GNMFX vs. BATVX

Last updated Apr 1, 2026

Compare and contrast key facts about PIMCO National Municipal Opportunistic Value Fund (GNMFX) and BlackRock Allocation Target Shares (BATVX).

GNMFX is managed by Gurtin. It was launched on Nov 2, 2014. BATVX is managed by BlackRock. It was launched on May 20, 2021.

Performance

GNMFX vs. BATVX - Performance Comparison

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

GNMFX vs. BATVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GNMFX PIMCO National Municipal Opportunistic Value Fund	-0.31%	3.09%	2.38%	4.89%	-5.25%	0.72%
BATVX BlackRock Allocation Target Shares	0.33%	2.80%	2.48%	1.41%	-0.10%	0.00%

Returns By Period

In the year-to-date period, GNMFX achieves a -0.31% return, which is significantly lower than BATVX's 0.33% return.

GNMFX

• 1D: 0.21%
• 1M: -1.93%
• YTD: -0.31%
• 6M: 1.03%
• 1Y: 3.24%
• 3Y*: 2.65%
• 5Y*: 1.16%
• 10Y*: 1.86%

BATVX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.33%
• 6M: 1.02%
• 1Y: 2.45%
• 3Y*: 2.34%
• 5Y*: —
• 10Y*: —

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

GNMFX vs. BATVX - Expense Ratio Comparison

GNMFX has a 0.63% expense ratio, which is higher than BATVX's 0.00% expense ratio.

GNMFX

PIMCO National Municipal Opportunistic Value Fund

BATVX

BlackRock Allocation Target Shares

Return for Risk

GNMFX vs. BATVX — Risk / Return Rank

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

GNMFX

GNMFX Risk / Return Rank: 35
GNMFX Sharpe Ratio Rank: 37
GNMFX Sortino Ratio Rank: 32
GNMFX Omega Ratio Rank: 53
GNMFX Calmar Ratio Rank: 29
GNMFX Martin Ratio Rank: 22

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.

GNMFX vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO National Municipal Opportunistic Value Fund (GNMFX) and BlackRock Allocation Target Shares (BATVX). 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.

	GNMFX	BATVX	Difference
Sharpe ratio Return per unit of total volatility	0.83	3.56	-2.73
Sortino ratio Return per unit of downside risk	1.16	—	—
Omega ratio Gain probability vs. loss probability	1.22	—	—
Calmar ratio Return relative to maximum drawdown	0.87	—	—
Martin ratio Return relative to average drawdown	2.41	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GNMFX vs. BATVX - Sharpe Ratio Comparison

The current GNMFX Sharpe Ratio is 0.83, which is lower than the BATVX Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of GNMFX and BATVX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GNMFX	BATVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	3.56	-2.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	2.29	-1.09

Correlation

The correlation between GNMFX and BATVX is 0.19, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GNMFX vs. BATVX - Dividend Comparison

GNMFX's dividend yield for the trailing twelve months is around 3.38%, more than BATVX's 2.42% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GNMFX PIMCO National Municipal Opportunistic Value Fund	3.38%	3.61%	3.48%	2.68%	1.98%	2.17%	2.24%	2.59%	2.45%	0.89%	0.17%
BATVX BlackRock Allocation Target Shares	2.42%	2.76%	2.44%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

GNMFX vs. BATVX - Drawdown Comparison

The maximum GNMFX drawdown since its inception was -9.06%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for GNMFX and BATVX.

Drawdown Indicators

	GNMFX	BATVX	Difference
Max Drawdown Largest peak-to-trough decline	-9.06%	-0.20%	-8.86%
Max Drawdown (1Y) Largest decline over 1 year	-4.19%	0.00%	-4.19%
Max Drawdown (5Y) Largest decline over 5 years	-9.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-9.06%	—	—
Current Drawdown Current decline from peak	-1.93%	0.00%	-1.93%
Average Drawdown Average peak-to-trough decline	-1.40%	-0.03%	-1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	0.00%	+1.50%

Volatility

GNMFX vs. BATVX - Volatility Comparison

PIMCO National Municipal Opportunistic Value Fund (GNMFX) has a higher volatility of 0.94% compared to BlackRock Allocation Target Shares (BATVX) at 0.00%. This indicates that GNMFX's price experiences larger fluctuations and is considered to be riskier than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNMFX	BATVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.94%	0.00%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	1.60%	0.51%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	4.40%	0.76%	+3.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.28%	0.62%	+2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.93%	0.62%	+2.31%