MUNI vs. SCHO
Compare and contrast key facts about PIMCO Intermediate Municipal Bond Active ETF (MUNI) and Schwab Short-Term U.S. Treasury ETF (SCHO).
MUNI and SCHO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MUNI is an actively managed fund by PIMCO. It was launched on Nov 30, 2009. SCHO is a passively managed fund by Charles Schwab that tracks the performance of the Bloomberg US Treasury (1-3 Y) (Inception 4/30/1996). It was launched on Aug 5, 2010.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: MUNI or SCHO.
Key characteristics
| MUNI | SCHO | |
|---|---|---|
| YTD Return | 1.63% | 4.54% |
| 1Y Return | 7.83% | 7.37% |
| 3Y Return (Ann) | 0.43% | 2.34% |
| 5Y Return (Ann) | 1.55% | 2.28% |
| 10Y Return (Ann) | 2.23% | 2.08% |
| Sharpe Ratio | 2.29 | 3.46 |
| Sortino Ratio | 3.45 | 6.12 |
| Omega Ratio | 1.48 | 1.84 |
| Calmar Ratio | 1.11 | 8.04 |
| Martin Ratio | 11.34 | 23.19 |
| Ulcer Index | 0.67% | 0.31% |
| Daily Std Dev | 3.34% | 2.09% |
| Max Drawdown | -11.15% | -5.28% |
| Current Drawdown | -1.23% | -0.77% |
Correlation
The correlation between MUNI and SCHO is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
MUNI vs. SCHO - Performance Comparison
In the year-to-date period, MUNI achieves a 1.63% return, which is significantly lower than SCHO's 4.54% return. Over the past 10 years, MUNI has outperformed SCHO with an annualized return of 2.23%, while SCHO has yielded a comparatively lower 2.08% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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MUNI vs. SCHO - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is higher than SCHO's 0.05% expense ratio.
Risk-Adjusted Performance
MUNI vs. SCHO - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) and Schwab Short-Term U.S. Treasury ETF (SCHO). 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.
Dividends
MUNI vs. SCHO - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 4.02%, less than SCHO's 6.05% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 4.02% | 3.63% | 2.13% | 1.62% | 1.92% | 2.44% | 2.57% | 2.37% | 2.37% | 2.20% | 1.91% | 2.30% |
SCHO Schwab Short-Term U.S. Treasury ETF | 6.05% | 5.36% | 2.26% | 0.74% | 1.98% | 3.39% | 2.62% | 1.67% | 1.36% | 0.90% | 0.67% | 0.45% |
Drawdowns
MUNI vs. SCHO - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, which is greater than SCHO's maximum drawdown of -5.28%. Use the drawdown chart below to compare losses from any high point for MUNI and SCHO. For additional features, visit the drawdowns tool.
Volatility
MUNI vs. SCHO - Volatility Comparison
PIMCO Intermediate Municipal Bond Active ETF (MUNI) has a higher volatility of 1.59% compared to Schwab Short-Term U.S. Treasury ETF (SCHO) at 0.37%. This indicates that MUNI's price experiences larger fluctuations and is considered to be riskier than SCHO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.