PCQ vs. MMD
PCQ (PIMCO California Municipal Income Fund) and MMD (NYLI MacKay DefinedTerm Muni Opportunities Fund) are both Municipal Bonds funds. Over the past 10 years, PCQ returned -1.37%/yr vs 2.22%/yr for MMD. At a 0.29 correlation, their price movements are largely independent.
Performance
PCQ vs. MMD - Performance Comparison
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Returns By Period
In the year-to-date period, PCQ achieves a 3.99% return, which is significantly lower than MMD's 5.67% return. Over the past 10 years, PCQ has underperformed MMD with an annualized return of -1.37%, while MMD has yielded a comparatively higher 2.22% annualized return.
PCQ
- 1D
- 0.11%
- 1M
- 2.73%
- YTD
- 3.99%
- 6M
- 4.23%
- 1Y
- 10.41%
- 3Y*
- 1.30%
- 5Y*
- -9.92%
- 10Y*
- -1.37%
MMD
- 1D
- -0.07%
- 1M
- 2.11%
- YTD
- 5.67%
- 6M
- 6.02%
- 1Y
- 10.24%
- 3Y*
- 1.37%
- 5Y*
- -2.38%
- 10Y*
- 2.22%
PCQ vs. MMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCQ PIMCO California Municipal Income Fund | 3.99% | 1.50% | 1.48% | -35.36% | -14.66% | 7.73% | -5.23% | 29.18% | -0.96% | 16.34% |
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 5.67% | 4.54% | -3.99% | 6.48% | -21.94% | 4.74% | 8.78% | 13.25% | 3.91% | 14.50% |
Correlation
The correlation between PCQ and MMD is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012 | 0.29 |
Over the past year, PCQ and MMD have become more correlated (0.50) than their long-term average of 0.29, meaning their price movements have been converging.
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Return for Risk
PCQ vs. MMD — Risk / Return Rank
PCQ
MMD
PCQ vs. MMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO California Municipal Income Fund (PCQ) and NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD). 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.
| PCQ | MMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.22 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 1.39 | +0.01 |
| Martin ratioReturn relative to average drawdown | 3.78 | 4.35 | -0.57 |
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Drawdowns
PCQ vs. MMD - Drawdown Comparison
The maximum PCQ drawdown since its inception was -56.31%, which is greater than MMD's maximum drawdown of -30.12%. Use the drawdown chart below to compare losses from any high point for PCQ and MMD.
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Drawdown Indicators
| PCQ | MMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.31% | -30.12% | -26.19% |
Max Drawdown (1Y)Largest decline over 1 year | -7.48% | -7.41% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -19.78% | -15.12% | -4.66% |
Max Drawdown (5Y)Largest decline over 5 years | -54.86% | -30.12% | -24.74% |
Max Drawdown (10Y)Largest decline over 10 years | -54.86% | -30.12% | -24.74% |
Current DrawdownCurrent decline from peak | -44.65% | -15.43% | -29.22% |
Average DrawdownAverage peak-to-trough decline | -12.71% | -9.17% | -3.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.76% | 2.36% | +0.40% |
Volatility
PCQ vs. MMD - Volatility Comparison
The current volatility for PIMCO California Municipal Income Fund (PCQ) is 2.60%, while NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) has a volatility of 3.36%. This indicates that PCQ experiences smaller price fluctuations and is considered to be less risky than MMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCQ | MMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.60% | 3.36% | -0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 5.99% | 6.93% | -0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.87% | 8.64% | -0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.53% | 13.38% | +3.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.86% | 13.93% | +2.93% |
Dividends
PCQ vs. MMD - Dividend Comparison
PCQ's dividend yield for the trailing twelve months is around 4.88%, less than MMD's 4.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 4.95% | 4.84% | 4.82% | 5.26% | 6.35% | 4.68% | 4.68% | 4.85% | 5.38% | 5.45% | 6.16% | 6.25% |
PCQ PIMCO California Municipal Income Fund | 4.88% | 4.95% | 4.78% | 4.64% | 5.29% | 4.20% | 4.39% | 4.65% | 5.72% | 5.35% | 5.89% | 5.89% |
Frequently Asked Questions
PCQ and MMD have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMD has higher volatility (3.36%) compared to PCQ (2.60%). In terms of maximum drawdown, PCQ dropped -56.31% vs MMD's -30.12%.
PCQ currently has the higher Sharpe Ratio (1.33 vs 1.19), 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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