PCDIX vs. PIMIX
PCDIX (PIMCO California Short Duration Municipal Income Fund) and PIMIX (PIMCO Income Fund Institutional Class) are both mutual funds - PCDIX is a Municipal Bonds fund managed by PIMCO, while PIMIX is a Multisector Bonds fund actively managed by PIMCO. Over the past 10 years, PCDIX returned 1.71%/yr vs 4.72%/yr for PIMIX. At a 0.34 correlation, their price movements are largely independent. PCDIX charges 0.33%/yr vs 0.54%/yr for PIMIX.
Performance
PCDIX vs. PIMIX - Performance Comparison
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Returns By Period
In the year-to-date period, PCDIX achieves a 0.93% return, which is significantly lower than PIMIX's 1.00% return. Over the past 10 years, PCDIX has underperformed PIMIX with an annualized return of 1.71%, while PIMIX has yielded a comparatively higher 4.72% annualized return.
PCDIX
- 1D
- 0.10%
- 1M
- 0.53%
- YTD
- 0.93%
- 6M
- 1.28%
- 1Y
- 3.95%
- 3Y*
- 3.86%
- 5Y*
- 2.01%
- 10Y*
- 1.71%
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%
PCDIX vs. PIMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCDIX PIMCO California Short Duration Municipal Income Fund | 0.93% | 5.00% | 3.12% | 3.59% | -2.41% | 0.16% | 1.75% | 2.96% | 1.35% | 1.69% |
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 PCDIX and PIMIX is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2007 | 0.34 |
Over the past year, PCDIX and PIMIX have become more correlated (0.54) than their long-term average of 0.34, meaning their price movements have been converging.
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Return for Risk
PCDIX vs. PIMIX — Risk / Return Rank
PCDIX
PIMIX
PCDIX vs. PIMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO California Short Duration Municipal Income Fund (PCDIX) 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.
| PCDIX | PIMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.37 | ||
| Sortino ratioReturn per unit of downside risk | +3.56 | ||
| Omega ratioGain probability vs. loss probability | 2.30 | 1.37 | +0.93 |
| Calmar ratioReturn relative to maximum drawdown | 3.90 | 2.15 | +1.75 |
| Martin ratioReturn relative to average drawdown | 13.20 | 7.27 | +5.94 |
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Drawdowns
PCDIX vs. PIMIX - Drawdown Comparison
The maximum PCDIX drawdown since its inception was -4.52%, smaller than the maximum PIMIX drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for PCDIX and PIMIX.
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Drawdown Indicators
| PCDIX | PIMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.52% | -13.39% | +8.87% |
Max Drawdown (1Y)Largest decline over 1 year | -1.02% | -3.69% | +2.67% |
Max Drawdown (3Y)Largest decline over 3 years | -1.66% | -3.84% | +2.18% |
Max Drawdown (5Y)Largest decline over 5 years | -4.52% | -13.34% | +8.82% |
Max Drawdown (10Y)Largest decline over 10 years | -4.52% | -13.39% | +8.87% |
Current DrawdownCurrent decline from peak | -0.14% | -0.93% | +0.79% |
Average DrawdownAverage peak-to-trough decline | -0.43% | -1.69% | +1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 1.09% | -0.79% |
Volatility
PCDIX vs. PIMIX - Volatility Comparison
The current volatility for PIMCO California Short Duration Municipal Income Fund (PCDIX) is 0.35%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.42%. This indicates that PCDIX 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.
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Volatility by Period
| PCDIX | PIMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 1.42% | -1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 0.91% | 3.39% | -2.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.22% | 4.17% | -2.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.69% | 4.86% | -3.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.56% | 4.26% | -2.70% |
PCDIX vs. PIMIX - Expense Ratio Comparison
PCDIX has a 0.33% expense ratio, which is lower than PIMIX's 0.54% expense ratio.
Dividends
PCDIX vs. PIMIX - Dividend Comparison
PCDIX's dividend yield for the trailing twelve months is around 2.83%, less than PIMIX's 5.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCDIX PIMCO California Short Duration Municipal Income Fund | 2.83% | 3.80% | 3.38% | 2.25% | 1.16% | 1.07% | 1.23% | 1.79% | 1.55% | 1.27% | 1.02% | 0.91% |
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
PCDIX and PIMIX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIMIX has higher volatility (1.42%) compared to PCDIX (0.35%). In terms of maximum drawdown, PCDIX dropped -4.52% vs PIMIX's -13.39%.
PCDIX currently has the higher Sharpe Ratio (3.28 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.
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