MUNI vs. SMMU
MUNI (PIMCO Intermediate Municipal Bond Active ETF) and SMMU (PIMCO Short Term Municipal Bond Active ETF) are both Municipal Bonds funds from PIMCO. Both are actively managed. Over the past 10 years, MUNI returned 2.17%/yr vs 1.82%/yr for SMMU. At a 0.32 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.
Performance
MUNI vs. SMMU - Performance Comparison
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Returns By Period
In the year-to-date period, MUNI achieves a 1.28% return, which is significantly higher than SMMU's 1.03% return. Over the past 10 years, MUNI has outperformed SMMU with an annualized return of 2.17%, while SMMU has yielded a comparatively lower 1.82% annualized return.
MUNI
- 1D
- 0.13%
- 1M
- 0.40%
- YTD
- 1.28%
- 6M
- 1.55%
- 1Y
- 6.54%
- 3Y*
- 3.97%
- 5Y*
- 1.30%
- 10Y*
- 2.17%
SMMU
- 1D
- 0.00%
- 1M
- 0.26%
- YTD
- 1.03%
- 6M
- 1.33%
- 1Y
- 3.89%
- 3Y*
- 3.64%
- 5Y*
- 1.89%
- 10Y*
- 1.82%
MUNI vs. SMMU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 1.28% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 7.09% | 0.84% | 4.86% |
SMMU PIMCO Short Term Municipal Bond Active ETF | 1.03% | 4.06% | 2.68% | 4.39% | -2.45% | 0.17% | 2.87% | 3.47% | 1.51% | 2.34% |
Correlation
The correlation between MUNI and SMMU is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2010 | 0.32 |
Over the past year, MUNI and SMMU have become more correlated (0.62) than their long-term average of 0.32, meaning their price movements have been converging.
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Return for Risk
MUNI vs. SMMU — Risk / Return Rank
MUNI
SMMU
MUNI vs. SMMU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) and PIMCO Short Term Municipal Bond Active ETF (SMMU). 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 | SMMU | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.90 | 3.81 | -0.91 |
Sortino ratioReturn per unit of downside risk | 4.35 | 5.77 | -1.43 |
Omega ratioGain probability vs. loss probability | 1.65 | 1.90 | -0.24 |
Calmar ratioReturn relative to maximum drawdown | 2.83 | 5.04 | -2.22 |
Martin ratioReturn relative to average drawdown | 9.33 | 18.06 | -8.73 |
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 | SMMU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.90 | 3.81 | -0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.39 | 1.13 | -0.74 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.67 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.60 | +0.18 |
Drawdowns
MUNI vs. SMMU - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, which is greater than SMMU's maximum drawdown of -5.09%. Use the drawdown chart below to compare losses from any high point for MUNI and SMMU.
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Drawdown Indicators
| MUNI | SMMU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -5.09% | -6.06% |
Max Drawdown (1Y)Largest decline over 1 year | -2.29% | -0.77% | -1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -4.09% | -1.95% | -2.14% |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | -4.76% | -6.39% |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | -5.09% | -6.06% |
Current DrawdownCurrent decline from peak | -0.75% | -0.10% | -0.65% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -0.55% | -1.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 0.22% | +0.47% |
Volatility
MUNI vs. SMMU - Volatility Comparison
PIMCO Intermediate Municipal Bond Active ETF (MUNI) has a higher volatility of 0.78% compared to PIMCO Short Term Municipal Bond Active ETF (SMMU) at 0.31%. This indicates that MUNI's price experiences larger fluctuations and is considered to be riskier than SMMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUNI | SMMU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 0.31% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 1.61% | 0.80% | +0.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.27% | 1.02% | +1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.31% | 1.67% | +1.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 2.73% | +1.12% |
MUNI vs. SMMU - Expense Ratio Comparison
Both MUNI and SMMU have an expense ratio of 0.35%.
Dividends
MUNI vs. SMMU - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.28%, more than SMMU's 2.84% 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% |
SMMU PIMCO Short Term Municipal Bond Active ETF | 2.84% | 2.80% | 3.03% | 2.79% | 1.37% | 0.60% | 1.19% | 1.82% | 1.57% | 1.41% | 1.03% | 0.89% |
Frequently Asked Questions
MUNI and SMMU have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUNI has higher volatility (0.78%) compared to SMMU (0.31%). In terms of maximum drawdown, MUNI dropped -11.15% vs SMMU's -5.09%.
On 10-year performance, MUNI leads with 2.17% vs 1.82% for SMMU. Both ETFs have the same 0.35% expense ratio. On volatility, SMMU has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MUNI has performed better with a 2.17% return vs 1.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUNI and SMMU have the same expense ratio: 0.35% per year.
MUNI has the higher dividend yield at 3.28%, compared with 2.84% for SMMU.
SMMU currently has the higher Sharpe Ratio (3.81 vs 2.90), 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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