PAMFX vs. FXIEX

Last updated Jul 3, 2026

PAMFX (Federated Hermes Pennsylvania Municipal Inc Fd) and FXIEX (PIMCO Fixed Income SHares: Series TE) are both Municipal Bonds funds. Over the past 10 years, PAMFX returned 1.72%/yr vs 2.82%/yr for FXIEX. A 0.67 correlation means they provide meaningful diversification when combined. PAMFX charges 0.76%/yr vs 0.07%/yr for FXIEX.

Performance

PAMFX vs. FXIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Pennsylvania Municipal Inc Fd (PAMFX) and PIMCO Fixed Income SHares: Series TE (FXIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PAMFX having a 2.49% return and FXIEX slightly higher at 2.53%. Over the past 10 years, PAMFX has underperformed FXIEX with an annualized return of 1.72%, while FXIEX has yielded a comparatively higher 2.82% annualized return.

PAMFX

• 1D: -0.10%
• 1M: 0.78%
• 6M: 2.49%
• YTD: 2.49%
• 1Y: 6.90%
• 3Y*: 3.40%
• 5Y*: 0.66%
• 10Y*: 1.72%

FXIEX

• 1D: -0.10%
• 1M: 0.70%
• 6M: 2.53%
• YTD: 2.53%
• 1Y: 6.54%
• 3Y*: 5.11%
• 5Y*: 1.70%
• 10Y*: 2.82%

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

PAMFX vs. FXIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAMFX Federated Hermes Pennsylvania Municipal Inc Fd	2.49%	2.84%	1.89%	5.50%	-9.06%	1.92%	4.17%	7.21%	0.54%	4.66%
FXIEX PIMCO Fixed Income SHares: Series TE	2.53%	3.37%	5.16%	8.92%	-10.89%	2.19%	7.22%	8.45%	1.00%	7.71%

Correlation

The correlation between PAMFX and FXIEX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 25, 2012	0.67

The correlation between PAMFX and FXIEX shifts across timeframes, from 0.67 (all time) to 0.82 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PAMFX vs. FXIEX — Risk / Return Rank

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

PAMFX

PAMFX Risk / Return Rank: 94
PAMFX Sharpe Ratio Rank: 97
PAMFX Sortino Ratio Rank: 97
PAMFX Omega Ratio Rank: 96
PAMFX Calmar Ratio Rank: 91
PAMFX Martin Ratio Rank: 91

FXIEX

FXIEX Risk / Return Rank: 84
FXIEX Sharpe Ratio Rank: 84
FXIEX Sortino Ratio Rank: 92
FXIEX Omega Ratio Rank: 90
FXIEX Calmar Ratio Rank: 83
FXIEX Martin Ratio Rank: 73

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.

PAMFX vs. FXIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Pennsylvania Municipal Inc Fd (PAMFX) and PIMCO Fixed Income SHares: Series TE (FXIEX). 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.

	PAMFX	FXIEX	Difference
Sharpe ratio: Return per unit of total volatility	3.02	2.33	+0.69
Sortino ratio: Return per unit of downside risk	5.08	4.03	+1.05
Omega ratio: Gain probability vs. loss probability	1.77	1.57	+0.20
Calmar ratio: Return relative to maximum drawdown	3.94	3.29	+0.64
Martin ratio: Return relative to average drawdown	14.42	11.10	+3.32

PAMFX vs. FXIEX - Sharpe Ratio Comparison

The current PAMFX Sharpe Ratio is 3.02, which is comparable to the FXIEX Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of PAMFX and FXIEX, 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

PAMFX vs. FXIEX - Drawdown Comparison

The maximum PAMFX drawdown since its inception was -15.50%, roughly equal to the maximum FXIEX drawdown of -15.25%. Use the drawdown chart below to compare losses from any high point for PAMFX and FXIEX.

Drawdown Indicators

	PAMFX	FXIEX	Difference
Max Drawdown Largest peak-to-trough decline	-15.50%	-15.25%	-0.25%
Max Drawdown (1Y) Largest decline over 1 year	-2.11%	-2.42%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-6.13%	-5.56%	-0.57%
Max Drawdown (5Y) Largest decline over 5 years	-13.32%	-15.25%	+1.93%
Max Drawdown (10Y) Largest decline over 10 years	-13.32%	-15.25%	+1.93%
Current Drawdown Current decline from peak	-0.10%	-0.10%	0.00%
Average Drawdown Average peak-to-trough decline	-1.90%	-2.88%	+0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.70%	-0.14%

Volatility

PAMFX vs. FXIEX - Volatility Comparison

The current volatility for Federated Hermes Pennsylvania Municipal Inc Fd (PAMFX) is 0.47%, while PIMCO Fixed Income SHares: Series TE (FXIEX) has a volatility of 0.61%. This indicates that PAMFX experiences smaller price fluctuations and is considered to be less risky than FXIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAMFX	FXIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	0.61%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	1.76%	2.20%	-0.44%
Volatility (1Y) Calculated over the trailing 1-year period	2.76%	3.42%	-0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.02%	4.37%	-0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.77%	4.10%	-0.33%

PAMFX vs. FXIEX - Expense Ratio Comparison

PAMFX has a 0.76% expense ratio, which is higher than FXIEX's 0.07% expense ratio.

Dividends

PAMFX vs. FXIEX - Dividend Comparison

PAMFX's dividend yield for the trailing twelve months is around 3.08%, more than FXIEX's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXIEX PIMCO Fixed Income SHares: Series TE	2.78%	2.75%	4.53%	3.98%	3.25%	2.63%	3.37%	3.63%	3.79%	2.67%	0.00%	0.00%
PAMFX Federated Hermes Pennsylvania Municipal Inc Fd	3.08%	3.06%	2.99%	2.79%	2.51%	2.45%	2.33%	3.81%	3.15%	2.98%	3.07%	3.12%

Frequently Asked Questions

Can I hold both PAMFX and FXIEX in my portfolio?

PAMFX and FXIEX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAMFX or FXIEX?

FXIEX has higher volatility (0.61%) compared to PAMFX (0.47%). In terms of maximum drawdown, PAMFX dropped -15.50% vs FXIEX's -15.25%.

Which has better risk-adjusted returns?

PAMFX currently has the higher Sharpe Ratio (3.02 vs 2.33), 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.