GIOIX vs. PMZIX

Last updated Jun 4, 2026

GIOIX (Guggenheim Macro Opportunities Fund) and PMZIX (PIMCO Mortgage Opportunities and Bond Fund) are both Nontraditional Bonds funds. Over the past 10 years, GIOIX returned 4.33%/yr vs 3.60%/yr for PMZIX. At a 0.47 correlation, their price movements are largely independent. GIOIX charges 0.96%/yr vs 0.60%/yr for PMZIX.

Performance

GIOIX vs. PMZIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guggenheim Macro Opportunities Fund (GIOIX) 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, GIOIX achieves a 1.12% return, which is significantly higher than PMZIX's 1.04% return. Over the past 10 years, GIOIX has outperformed PMZIX with an annualized return of 4.33%, while PMZIX has yielded a comparatively lower 3.60% annualized return.

GIOIX

• 1D: 0.00%
• 1M: 0.57%
• YTD: 1.12%
• 6M: 1.66%
• 1Y: 6.11%
• 3Y*: 7.59%
• 5Y*: 3.26%
• 10Y*: 4.33%

PMZIX

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.04%
• 6M: 1.42%
• 1Y: 6.34%
• 3Y*: 6.56%
• 5Y*: 2.98%
• 10Y*: 3.60%

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

GIOIX vs. PMZIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GIOIX Guggenheim Macro Opportunities Fund	1.12%	7.64%	7.78%	9.69%	-9.57%	1.71%	11.09%	2.25%	0.46%	5.32%
PMZIX PIMCO Mortgage Opportunities and Bond Fund	1.04%	8.50%	5.74%	7.03%	-8.00%	2.42%	5.44%	5.04%	1.55%	5.50%

Correlation

The correlation between GIOIX and PMZIX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.47

Over the past year, GIOIX and PMZIX have become more correlated (0.79) than their long-term average of 0.47, meaning their price movements have been converging.

Return for Risk

GIOIX vs. PMZIX — Risk / Return Rank

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

GIOIX

GIOIX Risk / Return Rank: 77
GIOIX Sharpe Ratio Rank: 74
GIOIX Sortino Ratio Rank: 93
GIOIX Omega Ratio Rank: 89
GIOIX Calmar Ratio Rank: 58
GIOIX Martin Ratio Rank: 72

PMZIX

PMZIX Risk / Return Rank: 47
PMZIX Sharpe Ratio Rank: 41
PMZIX Sortino Ratio Rank: 51
PMZIX Omega Ratio Rank: 49
PMZIX Calmar Ratio Rank: 46
PMZIX Martin Ratio Rank: 45

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.

GIOIX vs. PMZIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guggenheim Macro Opportunities Fund (GIOIX) 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.

	GIOIX	PMZIX	Difference
Sharpe ratio: Return per unit of total volatility	2.49	1.87	+0.63
Sortino ratio: Return per unit of downside risk	4.65	3.01	+1.64
Omega ratio: Gain probability vs. loss probability	1.63	1.39	+0.24
Calmar ratio: Return relative to maximum drawdown	2.90	2.59	+0.31
Martin ratio: Return relative to average drawdown	13.85	9.48	+4.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GIOIX vs. PMZIX - Sharpe Ratio Comparison

The current GIOIX Sharpe Ratio is 2.49, which is higher than the PMZIX Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of GIOIX 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.

Sharpe Ratios by Period

	GIOIX	PMZIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	1.87	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	0.78	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.50	1.12	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	1.73	1.24	+0.50

Drawdowns

GIOIX vs. PMZIX - Drawdown Comparison

The maximum GIOIX drawdown since its inception was -13.38%, which is greater than PMZIX's maximum drawdown of -10.44%. Use the drawdown chart below to compare losses from any high point for GIOIX and PMZIX.

Drawdown Indicators

	GIOIX	PMZIX	Difference
Max Drawdown Largest peak-to-trough decline	-13.38%	-10.44%	-2.94%
Max Drawdown (1Y) Largest decline over 1 year	-2.12%	-2.42%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-2.12%	-3.53%	+1.41%
Max Drawdown (5Y) Largest decline over 5 years	-13.38%	-10.44%	-2.94%
Max Drawdown (10Y) Largest decline over 10 years	-13.38%	-10.44%	-2.94%
Current Drawdown Current decline from peak	-0.08%	-0.56%	+0.48%
Average Drawdown Average peak-to-trough decline	-1.42%	-1.18%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	0.66%	-0.22%

Volatility

GIOIX vs. PMZIX - Volatility Comparison

The current volatility for Guggenheim Macro Opportunities Fund (GIOIX) is 0.99%, while PIMCO Mortgage Opportunities and Bond Fund (PMZIX) has a volatility of 1.23%. This indicates that GIOIX experiences smaller price fluctuations and is considered to be less risky than PMZIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIOIX	PMZIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	1.23%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	2.43%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	2.47%	3.36%	-0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.18%	3.85%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.89%	3.23%	-0.34%

GIOIX vs. PMZIX - Expense Ratio Comparison

GIOIX has a 0.96% expense ratio, which is higher than PMZIX's 0.60% expense ratio.

Dividends

GIOIX vs. PMZIX - Dividend Comparison

GIOIX's dividend yield for the trailing twelve months is around 6.09%, more than PMZIX's 5.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIOIX Guggenheim Macro Opportunities Fund	6.09%	5.86%	5.88%	6.45%	3.78%	3.10%	3.61%	3.29%	3.55%	3.54%	5.38%	5.82%
PMZIX PIMCO Mortgage Opportunities and Bond Fund	5.52%	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 GIOIX and PMZIX in my portfolio?

GIOIX and PMZIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIOIX or PMZIX?

PMZIX has higher volatility (1.23%) compared to GIOIX (0.99%). In terms of maximum drawdown, GIOIX dropped -13.38% vs PMZIX's -10.44%.

Which has better risk-adjusted returns?

GIOIX currently has the higher Sharpe Ratio (2.49 vs 1.87), 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.