PCIMX vs. SCHH

Last updated Aug 1, 2026

PCIMX (PIMCO California Intermediate Municipal Bond Fund) and SCHH (Schwab US REIT ETF) are both funds - PCIMX is a Municipal Bonds fund managed by PIMCO, while SCHH is a REIT fund tracking the Dow Jones Equity All REIT Capped Index. Over the past 10 years, PCIMX returned 1.85%/yr vs 3.73%/yr for SCHH. Their 0.13 correlation means their historical movements had little consistent relationship. PCIMX charges 0.46%/yr vs 0.07%/yr for SCHH.

Performance

PCIMX vs. SCHH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO California Intermediate Municipal Bond Fund (PCIMX) and Schwab US REIT ETF (SCHH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCIMX achieves a -0.10% return, which is significantly lower than SCHH's 17.68% return. Over the past 10 years, PCIMX has underperformed SCHH with an annualized return of 1.85%, while SCHH has yielded a comparatively higher 3.73% 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%

SCHH

• 1D: -0.49%
• 1M: 0.87%
• 6M: 14.82%
• YTD: 17.68%
• 1Y: 19.86%
• 3Y*: 10.28%
• 5Y*: 3.28%
• 10Y*: 3.73%
• ALL TIME*: 7.16%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PCIMX PIMCO California Intermediate Municipal Bond Fund	$0.00	$0.00	$0.00
SCHH Schwab US REIT ETF	$134.76M	$145.46M	$140.74M

PCIMX vs. SCHH - 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%
SCHH Schwab US REIT ETF	17.68%	2.20%	4.99%	11.18%	-24.99%	41.07%	-14.81%	22.85%	-4.26%	3.68%

Correlation

The correlation between PCIMX and SCHH is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (3Y) Balances recent behavior with more history.	0.31
Correlation (5Y) Shows whether the relationship held over a longer period.	0.24
Correlation (10Y) Provides a long-term view across more market conditions.	0.18
Correlation (All Time) Calculated using the full available price history since Jan 13, 2011	0.13

The correlation between PCIMX and SCHH shifts across timeframes, from 0.13 (all time) to 0.31 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PCIMX vs. SCHH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PCIMX

PCIMX Risk / Return Rank: 65
PCIMX Sharpe Ratio Rank: 81
PCIMX Sortino Ratio Rank: 83
PCIMX Omega Ratio Rank: 88
PCIMX Calmar Ratio Rank: 42
PCIMX Martin Ratio Rank: 32

SCHH

SCHH Risk / Return Rank: 63
SCHH Sharpe Ratio Rank: 61
SCHH Sortino Ratio Rank: 60
SCHH Omega Ratio Rank: 59
SCHH Calmar Ratio Rank: 69
SCHH Martin Ratio Rank: 66

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PCIMX vs. SCHH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO California Intermediate Municipal Bond Fund (PCIMX) and Schwab US REIT ETF (SCHH). 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	SCHH	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.42	+0.53
Sortino ratio: Return per unit of downside risk	2.97	2.01	+0.96
Omega ratio: Gain probability vs. loss probability	1.46	1.25	+0.20
Calmar ratio: Return relative to maximum drawdown	1.79	2.37	-0.58
Martin ratio: Return relative to average drawdown	5.02	7.96	-2.94

PCIMX vs. SCHH - Sharpe Ratio Comparison

The current PCIMX Sharpe Ratio is 1.95, which is higher than the SCHH Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of PCIMX and SCHH, 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

PCIMX vs. SCHH - Drawdown Comparison

The maximum PCIMX drawdown since its inception was -12.96%, smaller than the maximum SCHH drawdown of -44.22%. Use the drawdown chart below to compare losses from any high point for PCIMX and SCHH.

Drawdown Indicators

	PCIMX	SCHH	Difference
Max Drawdown Largest peak-to-trough decline	-12.96%	-44.22%	+31.26%
Max Drawdown (1Y) Largest decline over 1 year	-2.62%	-8.28%	+5.66%
Max Drawdown (3Y) Largest decline over 3 years	-3.85%	-17.76%	+13.91%
Max Drawdown (5Y) Largest decline over 5 years	-11.41%	-33.28%	+21.87%
Max Drawdown (10Y) Largest decline over 10 years	-11.41%	-44.22%	+32.81%
Current Drawdown Current decline from peak	-2.08%	-2.33%	+0.25%
Average Drawdown Average peak-to-trough decline	-1.52%	-9.36%	+7.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	2.47%	-1.54%

Volatility

PCIMX vs. SCHH - Volatility Comparison

The current volatility for PIMCO California Intermediate Municipal Bond Fund (PCIMX) is 0.85%, while Schwab US REIT ETF (SCHH) has a volatility of 4.56%. This indicates that PCIMX experiences smaller price fluctuations and is considered to be less risky than SCHH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCIMX	SCHH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	4.56%	-3.71%
Volatility (6M) Calculated over the trailing 6-month period	1.89%	10.96%	-9.07%
Volatility (1Y) Calculated over the trailing 1-year period	2.41%	13.92%	-11.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.28%	18.79%	-15.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.28%	21.03%	-17.75%

PCIMX vs. SCHH - Expense Ratio Comparison

PCIMX has a 0.46% expense ratio, which is higher than SCHH's 0.07% expense ratio.

Dividends

PCIMX vs. SCHH - Dividend Comparison

PCIMX's dividend yield for the trailing twelve months is around 3.09%, more than SCHH's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SCHH Schwab US REIT ETF	2.72%	3.04%	3.22%	3.24%	2.55%	1.50%	2.86%	2.86%	3.64%	2.22%	2.81%	2.48%

Frequently Asked Questions

Can I hold both PCIMX and SCHH in my portfolio?

PCIMX and SCHH have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCIMX or SCHH?

SCHH has higher volatility (4.56%) compared to PCIMX (0.85%). In terms of maximum drawdown, PCIMX dropped -12.96% vs SCHH's -44.22%.

Which has better risk-adjusted returns?

PCIMX currently has the higher Sharpe Ratio (1.95 vs 1.42), 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.