MWCIX vs. PIMIX

Last updated Jun 23, 2026

MWCIX (Metropolitan West Unconstrained Bond Fund) and PIMIX (PIMCO Income Fund Institutional Class) are both mutual funds - MWCIX is a Nontraditional Bonds fund managed by Metropolitan West Funds, while PIMIX is a Multisector Bonds fund actively managed by PIMCO. Over the past 10 years, MWCIX returned 2.85%/yr vs 4.72%/yr for PIMIX. A 0.66 correlation means they provide meaningful diversification when combined. MWCIX charges 0.76%/yr vs 0.54%/yr for PIMIX.

Performance

MWCIX vs. PIMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Metropolitan West Unconstrained Bond Fund (MWCIX) and PIMCO Income Fund Institutional Class (PIMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MWCIX achieves a 1.22% return, which is significantly higher than PIMIX's 1.00% return. Over the past 10 years, MWCIX has underperformed PIMIX with an annualized return of 2.85%, while PIMIX has yielded a comparatively higher 4.72% annualized return.

MWCIX

• 1D: 0.10%
• 1M: 0.65%
• YTD: 1.22%
• 6M: 1.70%
• 1Y: 5.87%
• 3Y*: 5.89%
• 5Y*: 1.98%
• 10Y*: 2.85%

PIMIX

• 1D: 0.09%
• 1M: 1.19%
• YTD: 1.00%
• 6M: 1.60%
• 1Y: 7.88%
• 3Y*: 7.73%
• 5Y*: 3.58%
• 10Y*: 4.72%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MWCIX vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MWCIX Metropolitan West Unconstrained Bond Fund	1.22%	7.50%	5.40%	6.07%	-9.39%	0.65%	4.54%	6.49%	1.11%	3.98%
PIMIX PIMCO Income Fund Institutional Class	1.00%	11.08%	5.45%	9.36%	-9.07%	2.62%	5.84%	8.10%	0.63%	8.63%

Correlation

The correlation between MWCIX and PIMIX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011	0.66

The correlation between MWCIX and PIMIX shifts across timeframes, from 0.66 (all time) to 0.88 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MWCIX vs. PIMIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MWCIX

MWCIX Risk / Return Rank: 84
MWCIX Sharpe Ratio Rank: 76
MWCIX Sortino Ratio Rank: 91
MWCIX Omega Ratio Rank: 85
MWCIX Calmar Ratio Rank: 83
MWCIX Martin Ratio Rank: 86

PIMIX

PIMIX Risk / Return Rank: 46
PIMIX Sharpe Ratio Rank: 50
PIMIX Sortino Ratio Rank: 55
PIMIX Omega Ratio Rank: 54
PIMIX Calmar Ratio Rank: 36
PIMIX Martin Ratio Rank: 34

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MWCIX vs. PIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Metropolitan West Unconstrained Bond Fund (MWCIX) and PIMCO Income Fund Institutional Class (PIMIX). 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.

	MWCIX	PIMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	1.91	+0.43
Sortino ratio: Return per unit of downside risk	4.16	2.85	+1.31
Omega ratio: Gain probability vs. loss probability	1.53	1.37	+0.17
Calmar ratio: Return relative to maximum drawdown	3.64	2.15	+1.49
Martin ratio: Return relative to average drawdown	15.11	7.27	+7.84

MWCIX vs. PIMIX - Sharpe Ratio Comparison

The current MWCIX Sharpe Ratio is 2.34, which is comparable to the PIMIX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of MWCIX and PIMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MWCIX vs. PIMIX - Drawdown Comparison

The maximum MWCIX drawdown since its inception was -13.00%, roughly equal to the maximum PIMIX drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for MWCIX and PIMIX.

Drawdown Indicators

	MWCIX	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-13.00%	-13.39%	+0.39%
Max Drawdown (1Y) Largest decline over 1 year	-1.62%	-3.69%	+2.07%
Max Drawdown (3Y) Largest decline over 3 years	-3.33%	-3.84%	+0.51%
Max Drawdown (5Y) Largest decline over 5 years	-13.00%	-13.34%	+0.34%
Max Drawdown (10Y) Largest decline over 10 years	-13.00%	-13.39%	+0.39%
Current Drawdown Current decline from peak	-0.29%	-0.93%	+0.64%
Average Drawdown Average peak-to-trough decline	-1.49%	-1.69%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	1.09%	-0.70%

Volatility

MWCIX vs. PIMIX - Volatility Comparison

The current volatility for Metropolitan West Unconstrained Bond Fund (MWCIX) is 0.89%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.42%. This indicates that MWCIX experiences smaller price fluctuations and is considered to be less risky than PIMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MWCIX	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	1.42%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	1.96%	3.39%	-1.43%
Volatility (1Y) Calculated over the trailing 1-year period	2.52%	4.17%	-1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	4.86%	-1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.16%	4.26%	-1.10%

MWCIX vs. PIMIX - Expense Ratio Comparison

MWCIX has a 0.76% expense ratio, which is higher than PIMIX's 0.54% expense ratio.

Dividends

MWCIX vs. PIMIX - Dividend Comparison

MWCIX's dividend yield for the trailing twelve months is around 5.43%, less than PIMIX's 5.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MWCIX Metropolitan West Unconstrained Bond Fund	5.43%	5.26%	5.93%	4.87%	3.50%	3.39%	3.46%	3.89%	3.77%	2.81%	3.22%	2.15%
PIMIX PIMCO Income Fund Institutional Class	5.83%	6.01%	6.27%	6.21%	4.98%	4.02%	4.88%	5.83%	5.66%	5.37%	5.52%	7.88%

Frequently Asked Questions

Can I hold both MWCIX and PIMIX in my portfolio?

MWCIX and PIMIX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MWCIX or PIMIX?

PIMIX has higher volatility (1.42%) compared to MWCIX (0.89%). In terms of maximum drawdown, MWCIX dropped -13.00% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

MWCIX currently has the higher Sharpe Ratio (2.34 vs 1.91), 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.