ICAP vs. SMMU

Last updated Jun 4, 2026

ICAP (InfraCap Equity Income Fund ETF) and SMMU (PIMCO Short Term Municipal Bond Active ETF) are both exchange-traded funds - ICAP is a fund fund actively managed by InfraCap, while SMMU is a Municipal Bonds fund actively managed by PIMCO. Both are actively managed. Over the past 3 years, ICAP returned 18.21%/yr vs 3.67%/yr for SMMU. At a 0.15 correlation, their price movements are largely independent. ICAP charges 0.80%/yr vs 0.35%/yr for SMMU.

Performance

ICAP vs. SMMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap Equity Income Fund ETF (ICAP) and PIMCO Short Term Municipal Bond Active ETF (SMMU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICAP achieves a 7.55% return, which is significantly higher than SMMU's 1.10% return.

ICAP

• 1D: -1.34%
• 1M: 1.75%
• YTD: 7.55%
• 6M: 7.96%
• 1Y: 25.61%
• 3Y*: 18.21%
• 5Y*: —
• 10Y*: —

SMMU

• 1D: 0.07%
• 1M: 0.31%
• YTD: 1.10%
• 6M: 1.36%
• 1Y: 3.92%
• 3Y*: 3.67%
• 5Y*: 1.90%
• 10Y*: 1.82%

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

ICAP vs. SMMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ICAP InfraCap Equity Income Fund ETF	7.55%	15.77%	14.83%	8.82%	-10.10%	0.57%
SMMU PIMCO Short Term Municipal Bond Active ETF	1.10%	4.06%	2.68%	4.39%	-2.45%	-0.00%

Correlation

The correlation between ICAP and SMMU is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (All Time) Calculated using the full available price history since Dec 30, 2021	0.15

Return for Risk

ICAP vs. SMMU — Risk / Return Rank

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

ICAP

ICAP Risk / Return Rank: 54
ICAP Sharpe Ratio Rank: 58
ICAP Sortino Ratio Rank: 57
ICAP Omega Ratio Rank: 55
ICAP Calmar Ratio Rank: 49
ICAP Martin Ratio Rank: 54

SMMU

SMMU Risk / Return Rank: 92
SMMU Sharpe Ratio Rank: 95
SMMU Sortino Ratio Rank: 96
SMMU Omega Ratio Rank: 97
SMMU Calmar Ratio Rank: 88
SMMU Martin Ratio Rank: 86

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.

ICAP vs. SMMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap Equity Income Fund ETF (ICAP) and PIMCO Short Term Municipal Bond Active ETF (SMMU). 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.

	ICAP	SMMU	Difference
Sharpe ratio: Return per unit of total volatility	1.97	3.84	-1.87
Sortino ratio: Return per unit of downside risk	2.74	5.82	-3.08
Omega ratio: Gain probability vs. loss probability	1.34	1.90	-0.56
Calmar ratio: Return relative to maximum drawdown	2.41	5.10	-2.69
Martin ratio: Return relative to average drawdown	9.27	18.24	-8.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICAP vs. SMMU - Sharpe Ratio Comparison

The current ICAP Sharpe Ratio is 1.97, which is lower than the SMMU Sharpe Ratio of 3.84. The chart below compares the historical Sharpe Ratios of ICAP and SMMU, 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

	ICAP	SMMU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	3.84	-1.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.14	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.60	-0.16

Drawdowns

ICAP vs. SMMU - Drawdown Comparison

The maximum ICAP drawdown since its inception was -24.20%, which is greater than SMMU's maximum drawdown of -5.09%. Use the drawdown chart below to compare losses from any high point for ICAP and SMMU.

Drawdown Indicators

	ICAP	SMMU	Difference
Max Drawdown Largest peak-to-trough decline	-24.20%	-5.09%	-19.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-0.77%	-9.89%
Max Drawdown (3Y) Largest decline over 3 years	-20.31%	-1.95%	-18.36%
Max Drawdown (5Y) Largest decline over 5 years	—	-4.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-5.09%	—
Current Drawdown Current decline from peak	-1.34%	-0.03%	-1.31%
Average Drawdown Average peak-to-trough decline	-7.82%	-0.55%	-7.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	0.22%	+2.55%

Volatility

ICAP vs. SMMU - Volatility Comparison

InfraCap Equity Income Fund ETF (ICAP) has a higher volatility of 3.47% compared to PIMCO Short Term Municipal Bond Active ETF (SMMU) at 0.31%. This indicates that ICAP's price experiences larger fluctuations and is considered to be riskier than SMMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICAP	SMMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	0.31%	+3.16%
Volatility (6M) Calculated over the trailing 6-month period	9.89%	0.79%	+9.10%
Volatility (1Y) Calculated over the trailing 1-year period	13.07%	1.02%	+12.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	1.67%	+16.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	2.73%	+15.44%

ICAP vs. SMMU - Expense Ratio Comparison

ICAP has a 0.80% expense ratio, which is higher than SMMU's 0.35% expense ratio.

Dividends

ICAP vs. SMMU - Dividend Comparison

ICAP's dividend yield for the trailing twelve months is around 9.50%, more than SMMU's 2.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICAP InfraCap Equity Income Fund ETF	9.50%	8.89%	8.30%	8.65%	8.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMMU PIMCO Short Term Municipal Bond Active ETF	2.84%	2.80%	3.03%	2.79%	1.37%	0.60%	1.19%	1.82%	1.57%	1.41%	1.03%	0.89%

Frequently Asked Questions

Can I hold both ICAP and SMMU in my portfolio?

ICAP and SMMU have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICAP or SMMU?

ICAP has higher volatility (3.47%) compared to SMMU (0.31%). In terms of maximum drawdown, ICAP dropped -24.20% vs SMMU's -5.09%.

Which ETF is better, ICAP or SMMU?

On 3-year performance, ICAP leads with 18.21% vs 3.67% for SMMU. On fees, SMMU is cheaper at 0.35% per year. On volatility, SMMU has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICAP or SMMU?

Over the 3-year period, ICAP has performed better with a 18.21% return vs 3.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICAP or SMMU?

SMMU is cheaper with a 0.35% expense ratio, compared with 0.80% for ICAP.

Which ETF pays a higher dividend yield, ICAP or SMMU?

ICAP has the higher dividend yield at 9.50%, compared with 2.84% for SMMU.

What is the main difference between ICAP and SMMU?

They also come from different issuers: InfraCap and PIMCO. Their fees differ too: 0.80% for ICAP and 0.35% for SMMU.

Which has better risk-adjusted returns?

SMMU currently has the higher Sharpe Ratio (3.84 vs 1.97), 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.