MUNI vs. PIOBX
MUNI (PIMCO Intermediate Municipal Bond Active ETF) and PIOBX (Pioneer Bond Fund) are both funds - MUNI is a Municipal Bonds fund actively managed by PIMCO, while PIOBX is a Intermediate Core-Plus Bond fund managed by Amundi. Over the past 10 years, MUNI returned 2.09%/yr vs 1.98%/yr for PIOBX. At a 0.49 correlation, their price movements are largely independent. MUNI charges 0.35%/yr vs 0.79%/yr for PIOBX.
Performance
MUNI vs. PIOBX - Performance Comparison
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Returns By Period
In the year-to-date period, MUNI achieves a 1.48% return, which is significantly higher than PIOBX's 0.09% return. Over the past 10 years, MUNI has outperformed PIOBX with an annualized return of 2.09%, while PIOBX has yielded a comparatively lower 1.98% annualized 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%
PIOBX
- 1D
- -0.36%
- 1M
- 0.58%
- YTD
- 0.09%
- 6M
- 0.54%
- 1Y
- 4.40%
- 3Y*
- 4.02%
- 5Y*
- -0.21%
- 10Y*
- 1.98%
MUNI vs. PIOBX - 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% | 4.86% |
PIOBX Pioneer Bond Fund | 0.09% | 8.09% | 1.22% | 5.68% | -14.96% | 0.36% | 8.51% | 8.95% | -0.87% | 4.24% |
Correlation
The correlation between MUNI and PIOBX is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Dec 15, 2009 | 0.49 |
Over the past year, MUNI and PIOBX have become more correlated (0.70) than their long-term average of 0.49, meaning their price movements have been converging.
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Return for Risk
MUNI vs. PIOBX — Risk / Return Rank
MUNI
PIOBX
MUNI vs. PIOBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) and Pioneer Bond Fund (PIOBX). 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 | PIOBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.49 | ||
| Sortino ratioReturn per unit of downside risk | +2.20 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.21 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 1.53 | +1.06 |
| Martin ratioReturn relative to average drawdown | 8.29 | 4.46 | +3.83 |
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Drawdowns
MUNI vs. PIOBX - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, smaller than the maximum PIOBX drawdown of -21.80%. Use the drawdown chart below to compare losses from any high point for MUNI and PIOBX.
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Drawdown Indicators
| MUNI | PIOBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -21.80% | +10.65% |
Max Drawdown (1Y)Largest decline over 1 year | -2.29% | -3.06% | +0.77% |
Max Drawdown (3Y)Largest decline over 3 years | -4.09% | -7.11% | +3.02% |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | -19.64% | +8.49% |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | -19.64% | +8.49% |
Current DrawdownCurrent decline from peak | -0.56% | -2.55% | +1.99% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -3.55% | +1.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 1.04% | -0.33% |
Volatility
MUNI vs. PIOBX - Volatility Comparison
The current volatility for PIMCO Intermediate Municipal Bond Active ETF (MUNI) is 0.59%, while Pioneer Bond Fund (PIOBX) has a volatility of 1.51%. This indicates that MUNI experiences smaller price fluctuations and is considered to be less risky than PIOBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUNI | PIOBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 1.51% | -0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 1.63% | 3.04% | -1.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.23% | 3.99% | -1.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.32% | 6.03% | -2.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 4.96% | -1.11% |
MUNI vs. PIOBX - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is lower than PIOBX's 0.79% expense ratio.
Dividends
MUNI vs. PIOBX - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.28%, less than PIOBX's 3.75% 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% |
PIOBX Pioneer Bond Fund | 3.75% | 3.78% | 3.31% | 2.46% | 1.62% | 5.71% | 4.62% | 3.02% | 3.13% | 3.01% | 2.97% | 3.05% |
Frequently Asked Questions
MUNI and PIOBX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIOBX has higher volatility (1.51%) compared to MUNI (0.59%). In terms of maximum drawdown, MUNI dropped -11.15% vs PIOBX's -21.80%.
MUNI currently has the higher Sharpe Ratio (2.66 vs 1.17), 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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