNMFX). 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.

	GCMFX	GNMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.73	2.52	+0.20
Sortino ratio: Return per unit of downside risk	4.62	4.02	+0.60
Omega ratio: Gain probability vs. loss probability	1.72	1.61	+0.11
Calmar ratio: Return relative to maximum drawdown	3.05	3.18	-0.13
Martin ratio: Return relative to average drawdown	11.06	11.09	-0.04

GCMFX vs. GNMFX - Sharpe Ratio Comparison

The current GCMFX Sharpe Ratio is 2.73, which is comparable to the GNMFX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of GCMFX and GNMFX, 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

GCMFX vs. GNMFX - Drawdown Comparison

The maximum GCMFX drawdown since its inception was -7.08%, smaller than the maximum GNMFX drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for GCMFX and GNMFX.

Drawdown Indicators

	GCMFX	GNMFX	Difference
Max Drawdown Largest peak-to-trough decline	-7.08%	-9.06%	+1.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-2.13%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-4.96%	-4.91%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-7.08%	-9.06%	+1.98%
Max Drawdown (10Y) Largest decline over 10 years	-7.08%	-9.06%	+1.98%
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-1.03%	-1.38%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.61%	0.00%

Volatility

GCMFX vs. GNMFX - Volatility Comparison

The current volatility for PIMCO California Municipal Opportunistic Value Fund (GCMFX) is 0.70%, while PIMCO National Municipal Opportunistic Value Fund (GNMFX) has a volatility of 0.78%. This indicates that GCMFX experiences smaller price fluctuations and is considered to be less risky than GNMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCMFX	GNMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	0.78%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.89%	1.96%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	2.51%	2.69%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.21%	3.34%	-0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.77%	2.96%	-0.19%

GCMFX vs. GNMFX - Expense Ratio Comparison

Both GCMFX and GNMFX have an expense ratio of 0.63%.

Dividends

GCMFX vs. GNMFX - Dividend Comparison

GCMFX's dividend yield for the trailing twelve months is around 3.39%, less than GNMFX's 3.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GCMFX PIMCO California Municipal Opportunistic Value Fund	3.39%	3.39%	3.34%	2.59%	1.91%	2.34%	2.65%	2.56%	2.40%	1.51%	0.17%
GNMFX PIMCO National Municipal Opportunistic Value Fund	3.67%	3.61%	3.48%	2.68%	1.98%	2.17%	2.24%	2.59%	2.45%	0.89%	0.17%

Frequently Asked Questions

Can I hold both GCMFX and GNMFX in my portfolio?

GCMFX and GNMFX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GCMFX or GNMFX?

GNMFX has higher volatility (0.78%) compared to GCMFX (0.70%). In terms of maximum drawdown, GCMFX dropped -7.08% vs GNMFX's -9.06%.

Which has better risk-adjusted returns?

GCMFX currently has the higher Sharpe Ratio (2.73 vs 2.52), 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.