MUNI vs. HMOP

Last updated Jun 19, 2026

MUNI (PIMCO Intermediate Municipal Bond Active ETF) and HMOP (Hartford Municipal Opportunities ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 5 years, MUNI returned 1.29%/yr vs 1.27%/yr for HMOP. A 0.61 correlation means they provide meaningful diversification when combined. MUNI charges 0.35%/yr vs 0.29%/yr for HMOP.

Performance

MUNI vs. HMOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Intermediate Municipal Bond Active ETF (MUNI) and Hartford Municipal Opportunities ETF (HMOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUNI achieves a 1.51% return, which is significantly higher than HMOP's 1.32% return.

MUNI

• 1D: 0.13%
• 1M: 1.43%
• YTD: 1.51%
• 6M: 1.65%
• 1Y: 6.12%
• 3Y*: 3.91%
• 5Y*: 1.29%
• 10Y*: 2.12%

HMOP

• 1D: -0.03%
• 1M: 1.05%
• YTD: 1.32%
• 6M: 1.54%
• 1Y: 6.12%
• 3Y*: 4.26%
• 5Y*: 1.27%
• 10Y*: —

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

MUNI vs. HMOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUNI PIMCO Intermediate Municipal Bond Active ETF	1.51%	4.72%	1.43%	6.07%	-6.62%	0.67%	4.83%	7.09%	0.84%	0.12%
HMOP Hartford Municipal Opportunities ETF	1.32%	4.70%	2.52%	6.83%	-8.37%	1.80%	5.52%	7.77%	1.59%	0.05%

Correlation

The correlation between MUNI and HMOP is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Dec 14, 2017	0.61

The correlation between MUNI and HMOP shifts across timeframes, from 0.57 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MUNI vs. HMOP — Risk / Return Rank

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

MUNI

MUNI Risk / Return Rank: 77
MUNI Sharpe Ratio Rank: 89
MUNI Sortino Ratio Rank: 92
MUNI Omega Ratio Rank: 93
MUNI Calmar Ratio Rank: 58
MUNI Martin Ratio Rank: 53

HMOP

HMOP Risk / Return Rank: 68
HMOP Sharpe Ratio Rank: 79
HMOP Sortino Ratio Rank: 84
HMOP Omega Ratio Rank: 86
HMOP Calmar Ratio Rank: 48
HMOP Martin Ratio Rank: 46

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.

MUNI vs. HMOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) and Hartford Municipal Opportunities ETF (HMOP). 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.

	MUNI	HMOP	Difference
Sharpe ratio: Return per unit of total volatility	2.76	2.34	+0.42
Sortino ratio: Return per unit of downside risk	4.11	3.45	+0.66
Omega ratio: Gain probability vs. loss probability	1.61	1.48	+0.13
Calmar ratio: Return relative to maximum drawdown	2.68	2.27	+0.41
Martin ratio: Return relative to average drawdown	8.61	7.23	+1.38

MUNI vs. HMOP - Sharpe Ratio Comparison

The current MUNI Sharpe Ratio is 2.76, which is comparable to the HMOP Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of MUNI and HMOP, 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

MUNI vs. HMOP - Drawdown Comparison

The maximum MUNI drawdown since its inception was -11.15%, smaller than the maximum HMOP drawdown of -13.12%. Use the drawdown chart below to compare losses from any high point for MUNI and HMOP.

Drawdown Indicators

	MUNI	HMOP	Difference
Max Drawdown Largest peak-to-trough decline	-11.15%	-13.12%	+1.97%
Max Drawdown (1Y) Largest decline over 1 year	-2.29%	-2.70%	+0.41%
Max Drawdown (3Y) Largest decline over 3 years	-4.09%	-4.81%	+0.72%
Max Drawdown (5Y) Largest decline over 5 years	-11.15%	-13.12%	+1.97%
Max Drawdown (10Y) Largest decline over 10 years	-11.15%	—	—
Current Drawdown Current decline from peak	-0.52%	-0.99%	+0.47%
Average Drawdown Average peak-to-trough decline	-1.73%	-2.46%	+0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.85%	-0.14%

Volatility

MUNI vs. HMOP - Volatility Comparison

The current volatility for PIMCO Intermediate Municipal Bond Active ETF (MUNI) is 0.58%, while Hartford Municipal Opportunities ETF (HMOP) has a volatility of 0.67%. This indicates that MUNI experiences smaller price fluctuations and is considered to be less risky than HMOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUNI	HMOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	0.67%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	1.62%	1.80%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	2.23%	2.65%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.32%	3.86%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.85%	4.25%	-0.40%

MUNI vs. HMOP - Expense Ratio Comparison

MUNI has a 0.35% expense ratio, which is higher than HMOP's 0.29% expense ratio.

Dividends

MUNI vs. HMOP - Dividend Comparison

MUNI's dividend yield for the trailing twelve months is around 3.28%, less than HMOP's 3.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMOP Hartford Municipal Opportunities ETF	3.46%	3.40%	3.22%	2.92%	2.12%	1.67%	5.26%	2.87%	2.27%	0.00%	0.00%	0.00%
MUNI PIMCO Intermediate Municipal Bond Active ETF	3.28%	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

Can I hold both MUNI and HMOP in my portfolio?

MUNI and HMOP have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUNI or HMOP?

HMOP has higher volatility (0.67%) compared to MUNI (0.58%). In terms of maximum drawdown, MUNI dropped -11.15% vs HMOP's -13.12%.

Which ETF is better, MUNI or HMOP?

On 5-year performance, MUNI leads with 1.29% vs 1.27% for HMOP. On fees, HMOP is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUNI or HMOP?

Over the 5-year period, MUNI has performed better with a 1.29% return vs 1.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUNI or HMOP?

HMOP is cheaper with a 0.29% expense ratio, compared with 0.35% for MUNI.

Which ETF pays a higher dividend yield, MUNI or HMOP?

HMOP has the higher dividend yield at 3.46%, compared with 3.28% for MUNI.

What is the main difference between MUNI and HMOP?

They also come from different issuers: PIMCO and Hartford. Their fees differ too: 0.35% for MUNI and 0.29% for HMOP.

Which has better risk-adjusted returns?

MUNI currently has the higher Sharpe Ratio (2.76 vs 2.34), 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.