MUNI vs. BOND
MUNI (PIMCO Intermediate Municipal Bond Active ETF) and BOND (PIMCO Active Bond ETF) are both exchange-traded funds - MUNI is a Municipal Bonds fund actively managed by PIMCO, while BOND is a Intermediate Core-Plus Bond fund actively managed by PIMCO. Both are actively managed. Over the past 10 years, MUNI returned 2.16%/yr vs 2.16%/yr for BOND. A 0.53 correlation means they provide meaningful diversification when combined. MUNI charges 0.35%/yr vs 0.54%/yr for BOND.
Performance
MUNI vs. BOND - Performance Comparison
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Returns By Period
In the year-to-date period, MUNI achieves a 1.24% return, which is significantly higher than BOND's 0.48% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: MUNI at 2.16% and BOND at 2.16%.
MUNI
- 1D
- -0.04%
- 1M
- 0.42%
- YTD
- 1.24%
- 6M
- 1.44%
- 1Y
- 6.52%
- 3Y*
- 3.96%
- 5Y*
- 1.27%
- 10Y*
- 2.16%
BOND
- 1D
- -0.24%
- 1M
- 0.30%
- YTD
- 0.48%
- 6M
- 0.46%
- 1Y
- 6.71%
- 3Y*
- 4.99%
- 5Y*
- 0.51%
- 10Y*
- 2.16%
MUNI vs. BOND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 1.24% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 7.09% | 0.84% | 4.86% |
BOND PIMCO Active Bond ETF | 0.48% | 8.39% | 2.77% | 6.48% | -14.57% | -0.77% | 7.80% | 8.54% | 0.08% | 4.76% |
Correlation
The correlation between MUNI and BOND is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2012 | 0.53 |
Over the past year, MUNI and BOND have become more correlated (0.74) than their long-term average of 0.53, meaning their price movements have been converging.
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Return for Risk
MUNI vs. BOND — Risk / Return Rank
MUNI
BOND
MUNI vs. BOND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) and PIMCO Active Bond ETF (BOND). 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.
| MUNI | BOND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.20 | ||
| Sortino ratioReturn per unit of downside risk | +1.83 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.31 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | 2.23 | +0.62 |
| Martin ratioReturn relative to average drawdown | 9.39 | 7.13 | +2.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MUNI | BOND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.89 | 1.70 | +1.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.09 | +0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.43 | +0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.63 | +0.15 |
Drawdowns
MUNI vs. BOND - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, smaller than the maximum BOND drawdown of -19.71%. Use the drawdown chart below to compare losses from any high point for MUNI and BOND.
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Drawdown Indicators
| MUNI | BOND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -19.71% | +8.56% |
Max Drawdown (1Y)Largest decline over 1 year | -2.29% | -3.01% | +0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -4.09% | -6.12% | +2.03% |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | -19.71% | +8.56% |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | -19.71% | +8.56% |
Current DrawdownCurrent decline from peak | -0.79% | -1.57% | +0.78% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -3.50% | +1.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 0.94% | -0.24% |
Volatility
MUNI vs. BOND - Volatility Comparison
The current volatility for PIMCO Intermediate Municipal Bond Active ETF (MUNI) is 0.77%, while PIMCO Active Bond ETF (BOND) has a volatility of 1.40%. This indicates that MUNI experiences smaller price fluctuations and is considered to be less risky than BOND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUNI | BOND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 1.40% | -0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 1.60% | 2.88% | -1.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.27% | 3.97% | -1.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.31% | 5.76% | -2.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 5.09% | -1.24% |
MUNI vs. BOND - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is lower than BOND's 0.54% expense ratio.
Dividends
MUNI vs. BOND - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.29%, less than BOND's 5.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BOND PIMCO Active Bond ETF | 5.19% | 5.11% | 5.02% | 4.06% | 3.44% | 2.58% | 2.66% | 3.38% | 3.18% | 2.87% | 2.85% | 4.14% |
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.29% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
Frequently Asked Questions
MUNI and BOND have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOND has higher volatility (1.40%) compared to MUNI (0.77%). In terms of maximum drawdown, MUNI dropped -11.15% vs BOND's -19.71%.
On 10-year performance, BOND leads with 2.16% vs 2.16% for MUNI. On fees, MUNI is cheaper at 0.35% per year. On volatility, MUNI has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BOND has performed better with a 2.16% return vs 2.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUNI is cheaper with a 0.35% expense ratio, compared with 0.54% for BOND.
BOND has the higher dividend yield at 5.19%, compared with 3.29% for MUNI.
MUNI is categorized as Municipal Bonds, while BOND is Intermediate Core-Plus Bond. Their fees differ too: 0.35% for MUNI and 0.54% for BOND.
MUNI currently has the higher Sharpe Ratio (2.89 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.
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