PCIMX vs. FLRN
PCIMX (PIMCO California Intermediate Municipal Bond Fund) and FLRN (State Street SPDR Bloomberg Investment Grade Floating Rate ETF) are both funds - PCIMX is a Municipal Bonds fund managed by PIMCO, while FLRN is a Ultrashort Bond fund tracking the Bloomberg U.S. Dollar Floating Rate Note < 5 Years Index. Over the past 10 years, PCIMX returned 1.85%/yr vs 3.05%/yr for FLRN. Their 0.01 correlation means their historical movements had little consistent relationship. PCIMX charges 0.46%/yr vs 0.15%/yr for FLRN.
Performance
PCIMX vs. FLRN - Performance Comparison
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Returns By Period
In the year-to-date period, PCIMX achieves a -0.10% return, which is significantly lower than FLRN's 2.48% return. Over the past 10 years, PCIMX has underperformed FLRN with an annualized return of 1.85%, while FLRN has yielded a comparatively higher 3.05% annualized return.
PCIMX
- 1D
- -0.22%
- 1M
- -1.70%
- 6M
- -0.89%
- YTD
- -0.10%
- 1Y
- 3.77%
- 3Y*
- 3.83%
- 5Y*
- 1.04%
- 10Y*
- 1.85%
- ALL TIME*
- 3.12%
FLRN
- 1D
- 0.00%
- 1M
- 0.29%
- 6M
- 2.08%
- YTD
- 2.48%
- 1Y
- 4.52%
- 3Y*
- 5.50%
- 5Y*
- 4.31%
- 10Y*
- 3.05%
- ALL TIME*
- 2.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $40.87M | $39.49M | $36.04M | |
| $0.00 | $0.00 | $0.00 |
PCIMX vs. FLRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCIMX PIMCO California Intermediate Municipal Bond Fund | -0.10% | 5.70% | 2.58% | 5.54% | -7.30% | 0.47% | 4.19% | 6.52% | 1.05% | 4.60% |
FLRN State Street SPDR Bloomberg Investment Grade Floating Rate ETF | 2.48% | 5.01% | 6.32% | 6.54% | 1.31% | 0.39% | 0.77% | 4.02% | 1.39% | 1.81% |
Correlation
The correlation between PCIMX and FLRN is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.06 |
Correlation (3Y) Balances recent behavior with more history. | 0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2011 | 0.01 |
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Return for Risk
PCIMX vs. FLRN — Risk / Return Rank
PCIMX
FLRN
PCIMX vs. FLRN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO California Intermediate Municipal Bond Fund (PCIMX) and State Street SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN). 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.
| PCIMX | FLRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.66 | ||
| Sortino ratioReturn per unit of downside risk | -8.78 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 3.09 | -1.63 |
| Calmar ratioReturn relative to maximum drawdown | 1.79 | 20.22 | -18.43 |
| Martin ratioReturn relative to average drawdown | 5.02 | 117.98 | -112.96 |
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Drawdowns
PCIMX vs. FLRN - Drawdown Comparison
The maximum PCIMX drawdown since its inception was -12.96%, smaller than the maximum FLRN drawdown of -14.64%. Use the drawdown chart below to compare losses from any high point for PCIMX and FLRN.
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Drawdown Indicators
| PCIMX | FLRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.96% | -14.64% | +1.68% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -0.23% | -2.39% |
Max Drawdown (3Y)Largest decline over 3 years | -3.85% | -1.43% | -2.42% |
Max Drawdown (5Y)Largest decline over 5 years | -11.41% | -2.16% | -9.25% |
Max Drawdown (10Y)Largest decline over 10 years | -11.41% | -14.64% | +3.23% |
Current DrawdownCurrent decline from peak | -2.08% | 0.00% | -2.08% |
Average DrawdownAverage peak-to-trough decline | -1.52% | -1.81% | +0.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.04% | +0.89% |
Volatility
PCIMX vs. FLRN - Volatility Comparison
PIMCO California Intermediate Municipal Bond Fund (PCIMX) has a higher volatility of 0.85% compared to State Street SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN) at 0.18%. This indicates that PCIMX's price experiences larger fluctuations and is considered to be riskier than FLRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCIMX | FLRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 0.18% | +0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 1.89% | 0.56% | +1.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.41% | 0.70% | +1.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.28% | 1.69% | +1.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.28% | 4.20% | -0.92% |
PCIMX vs. FLRN - Expense Ratio Comparison
PCIMX has a 0.46% expense ratio, which is higher than FLRN's 0.15% expense ratio.
Dividends
PCIMX vs. FLRN - Dividend Comparison
PCIMX's dividend yield for the trailing twelve months is around 3.09%, less than FLRN's 4.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLRN State Street SPDR Bloomberg Investment Grade Floating Rate ETF | 4.02% | 4.89% | 5.67% | 5.68% | 1.95% | 0.39% | 1.22% | 2.76% | 2.39% | 1.64% | 1.06% | 0.63% |
PCIMX PIMCO California Intermediate Municipal Bond Fund | 3.09% | 4.51% | 3.95% | 2.65% | 1.67% | 1.66% | 2.10% | 2.53% | 2.58% | 2.53% | 2.50% | 2.51% |
Frequently Asked Questions
PCIMX and FLRN have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCIMX has higher volatility (0.85%) compared to FLRN (0.18%). In terms of maximum drawdown, PCIMX dropped -12.96% vs FLRN's -14.64%.
FLRN currently has the higher Sharpe Ratio (6.61 vs 1.95), 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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