GNMFX vs. GCMFX

Last updated Aug 4, 2026

GNMFX (PIMCO National Municipal Opportunistic Value Fund) and GCMFX (PIMCO California Municipal Opportunistic Value Fund) are both Municipal Bonds funds from PIMCO. Over the past 10 years, GNMFX returned 1.92%/yr vs 1.89%/yr for GCMFX. Their correlation of 0.80 means they have usually moved in the same direction. Both charge a 0.63% expense ratio.

Performance

GNMFX vs. GCMFX - Performance Comparison

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

Returns By Period

In the year-to-date period, GNMFX achieves a 0.95% return, which is significantly higher than GCMFX's 0.79% return. Both investments have delivered pretty close results over the past 10 years, with GNMFX having a 1.92% annualized return and GCMFX not far behind at 1.89%.

GNMFX

• 1D: -0.10%
• 1M: -1.73%
• 6M: 0.53%
• YTD: 0.95%
• 1Y: 5.56%
• 3Y*: 3.05%
• 5Y*: 1.13%
• 10Y*: 1.92%
• ALL TIME*: 3.13%

GCMFX

• 1D: -0.10%
• 1M: -1.83%
• 6M: 0.50%
• YTD: 0.79%
• 1Y: 5.39%
• 3Y*: 2.86%
• 5Y*: 1.48%
• 10Y*: 1.89%
• ALL TIME*: 1.84%

*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
GNMFX PIMCO National Municipal Opportunistic Value Fund	$0.00	$0.00	$0.00

GNMFX vs. GCMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GNMFX PIMCO National Municipal Opportunistic Value Fund	0.95%	3.09%	2.38%	4.89%	-5.25%	1.40%	3.17%	6.43%	2.09%	2.41%
GCMFX PIMCO California Municipal Opportunistic Value Fund	0.79%	2.76%	2.24%	5.22%	-3.47%	1.76%	2.69%	5.06%	1.83%	2.96%

Correlation

The correlation between GNMFX and GCMFX is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.82
Correlation (All Time) Calculated using the full available price history since Nov 3, 2014	0.80

The correlation between GNMFX and GCMFX shifts across timeframes, from 0.80 (all time) to 0.91 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

GNMFX vs. GCMFX — Risk / Return Rank

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

GNMFX

GNMFX Risk / Return Rank: 86
GNMFX Sharpe Ratio Rank: 89
GNMFX Sortino Ratio Rank: 92
GNMFX Omega Ratio Rank: 94
GNMFX Calmar Ratio Rank: 80
GNMFX Martin Ratio Rank: 74

GCMFX

GCMFX Risk / Return Rank: 84
GCMFX Sharpe Ratio Rank: 90
GCMFX Sortino Ratio Rank: 93
GCMFX Omega Ratio Rank: 95
GCMFX Calmar Ratio Rank: 75
GCMFX Martin Ratio Rank: 67

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.

GNMFX vs. GCMFX - Risk-Adjusted Trends Comparison

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

	GNMFX	GCMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.29	-0.04
Sortino ratio: Return per unit of downside risk	3.47	3.65	-0.19
Omega ratio: Gain probability vs. loss probability	1.52	1.57	-0.04
Calmar ratio: Return relative to maximum drawdown	2.78	2.58	+0.20
Martin ratio: Return relative to average drawdown	9.70	9.03	+0.67

GNMFX vs. GCMFX - Sharpe Ratio Comparison

The current GNMFX Sharpe Ratio is 2.25, which is comparable to the GCMFX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of GNMFX and GCMFX, 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

GNMFX vs. GCMFX - Drawdown Comparison

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

Drawdown Indicators

	GNMFX	GCMFX	Difference
Max Drawdown Largest peak-to-trough decline	-9.06%	-7.08%	-1.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.13%	-2.24%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-4.91%	-4.96%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-9.06%	-7.08%	-1.98%
Max Drawdown (10Y) Largest decline over 10 years	-9.06%	-7.08%	-1.98%
Current Drawdown Current decline from peak	-1.73%	-1.83%	+0.10%
Average Drawdown Average peak-to-trough decline	-1.37%	-1.02%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.64%	-0.03%

Volatility

GNMFX vs. GCMFX - Volatility Comparison

PIMCO National Municipal Opportunistic Value Fund (GNMFX) has a higher volatility of 0.80% compared to PIMCO California Municipal Opportunistic Value Fund (GCMFX) at 0.76%. This indicates that GNMFX's price experiences larger fluctuations and is considered to be riskier than GCMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNMFX	GCMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	0.76%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.12%	2.05%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	2.69%	2.57%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.36%	3.23%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.97%	2.78%	+0.19%

GNMFX vs. GCMFX - Expense Ratio Comparison

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

Dividends

GNMFX vs. GCMFX - Dividend Comparison

GNMFX's dividend yield for the trailing twelve months is around 3.44%, more than GCMFX's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
GNMFX PIMCO National Municipal Opportunistic Value Fund	3.44%	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 GNMFX and GCMFX in my portfolio?

GNMFX and GCMFX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GNMFX or GCMFX?

GNMFX has higher volatility (0.80%) compared to GCMFX (0.76%). In terms of maximum drawdown, GNMFX dropped -9.06% vs GCMFX's -7.08%.

Which has better risk-adjusted returns?

GCMFX currently has the higher Sharpe Ratio (2.29 vs 2.25), 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.