MIOIX vs. PIMIX

Last updated Jun 24, 2026

MIOIX (Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio) and PIMIX (PIMCO Income Fund Institutional Class) are both mutual funds - MIOIX is a Foreign Large Cap Equities fund managed by T. Rowe Price, while PIMIX is a Multisector Bonds fund actively managed by PIMCO. Over the past 10 years, MIOIX returned 10.91%/yr vs 4.72%/yr for PIMIX. At a 0.27 correlation, their price movements are largely independent. MIOIX charges 1.00%/yr vs 0.54%/yr for PIMIX.

Performance

MIOIX vs. PIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio (MIOIX) and PIMCO Income Fund Institutional Class (PIMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MIOIX achieves a 9.38% return, which is significantly higher than PIMIX's 0.72% return. Over the past 10 years, MIOIX has outperformed PIMIX with an annualized return of 10.91%, while PIMIX has yielded a comparatively lower 4.72% annualized return.

MIOIX

• 1D: -0.37%
• 1M: 7.15%
• YTD: 9.38%
• 6M: 8.61%
• 1Y: 9.01%
• 3Y*: 14.62%
• 5Y*: -1.80%
• 10Y*: 10.91%

PIMIX

• 1D: -0.28%
• 1M: 0.91%
• YTD: 0.72%
• 6M: 1.32%
• 1Y: 7.28%
• 3Y*: 7.60%
• 5Y*: 3.49%
• 10Y*: 4.72%

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

MIOIX vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MIOIX Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio	9.38%	12.64%	19.32%	21.11%	-43.76%	-5.25%	55.49%	35.20%	-12.03%	53.41%
PIMIX PIMCO Income Fund Institutional Class	0.72%	11.08%	5.45%	9.36%	-9.07%	2.62%	5.84%	8.10%	0.63%	8.63%

Correlation

The correlation between MIOIX and PIMIX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Mar 31, 2010	0.27

The correlation between MIOIX and PIMIX shifts across timeframes, from 0.27 (all time) to 0.38 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MIOIX vs. PIMIX — Risk / Return Rank

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

MIOIX

MIOIX Risk / Return Rank: 7
MIOIX Sharpe Ratio Rank: 6
MIOIX Sortino Ratio Rank: 7
MIOIX Omega Ratio Rank: 7
MIOIX Calmar Ratio Rank: 6
MIOIX Martin Ratio Rank: 7

PIMIX

PIMIX Risk / Return Rank: 42
PIMIX Sharpe Ratio Rank: 45
PIMIX Sortino Ratio Rank: 50
PIMIX Omega Ratio Rank: 49
PIMIX Calmar Ratio Rank: 34
PIMIX Martin Ratio Rank: 33

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.

MIOIX vs. PIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio (MIOIX) and PIMCO Income Fund Institutional Class (PIMIX). 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.

	MIOIX	PIMIX	Difference
Sharpe ratio: Return per unit of total volatility	0.47	1.83	-1.36
Sortino ratio: Return per unit of downside risk	0.79	2.73	-1.95
Omega ratio: Gain probability vs. loss probability	1.10	1.35	-0.25
Calmar ratio: Return relative to maximum drawdown	0.54	2.07	-1.53
Martin ratio: Return relative to average drawdown	1.67	6.98	-5.30

MIOIX vs. PIMIX - Sharpe Ratio Comparison

The current MIOIX Sharpe Ratio is 0.47, which is lower than the PIMIX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of MIOIX and PIMIX, 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

MIOIX vs. PIMIX - Drawdown Comparison

The maximum MIOIX drawdown since its inception was -60.88%, which is greater than PIMIX's maximum drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for MIOIX and PIMIX.

Drawdown Indicators

	MIOIX	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.88%	-13.39%	-47.49%
Max Drawdown (1Y) Largest decline over 1 year	-18.50%	-3.69%	-14.81%
Max Drawdown (3Y) Largest decline over 3 years	-19.42%	-3.84%	-15.58%
Max Drawdown (5Y) Largest decline over 5 years	-56.75%	-13.34%	-43.41%
Max Drawdown (10Y) Largest decline over 10 years	-60.88%	-13.39%	-47.49%
Current Drawdown Current decline from peak	-19.66%	-1.21%	-18.45%
Average Drawdown Average peak-to-trough decline	-15.83%	-1.69%	-14.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.98%	1.09%	+4.89%

Volatility

MIOIX vs. PIMIX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio (MIOIX) has a higher volatility of 10.32% compared to PIMCO Income Fund Institutional Class (PIMIX) at 1.34%. This indicates that MIOIX's price experiences larger fluctuations and is considered to be riskier than PIMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MIOIX	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.32%	1.34%	+8.98%
Volatility (6M) Calculated over the trailing 6-month period	18.86%	3.41%	+15.45%
Volatility (1Y) Calculated over the trailing 1-year period	21.55%	4.19%	+17.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.38%	4.87%	+20.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.30%	4.26%	+18.04%

MIOIX vs. PIMIX - Expense Ratio Comparison

MIOIX has a 1.00% expense ratio, which is higher than PIMIX's 0.54% expense ratio.

Dividends

MIOIX vs. PIMIX - Dividend Comparison

MIOIX has not paid dividends to shareholders, while PIMIX's dividend yield for the trailing twelve months is around 5.85%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MIOIX Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio	0.00%	0.00%	0.16%	0.00%	9.25%	2.13%	0.24%	0.00%	0.24%	1.63%	0.02%	3.15%
PIMIX PIMCO Income Fund Institutional Class	5.85%	6.01%	6.27%	6.21%	4.98%	4.02%	4.88%	5.83%	5.66%	5.37%	5.52%	7.88%

Frequently Asked Questions

Can I hold both MIOIX and PIMIX in my portfolio?

MIOIX and PIMIX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MIOIX or PIMIX?

MIOIX has higher volatility (10.32%) compared to PIMIX (1.34%). In terms of maximum drawdown, MIOIX dropped -60.88% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

PIMIX currently has the higher Sharpe Ratio (1.83 vs 0.47), 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.