MUNI vs. MFUS
MUNI (PIMCO Intermediate Municipal Bond Active ETF) and MFUS (PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF) are both exchange-traded funds - MUNI is a Municipal Bonds fund actively managed by PIMCO, while MFUS is a Large Cap Growth Equities fund tracking the RAFI Dynamic Multi-Factor U.S. Index. MUNI is actively managed, while MFUS is passively managed. Over the past 5 years, MUNI returned 1.33%/yr vs 13.08%/yr for MFUS. At a 0.04 correlation, their price movements are largely independent. MUNI charges 0.35%/yr vs 0.30%/yr for MFUS.
Performance
MUNI vs. MFUS - Performance Comparison
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Returns By Period
In the year-to-date period, MUNI achieves a 1.48% return, which is significantly lower than MFUS's 17.10% return.
MUNI
- 1D
- -0.08%
- 1M
- 1.12%
- YTD
- 1.48%
- 6M
- 1.63%
- 1Y
- 5.90%
- 3Y*
- 3.78%
- 5Y*
- 1.33%
- 10Y*
- 2.09%
MFUS
- 1D
- -1.02%
- 1M
- 2.42%
- YTD
- 17.10%
- 6M
- 16.30%
- 1Y
- 27.79%
- 3Y*
- 21.88%
- 5Y*
- 13.08%
- 10Y*
- —
MUNI vs. MFUS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 1.48% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 7.09% | 0.84% | 0.06% |
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 17.10% | 16.02% | 20.17% | 12.19% | -5.82% | 24.10% | 10.64% | 26.17% | -7.30% | 11.20% |
Correlation
The correlation between MUNI and MFUS 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 | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2017 | 0.04 |
Over the past year, MUNI and MFUS have become more correlated (0.34) than their long-term average of 0.04, meaning their price movements have been converging.
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Return for Risk
MUNI vs. MFUS — Risk / Return Rank
MUNI
MFUS
MUNI vs. MFUS - 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 U.S. Equity ETF (MFUS). 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 | MFUS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.45 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 4.37 | -1.79 |
| Martin ratioReturn relative to average drawdown | 8.29 | 17.76 | -9.47 |
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Drawdowns
MUNI vs. MFUS - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, smaller than the maximum MFUS drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for MUNI and MFUS.
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Drawdown Indicators
| MUNI | MFUS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -35.21% | +24.06% |
Max Drawdown (1Y)Largest decline over 1 year | -2.29% | -6.39% | +4.10% |
Max Drawdown (3Y)Largest decline over 3 years | -4.09% | -15.39% | +11.30% |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | -18.22% | +7.07% |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | — | — |
Current DrawdownCurrent decline from peak | -0.56% | -1.05% | +0.49% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -3.98% | +2.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 1.57% | -0.86% |
Volatility
MUNI vs. MFUS - Volatility Comparison
The current volatility for PIMCO Intermediate Municipal Bond Active ETF (MUNI) is 0.59%, while PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) has a volatility of 4.27%. This indicates that MUNI experiences smaller price fluctuations and is considered to be less risky than MFUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUNI | MFUS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 4.27% | -3.68% |
Volatility (6M)Calculated over the trailing 6-month period | 1.63% | 8.91% | -7.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.23% | 11.25% | -9.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.32% | 15.09% | -11.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 17.35% | -13.50% |
MUNI vs. MFUS - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is higher than MFUS's 0.30% expense ratio.
Dividends
MUNI vs. MFUS - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.28%, more than MFUS's 1.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 1.35% | 1.54% | 1.45% | 1.96% | 2.07% | 1.35% | 1.72% | 1.89% | 1.69% | 1.01% | 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
MUNI and MFUS 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.
MFUS has higher volatility (4.27%) compared to MUNI (0.59%). In terms of maximum drawdown, MUNI dropped -11.15% vs MFUS's -35.21%.
On 5-year performance, MFUS leads with 13.08% vs 1.33% for MUNI. On fees, MFUS is cheaper at 0.30% per year. On volatility, MUNI has been the lower-risk option at 0.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MFUS has performed better with a 13.08% return vs 1.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MFUS is cheaper with a 0.30% expense ratio, compared with 0.35% for MUNI.
MUNI has the higher dividend yield at 3.28%, compared with 1.35% for MFUS.
MUNI is categorized as Municipal Bonds, while MFUS is Large Cap Growth Equities. Their fees differ too: 0.35% for MUNI and 0.30% for MFUS.
MUNI currently has the higher Sharpe Ratio (2.66 vs 2.49), 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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