MUNI vs. SCHP
MUNI (PIMCO Intermediate Municipal Bond Active ETF) and SCHP (Schwab U.S. TIPS ETF) are both exchange-traded funds - MUNI is a Municipal Bonds fund actively managed by PIMCO, while SCHP is a Inflation-Protected Bonds fund tracking the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). MUNI is actively managed, while SCHP is passively managed. Over the past 10 years, MUNI returned 2.16%/yr vs 2.66%/yr for SCHP. At a 0.45 correlation, their price movements are largely independent. MUNI charges 0.35%/yr vs 0.05%/yr for SCHP.
Performance
MUNI vs. SCHP - Performance Comparison
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Returns By Period
In the year-to-date period, MUNI achieves a 1.24% return, which is significantly lower than SCHP's 1.61% return. Over the past 10 years, MUNI has underperformed SCHP with an annualized return of 2.16%, while SCHP has yielded a comparatively higher 2.66% annualized return.
MUNI
- 1D
- -0.04%
- 1M
- 0.42%
- YTD
- 1.24%
- 6M
- 1.44%
- 1Y
- 6.52%
- 3Y*
- 3.96%
- 5Y*
- 1.27%
- 10Y*
- 2.16%
SCHP
- 1D
- -0.15%
- 1M
- -0.03%
- YTD
- 1.61%
- 6M
- 1.14%
- 1Y
- 5.19%
- 3Y*
- 4.05%
- 5Y*
- 1.13%
- 10Y*
- 2.66%
MUNI vs. SCHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 1.24% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 7.09% | 0.84% | 4.86% |
SCHP Schwab U.S. TIPS ETF | 1.61% | 6.76% | 1.95% | 3.91% | -12.02% | 5.87% | 10.86% | 8.52% | -1.78% | 3.02% |
Correlation
The correlation between MUNI and SCHP is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Aug 6, 2010 | 0.45 |
Over the past year, MUNI and SCHP have become more correlated (0.67) than their long-term average of 0.45, meaning their price movements have been converging.
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Return for Risk
MUNI vs. SCHP — Risk / Return Rank
MUNI
SCHP
MUNI vs. SCHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) and Schwab U.S. TIPS ETF (SCHP). 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 | SCHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.31 | ||
| Sortino ratioReturn per unit of downside risk | +1.93 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.28 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | 2.70 | +0.16 |
| Martin ratioReturn relative to average drawdown | 9.39 | 8.22 | +1.17 |
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 | SCHP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.89 | 1.58 | +1.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.19 | +0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.48 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.51 | +0.28 |
Drawdowns
MUNI vs. SCHP - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, smaller than the maximum SCHP drawdown of -14.26%. Use the drawdown chart below to compare losses from any high point for MUNI and SCHP.
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Drawdown Indicators
| MUNI | SCHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -14.26% | +3.11% |
Max Drawdown (1Y)Largest decline over 1 year | -2.29% | -1.93% | -0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -4.09% | -4.48% | +0.39% |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | -14.26% | +3.11% |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | -14.26% | +3.11% |
Current DrawdownCurrent decline from peak | -0.79% | -0.25% | -0.54% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -3.94% | +2.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 0.63% | +0.07% |
Volatility
MUNI vs. SCHP - Volatility Comparison
The current volatility for PIMCO Intermediate Municipal Bond Active ETF (MUNI) is 0.77%, while Schwab U.S. TIPS ETF (SCHP) has a volatility of 0.89%. This indicates that MUNI experiences smaller price fluctuations and is considered to be less risky than SCHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUNI | SCHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.89% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 1.60% | 2.20% | -0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.27% | 3.30% | -1.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.31% | 6.12% | -2.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 5.59% | -1.74% |
MUNI vs. SCHP - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is higher than SCHP's 0.05% expense ratio.
Dividends
MUNI vs. SCHP - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.29%, less than SCHP's 3.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.29% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
SCHP Schwab U.S. TIPS ETF | 3.99% | 4.06% | 2.99% | 3.02% | 7.19% | 4.39% | 1.11% | 2.02% | 2.26% | 1.90% | 1.38% | 0.28% |
Frequently Asked Questions
MUNI and SCHP have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCHP has higher volatility (0.89%) compared to MUNI (0.77%). In terms of maximum drawdown, MUNI dropped -11.15% vs SCHP's -14.26%.
On 10-year performance, SCHP leads with 2.66% vs 2.16% for MUNI. On fees, SCHP is cheaper at 0.05% per year. On volatility, MUNI has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCHP has performed better with a 2.66% return vs 2.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHP is cheaper with a 0.05% expense ratio, compared with 0.35% for MUNI.
SCHP has the higher dividend yield at 3.99%, compared with 3.29% for MUNI.
MUNI is categorized as Municipal Bonds, while SCHP is Inflation-Protected Bonds. They also come from different issuers: PIMCO and Charles Schwab. Their fees differ too: 0.35% for MUNI and 0.05% for SCHP.
MUNI currently has the higher Sharpe Ratio (2.89 vs 1.58), 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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