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 U.S. Treasury 1-3 Year Index. It was launched on Aug 5, 2010.
Performance
MUNI vs. SCHO - Performance Comparison
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MUNI vs. SCHO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 0.26% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 7.09% | 0.84% | 4.86% |
SCHO Schwab Short-Term U.S. Treasury ETF | 0.26% | 5.49% | 3.65% | 4.31% | -3.87% | -0.64% | 3.11% | 3.47% | 1.37% | 0.33% |
Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with MUNI at 0.26% and SCHO at 0.26%. Over the past 10 years, MUNI has outperformed SCHO with an annualized return of 2.18%, while SCHO has yielded a comparatively lower 1.72% annualized return.
MUNI
- 1D
- 0.15%
- 1M
- -1.53%
- YTD
- 0.26%
- 6M
- 1.49%
- 1Y
- 4.51%
- 3Y*
- 3.39%
- 5Y*
- 1.33%
- 10Y*
- 2.18%
SCHO
- 1D
- 0.02%
- 1M
- -0.31%
- YTD
- 0.26%
- 6M
- 1.27%
- 1Y
- 3.69%
- 3Y*
- 4.00%
- 5Y*
- 1.79%
- 10Y*
- 1.72%
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MUNI vs. SCHO - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is higher than SCHO's 0.03% expense ratio.
Return for Risk
MUNI vs. SCHO — Risk / Return Rank
MUNI
SCHO
MUNI vs. SCHO - Risk-Adjusted Trends 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.
| MUNI | SCHO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.18 | 2.44 | -1.26 |
Sortino ratioReturn per unit of downside risk | 1.58 | 3.92 | -2.33 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.50 | -0.20 |
Calmar ratioReturn relative to maximum drawdown | 1.63 | 4.42 | -2.78 |
Martin ratioReturn relative to average drawdown | 5.45 | 17.32 | -11.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MUNI | SCHO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.18 | 2.44 | -1.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.92 | -0.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 1.11 | -0.54 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.77 | 1.00 | -0.23 |
Correlation
The correlation between MUNI and SCHO is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
MUNI vs. SCHO - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.30%, less than SCHO's 3.98% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.30% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
SCHO Schwab Short-Term U.S. Treasury ETF | 3.98% | 4.06% | 4.29% | 3.76% | 1.34% | 0.41% | 1.27% | 2.27% | 1.60% | 1.12% | 0.82% | 0.68% |
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 -5.69%. Use the drawdown chart below to compare losses from any high point for MUNI and SCHO.
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Drawdown Indicators
| MUNI | SCHO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -5.69% | -5.46% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -0.86% | -2.07% |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | -5.69% | -5.46% |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | -5.69% | -5.46% |
Current DrawdownCurrent decline from peak | -1.75% | -0.43% | -1.32% |
Average DrawdownAverage peak-to-trough decline | -1.74% | -0.61% | -1.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.22% | +0.66% |
Volatility
MUNI vs. SCHO - Volatility Comparison
PIMCO Intermediate Municipal Bond Active ETF (MUNI) has a higher volatility of 1.07% compared to Schwab Short-Term U.S. Treasury ETF (SCHO) at 0.52%. 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.
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Volatility by Period
| MUNI | SCHO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 0.52% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 1.52% | 0.87% | +0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.86% | 1.52% | +2.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.30% | 1.97% | +1.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 1.55% | +2.30% |