PCM vs. PTY
PCM (PCM Fund Inc.) and PTY (PIMCO Corporate & Income Opportunity Fund) are both mutual funds - PCM is a Mortgage Backed Securities fund actively managed by PIMCO, while PTY is a Corporate Bonds fund managed by PIMCO. Over the past 10 years, PCM returned 5.29%/yr vs 8.61%/yr for PTY. At a 0.30 correlation, their price movements are largely independent.
Performance
PCM vs. PTY - Performance Comparison
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Returns By Period
In the year-to-date period, PCM achieves a 1.65% return, which is significantly higher than PTY's -1.00% return. Over the past 10 years, PCM has underperformed PTY with an annualized return of 5.29%, while PTY has yielded a comparatively higher 8.61% annualized return.
PCM
- 1D
- 0.42%
- 1M
- 4.93%
- 6M
- 1.82%
- YTD
- 1.65%
- 1Y
- 3.35%
- 3Y*
- -5.60%
- 5Y*
- -3.20%
- 10Y*
- 5.29%
PTY
- 1D
- -0.26%
- 1M
- 2.80%
- 6M
- -3.18%
- YTD
- -1.00%
- 1Y
- -3.54%
- 3Y*
- 6.02%
- 5Y*
- -0.18%
- 10Y*
- 8.61%
PCM vs. PTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCM PCM Fund Inc. | 1.65% | -10.10% | 8.81% | 12.44% | -18.96% | 8.57% | 3.05% | 23.05% | -4.47% | 26.46% |
PTY PIMCO Corporate & Income Opportunity Fund | -1.00% | -0.51% | 19.87% | 22.56% | -18.71% | 0.40% | 3.24% | 35.36% | 2.49% | 26.63% |
Correlation
The correlation between PCM and PTY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Dec 26, 2002 | 0.30 |
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Return for Risk
PCM vs. PTY — Risk / Return Rank
PCM
PTY
PCM vs. PTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PCM Fund Inc. (PCM) and PIMCO Corporate & Income Opportunity Fund (PTY). 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.
| PCM | PTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.95 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.26 | -0.23 | +0.49 |
| Martin ratioReturn relative to average drawdown | 0.51 | -0.42 | +0.93 |
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Drawdowns
PCM vs. PTY - Drawdown Comparison
The maximum PCM drawdown since its inception was -64.88%, which is greater than PTY's maximum drawdown of -60.86%. Use the drawdown chart below to compare losses from any high point for PCM and PTY.
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Drawdown Indicators
| PCM | PTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.88% | -60.86% | -4.02% |
Max Drawdown (1Y)Largest decline over 1 year | -12.81% | -15.44% | +2.63% |
Max Drawdown (3Y)Largest decline over 3 years | -29.62% | -16.04% | -13.58% |
Max Drawdown (5Y)Largest decline over 5 years | -29.62% | -41.38% | +11.76% |
Max Drawdown (10Y)Largest decline over 10 years | -47.69% | -46.55% | -1.14% |
Current DrawdownCurrent decline from peak | -18.13% | -10.15% | -7.98% |
Average DrawdownAverage peak-to-trough decline | -9.75% | -8.62% | -1.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.53% | 8.46% | -1.93% |
Volatility
PCM vs. PTY - Volatility Comparison
PCM Fund Inc. (PCM) has a higher volatility of 3.30% compared to PIMCO Corporate & Income Opportunity Fund (PTY) at 2.42%. This indicates that PCM's price experiences larger fluctuations and is considered to be riskier than PTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCM | PTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.30% | 2.42% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 8.39% | 7.51% | +0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.58% | 11.02% | +0.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.35% | 17.25% | +3.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.71% | 21.18% | +1.53% |
Dividends
PCM vs. PTY - Dividend Comparison
PCM's dividend yield for the trailing twelve months is around 13.34%, more than PTY's 11.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCM PCM Fund Inc. | 13.34% | 12.56% | 12.47% | 12.06% | 12.20% | 8.96% | 8.95% | 8.38% | 9.46% | 8.47% | 14.60% | 10.39% |
PTY PIMCO Corporate & Income Opportunity Fund | 11.94% | 11.05% | 9.92% | 10.77% | 13.12% | 9.16% | 8.74% | 8.37% | 10.63% | 9.48% | 12.09% | 11.92% |
Frequently Asked Questions
PCM and PTY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCM has higher volatility (3.30%) compared to PTY (2.42%). In terms of maximum drawdown, PCM dropped -64.88% vs PTY's -60.86%.
PCM currently has the higher Sharpe Ratio (0.29 vs -0.32), 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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