MUNI vs. PFMIX

Last updated Jun 19, 2026

MUNI (PIMCO Intermediate Municipal Bond Active ETF) and PFMIX (PIMCO Municipal Bond Fund) are both Municipal Bonds funds from PIMCO. Over the past 10 years, MUNI returned 2.12%/yr vs 2.84%/yr for PFMIX. A 0.55 correlation means they provide meaningful diversification when combined. MUNI charges 0.35%/yr vs 0.44%/yr for PFMIX.

Performance

MUNI vs. PFMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Intermediate Municipal Bond Active ETF (MUNI) and PIMCO Municipal Bond Fund (PFMIX). 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 lower than PFMIX's 1.87% return. Over the past 10 years, MUNI has underperformed PFMIX with an annualized return of 2.12%, while PFMIX has yielded a comparatively higher 2.84% annualized 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%

PFMIX

• 1D: 0.00%
• 1M: 1.84%
• YTD: 1.87%
• 6M: 2.33%
• 1Y: 7.41%
• 3Y*: 5.30%
• 5Y*: 1.46%
• 10Y*: 2.84%

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

MUNI vs. PFMIX - 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%	4.86%
PFMIX PIMCO Municipal Bond Fund	1.87%	5.70%	3.60%	8.04%	-11.32%	2.55%	5.89%	8.67%	1.41%	7.47%

Correlation

The correlation between MUNI and PFMIX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Dec 15, 2009	0.55

The correlation between MUNI and PFMIX shifts across timeframes, from 0.55 (all time) to 0.75 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MUNI vs. PFMIX — 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

PFMIX

PFMIX Risk / Return Rank: 74
PFMIX Sharpe Ratio Rank: 87
PFMIX Sortino Ratio Rank: 93
PFMIX Omega Ratio Rank: 92
PFMIX Calmar Ratio Rank: 54
PFMIX 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. PFMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) and PIMCO Municipal Bond Fund (PFMIX). 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	PFMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.76	2.60	+0.16
Sortino ratio: Return per unit of downside risk	4.11	4.35	-0.24
Omega ratio: Gain probability vs. loss probability	1.61	1.66	-0.05
Calmar ratio: Return relative to maximum drawdown	2.68	2.65	+0.03
Martin ratio: Return relative to average drawdown	8.61	8.86	-0.25

MUNI vs. PFMIX - Sharpe Ratio Comparison

The current MUNI Sharpe Ratio is 2.76, which is comparable to the PFMIX Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of MUNI and PFMIX, 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. PFMIX - Drawdown Comparison

The maximum MUNI drawdown since its inception was -11.15%, smaller than the maximum PFMIX drawdown of -26.51%. Use the drawdown chart below to compare losses from any high point for MUNI and PFMIX.

Drawdown Indicators

	MUNI	PFMIX	Difference
Max Drawdown Largest peak-to-trough decline	-11.15%	-26.51%	+15.36%
Max Drawdown (1Y) Largest decline over 1 year	-2.29%	-2.82%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-4.09%	-5.49%	+1.40%
Max Drawdown (5Y) Largest decline over 5 years	-11.15%	-16.11%	+4.96%
Max Drawdown (10Y) Largest decline over 10 years	-11.15%	-16.11%	+4.96%
Current Drawdown Current decline from peak	-0.52%	-0.38%	-0.14%
Average Drawdown Average peak-to-trough decline	-1.73%	-2.42%	+0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.84%	-0.13%

Volatility

MUNI vs. PFMIX - Volatility Comparison

The current volatility for PIMCO Intermediate Municipal Bond Active ETF (MUNI) is 0.58%, while PIMCO Municipal Bond Fund (PFMIX) has a volatility of 0.84%. This indicates that MUNI experiences smaller price fluctuations and is considered to be less risky than PFMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUNI	PFMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	0.84%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	1.62%	2.07%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	2.23%	2.87%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.32%	4.15%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.85%	4.02%	-0.17%

MUNI vs. PFMIX - Expense Ratio Comparison

MUNI has a 0.35% expense ratio, which is lower than PFMIX's 0.44% expense ratio.

Dividends

MUNI vs. PFMIX - Dividend Comparison

MUNI's dividend yield for the trailing twelve months is around 3.28%, less than PFMIX's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PFMIX PIMCO Municipal Bond Fund	3.98%	5.15%	4.73%	3.44%	2.25%	2.13%	2.45%	3.51%	3.77%	3.45%	3.44%	3.49%

Frequently Asked Questions

Can I hold both MUNI and PFMIX in my portfolio?

MUNI and PFMIX have a correlation of 0.71, 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 PFMIX?

PFMIX has higher volatility (0.84%) compared to MUNI (0.58%). In terms of maximum drawdown, MUNI dropped -11.15% vs PFMIX's -26.51%.

Which has better risk-adjusted returns?

MUNI currently has the higher Sharpe Ratio (2.76 vs 2.60), 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.