GCMFX vs. PCN

Last updated Aug 1, 2026

GCMFX (PIMCO California Municipal Opportunistic Value Fund) and PCN (PIMCO Corporate & Income Strategy Fund) are both mutual funds - GCMFX is a Municipal Bonds fund managed by PIMCO, while PCN is a Multisector Bonds fund actively managed by PIMCO. Over the past 10 years, GCMFX returned 1.90%/yr vs 6.93%/yr for PCN. Their 0.11 correlation means their historical movements had little consistent relationship. GCMFX charges 0.63%/yr vs 0.85%/yr for PCN.

Performance

GCMFX vs. PCN - Performance Comparison

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

Returns By Period

In the year-to-date period, GCMFX achieves a 0.89% return, which is significantly higher than PCN's -2.68% return. Over the past 10 years, GCMFX has underperformed PCN with an annualized return of 1.90%, while PCN has yielded a comparatively higher 6.93% annualized return.

GCMFX

• 1D: -0.21%
• 1M: -1.73%
• 6M: 0.61%
• YTD: 0.89%
• 1Y: 5.50%
• 3Y*: 2.86%
• 5Y*: 1.50%
• 10Y*: 1.90%
• ALL TIME*: 1.85%

PCN

• 1D: -0.34%
• 1M: -0.99%
• 6M: -3.91%
• YTD: -2.68%
• 1Y: 2.62%
• 3Y*: 5.39%
• 5Y*: 0.50%
• 10Y*: 6.93%
• ALL TIME*: 9.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GCMFX PIMCO California Municipal Opportunistic Value Fund	$0.00	$0.00	$0.00
PCN PIMCO Corporate & Income Strategy Fund	$3.20M	$3.68M	$3.66M

GCMFX vs. PCN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GCMFX PIMCO California Municipal Opportunistic Value Fund	0.89%	2.76%	2.24%	5.22%	-3.47%	1.76%	2.69%	5.06%	1.83%	2.96%
PCN PIMCO Corporate & Income Strategy Fund	-2.68%	5.55%	19.52%	16.22%	-22.88%	6.93%	-2.19%	39.10%	-5.94%	26.20%

Correlation

The correlation between GCMFX and PCN is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.25
Correlation (3Y) Balances recent behavior with more history.	0.22
Correlation (5Y) Shows whether the relationship held over a longer period.	0.21
Correlation (10Y) Provides a long-term view across more market conditions.	0.14
Correlation (All Time) Calculated using the full available price history since Nov 3, 2014	0.11

The correlation between GCMFX and PCN shifts across timeframes, from 0.11 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GCMFX vs. PCN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GCMFX

GCMFX Risk / Return Rank: 90
GCMFX Sharpe Ratio Rank: 94
GCMFX Sortino Ratio Rank: 96
GCMFX Omega Ratio Rank: 96
GCMFX Calmar Ratio Rank: 83
GCMFX Martin Ratio Rank: 81

PCN

PCN Risk / Return Rank: 9
PCN Sharpe Ratio Rank: 9
PCN Sortino Ratio Rank: 9
PCN Omega Ratio Rank: 9
PCN Calmar Ratio Rank: 8
PCN Martin Ratio Rank: 8

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GCMFX vs. PCN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO California Municipal Opportunistic Value Fund (GCMFX) and PIMCO Corporate & Income Strategy Fund (PCN). 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	PCN	Difference
Sharpe ratio: Return per unit of total volatility	2.51	0.27	+2.24
Sortino ratio: Return per unit of downside risk	4.06	0.46	+3.60
Omega ratio: Gain probability vs. loss probability	1.64	1.06	+0.57
Calmar ratio: Return relative to maximum drawdown	2.87	0.26	+2.61
Martin ratio: Return relative to average drawdown	10.22	0.66	+9.56

GCMFX vs. PCN - Sharpe Ratio Comparison

The current GCMFX Sharpe Ratio is 2.51, which is higher than the PCN Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of GCMFX and PCN, 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. PCN - Drawdown Comparison

The maximum GCMFX drawdown since its inception was -7.08%, smaller than the maximum PCN drawdown of -61.12%. Use the drawdown chart below to compare losses from any high point for GCMFX and PCN.

Drawdown Indicators

	GCMFX	PCN	Difference
Max Drawdown Largest peak-to-trough decline	-7.08%	-61.12%	+54.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-10.40%	+8.16%
Max Drawdown (3Y) Largest decline over 3 years	-4.96%	-22.53%	+17.57%
Max Drawdown (5Y) Largest decline over 5 years	-7.08%	-33.39%	+26.31%
Max Drawdown (10Y) Largest decline over 10 years	-7.08%	-50.27%	+43.19%
Current Drawdown Current decline from peak	-1.73%	-5.22%	+3.49%
Average Drawdown Average peak-to-trough decline	-1.02%	-7.19%	+6.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	4.09%	-3.46%

Volatility

GCMFX vs. PCN - Volatility Comparison

The current volatility for PIMCO California Municipal Opportunistic Value Fund (GCMFX) is 0.76%, while PIMCO Corporate & Income Strategy Fund (PCN) has a volatility of 2.37%. This indicates that GCMFX experiences smaller price fluctuations and is considered to be less risky than PCN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCMFX	PCN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	2.37%	-1.61%
Volatility (6M) Calculated over the trailing 6-month period	2.04%	7.44%	-5.40%
Volatility (1Y) Calculated over the trailing 1-year period	2.57%	10.01%	-7.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.23%	16.17%	-12.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.78%	21.91%	-19.13%

GCMFX vs. PCN - Expense Ratio Comparison

GCMFX has a 0.63% expense ratio, which is lower than PCN's 0.85% expense ratio.

Dividends

GCMFX vs. PCN - Dividend Comparison

GCMFX's dividend yield for the trailing twelve months is around 3.17%, less than PCN's 11.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GCMFX PIMCO California Municipal Opportunistic Value Fund	3.17%	3.39%	3.34%	2.59%	1.91%	2.34%	2.65%	2.56%	2.40%	1.51%	0.17%	0.00%
PCN PIMCO Corporate & Income Strategy Fund	11.60%	10.58%	10.06%	10.88%	12.66%	7.89%	7.83%	7.37%	9.60%	7.85%	11.98%	10.22%

Frequently Asked Questions

Can I hold both GCMFX and PCN in my portfolio?

GCMFX and PCN have a correlation of 0.25, 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 PCN?

PCN has higher volatility (2.37%) compared to GCMFX (0.76%). In terms of maximum drawdown, GCMFX dropped -7.08% vs PCN's -61.12%.

Which has better risk-adjusted returns?

GCMFX currently has the higher Sharpe Ratio (2.51 vs 0.27), 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.