MUNI vs. MFDX

Last updated Jun 4, 2026

MUNI (PIMCO Intermediate Municipal Bond Active ETF) and MFDX (PIMCO RAFI Dynamic Multi-Factor International Equity ETF) are both exchange-traded funds - MUNI is a Municipal Bonds fund actively managed by PIMCO, while MFDX is a Foreign Large Cap Equities fund tracking the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index. MUNI is actively managed, while MFDX is passively managed. Over the past 5 years, MUNI returned 1.27%/yr vs 9.92%/yr for MFDX. At a 0.08 correlation, their price movements are largely independent. MUNI charges 0.35%/yr vs 0.39%/yr for MFDX.

Performance

MUNI vs. MFDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Intermediate Municipal Bond Active ETF (MUNI) and PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUNI achieves a 1.24% return, which is significantly lower than MFDX's 9.73% return.

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%

MFDX

• 1D: -0.55%
• 1M: 2.31%
• YTD: 9.73%
• 6M: 12.33%
• 1Y: 23.13%
• 3Y*: 18.62%
• 5Y*: 9.92%
• 10Y*: —

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

MUNI vs. MFDX - 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%	0.12%
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%

Correlation

The correlation between MUNI and MFDX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017	0.08

Over the past year, MUNI and MFDX have become more correlated (0.34) than their long-term average of 0.08, meaning their price movements have been converging.

Return for Risk

MUNI vs. MFDX — Risk / Return Rank

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

MUNI

MUNI Risk / Return Rank: 76
MUNI Sharpe Ratio Rank: 86
MUNI Sortino Ratio Rank: 91
MUNI Omega Ratio Rank: 93
MUNI Calmar Ratio Rank: 57
MUNI Martin Ratio Rank: 54

MFDX

MFDX Risk / Return Rank: 48
MFDX Sharpe Ratio Rank: 48
MFDX Sortino Ratio Rank: 48
MFDX Omega Ratio Rank: 48
MFDX Calmar Ratio Rank: 44
MFDX Martin Ratio Rank: 51

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. MFDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) and PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX). 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	MFDX	Difference
Sharpe ratio Return per unit of total volatility	2.89	1.70	+1.20
Sortino ratio Return per unit of downside risk	4.33	2.38	+1.95
Omega ratio Gain probability vs. loss probability	1.65	1.31	+0.34
Calmar ratio Return relative to maximum drawdown	2.86	2.18	+0.68
Martin ratio Return relative to average drawdown	9.39	8.66	+0.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUNI vs. MFDX - Sharpe Ratio Comparison

The current MUNI Sharpe Ratio is 2.89, which is higher than the MFDX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of MUNI and MFDX, 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

	MUNI	MFDX	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	0.66	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.54	+0.24

Drawdowns

MUNI vs. MFDX - Drawdown Comparison

The maximum MUNI drawdown since its inception was -11.15%, smaller than the maximum MFDX drawdown of -36.05%. Use the drawdown chart below to compare losses from any high point for MUNI and MFDX.

Drawdown Indicators

	MUNI	MFDX	Difference
Max Drawdown Largest peak-to-trough decline	-11.15%	-36.05%	+24.90%
Max Drawdown (1Y) Largest decline over 1 year	-2.29%	-10.66%	+8.37%
Max Drawdown (3Y) Largest decline over 3 years	-4.09%	-11.62%	+7.53%
Max Drawdown (5Y) Largest decline over 5 years	-11.15%	-25.58%	+14.43%
Max Drawdown (10Y) Largest decline over 10 years	-11.15%	—	—
Current Drawdown Current decline from peak	-0.79%	-1.84%	+1.05%
Average Drawdown Average peak-to-trough decline	-1.73%	-6.50%	+4.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	2.68%	-1.98%

Volatility

MUNI vs. MFDX - Volatility Comparison

The current volatility for PIMCO Intermediate Municipal Bond Active ETF (MUNI) is 0.77%, while PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) has a volatility of 4.45%. This indicates that MUNI experiences smaller price fluctuations and is considered to be less risky than MFDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUNI	MFDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	4.45%	-3.68%
Volatility (6M) Calculated over the trailing 6-month period	1.60%	11.34%	-9.74%
Volatility (1Y) Calculated over the trailing 1-year period	2.27%	13.73%	-11.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.31%	15.03%	-11.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.85%	16.41%	-12.56%

MUNI vs. MFDX - Expense Ratio Comparison

MUNI has a 0.35% expense ratio, which is lower than MFDX's 0.39% expense ratio.

Dividends

MUNI vs. MFDX - Dividend Comparison

MUNI's dividend yield for the trailing twelve months is around 3.29%, more than MFDX's 2.79% 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%
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

Can I hold both MUNI and MFDX in my portfolio?

MUNI and MFDX have a correlation of 0.34, 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 MFDX?

MFDX has higher volatility (4.45%) compared to MUNI (0.77%). In terms of maximum drawdown, MUNI dropped -11.15% vs MFDX's -36.05%.

Which ETF is better, MUNI or MFDX?

On 5-year performance, MFDX leads with 9.92% vs 1.27% 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.

Which ETF has performed better, MUNI or MFDX?

Over the 5-year period, MFDX has performed better with a 9.92% 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 MFDX?

MUNI is cheaper with a 0.35% expense ratio, compared with 0.39% for MFDX.

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

MUNI has the higher dividend yield at 3.29%, compared with 2.79% for MFDX.

What is the main difference between MUNI and MFDX?

MUNI is categorized as Municipal Bonds, while MFDX is Foreign Large Cap Equities. Their fees differ too: 0.35% for MUNI and 0.39% for MFDX.

Which has better risk-adjusted returns?

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.