MFDX vs. SMMU
MFDX (PIMCO RAFI Dynamic Multi-Factor International Equity ETF) and SMMU (PIMCO Short Term Municipal Bond Active ETF) are both exchange-traded funds - MFDX is a Foreign Large Cap Equities fund tracking the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index, while SMMU is a Municipal Bonds fund actively managed by PIMCO. MFDX is passively managed, while SMMU is actively managed. Over the past 5 years, MFDX returned 9.92%/yr vs 1.90%/yr for SMMU. At a 0.10 correlation, their price movements are largely independent. MFDX charges 0.39%/yr vs 0.35%/yr for SMMU.
Performance
MFDX vs. SMMU - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MFDX achieves a 9.73% return, which is significantly higher than SMMU's 1.10% return.
MFDX
- 1D
- -0.55%
- 1M
- 2.31%
- YTD
- 9.73%
- 6M
- 12.33%
- 1Y
- 23.13%
- 3Y*
- 18.62%
- 5Y*
- 9.92%
- 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%
MFDX vs. SMMU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 9.73% | 34.27% | 4.40% | 17.54% | -10.27% | 11.07% | 6.90% | 19.88% | -14.88% | 7.02% |
SMMU PIMCO Short Term Municipal Bond Active ETF | 1.10% | 4.06% | 2.68% | 4.39% | -2.45% | 0.17% | 2.87% | 3.47% | 1.51% | -0.88% |
Correlation
The correlation between MFDX and SMMU is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017 | 0.10 |
The correlation between MFDX and SMMU shifts across timeframes, from 0.10 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MFDX vs. SMMU — Risk / Return Rank
MFDX
SMMU
MFDX vs. SMMU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) 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.
| MFDX | SMMU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -3.44 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.90 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 5.10 | -2.93 |
| Martin ratioReturn relative to average drawdown | 8.66 | 18.24 | -9.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| MFDX | SMMU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.70 | 3.84 | -2.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | 1.14 | -0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.67 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.60 | -0.06 |
Drawdowns
MFDX vs. SMMU - Drawdown Comparison
The maximum MFDX drawdown since its inception was -36.05%, which is greater than SMMU's maximum drawdown of -5.09%. Use the drawdown chart below to compare losses from any high point for MFDX and SMMU.
Loading charts...
Drawdown Indicators
| MFDX | SMMU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.05% | -5.09% | -30.96% |
Max Drawdown (1Y)Largest decline over 1 year | -10.66% | -0.77% | -9.89% |
Max Drawdown (3Y)Largest decline over 3 years | -11.62% | -1.95% | -9.67% |
Max Drawdown (5Y)Largest decline over 5 years | -25.58% | -4.76% | -20.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.09% | — |
Current DrawdownCurrent decline from peak | -1.84% | -0.03% | -1.81% |
Average DrawdownAverage peak-to-trough decline | -6.50% | -0.55% | -5.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 0.22% | +2.46% |
Volatility
MFDX vs. SMMU - Volatility Comparison
PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) has a higher volatility of 4.45% compared to PIMCO Short Term Municipal Bond Active ETF (SMMU) at 0.31%. This indicates that MFDX'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.
Loading charts...
Volatility by Period
| MFDX | SMMU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.45% | 0.31% | +4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 11.34% | 0.79% | +10.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.73% | 1.02% | +12.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.03% | 1.67% | +13.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.41% | 2.73% | +13.68% |
MFDX vs. SMMU - Expense Ratio Comparison
MFDX has a 0.39% expense ratio, which is higher than SMMU's 0.35% expense ratio.
Dividends
MFDX vs. SMMU - Dividend Comparison
MFDX's dividend yield for the trailing twelve months is around 2.79%, less than SMMU's 2.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 2.79% | 2.97% | 3.16% | 3.12% | 2.85% | 2.99% | 1.58% | 2.88% | 2.13% | 0.71% | 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
MFDX and SMMU have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MFDX has higher volatility (4.45%) compared to SMMU (0.31%). In terms of maximum drawdown, MFDX dropped -36.05% vs SMMU's -5.09%.
On 5-year performance, MFDX leads with 9.92% vs 1.90% 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.
Over the 5-year period, MFDX has performed better with a 9.92% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMMU is cheaper with a 0.35% expense ratio, compared with 0.39% for MFDX.
SMMU has the higher dividend yield at 2.84%, compared with 2.79% for MFDX.
MFDX is categorized as Foreign Large Cap Equities, while SMMU is Municipal Bonds. Their fees differ too: 0.39% for MFDX and 0.35% for SMMU.
SMMU currently has the higher Sharpe Ratio (3.84 vs 1.70), 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.
Find the right allocation for MFDX and SMMU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer