PCQ vs. SMIN
PCQ (PIMCO California Municipal Income Fund) and SMIN (iShares MSCI India Small-Cap ETF) are both funds - PCQ is a Municipal Bonds fund actively managed by PIMCO, while SMIN is a India Equities fund tracking the MSCI India Small Cap Index. PCQ is actively managed, while SMIN is passively managed. Over the past 10 years, PCQ returned -1.57%/yr vs 9.43%/yr for SMIN. At a 0.11 correlation, their price movements are largely independent.
Performance
PCQ vs. SMIN - Performance Comparison
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Returns By Period
In the year-to-date period, PCQ achieves a 5.00% return, which is significantly higher than SMIN's -0.09% return. Over the past 10 years, PCQ has underperformed SMIN with an annualized return of -1.57%, while SMIN has yielded a comparatively higher 9.43% annualized return.
PCQ
- 1D
- -0.22%
- 1M
- 1.09%
- 6M
- 2.35%
- YTD
- 5.00%
- 1Y
- 10.89%
- 3Y*
- 1.21%
- 5Y*
- -10.04%
- 10Y*
- -1.57%
SMIN
- 1D
- -0.37%
- 1M
- 1.69%
- 6M
- 2.75%
- YTD
- -0.09%
- 1Y
- -8.95%
- 3Y*
- 8.59%
- 5Y*
- 6.63%
- 10Y*
- 9.43%
PCQ vs. SMIN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCQ PIMCO California Municipal Income Fund | 5.00% | 1.50% | 1.48% | -35.36% | -14.66% | 7.73% | -5.23% | 29.18% | -0.96% | 16.34% |
SMIN iShares MSCI India Small-Cap ETF | -0.09% | -6.68% | 16.78% | 35.41% | -14.23% | 44.43% | 19.59% | -5.21% | -25.55% | 62.36% |
Correlation
The correlation between PCQ and SMIN is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012 | 0.11 |
Over the past year, PCQ and SMIN have become more correlated (0.31) than their long-term average of 0.11, meaning their price movements have been converging.
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Return for Risk
PCQ vs. SMIN — Risk / Return Rank
PCQ
SMIN
PCQ vs. SMIN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO California Municipal Income Fund (PCQ) and iShares MSCI India Small-Cap ETF (SMIN). 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 | SMIN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.90 | ||
| Sortino ratioReturn per unit of downside risk | +2.65 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.94 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | -0.37 | +1.83 |
| Martin ratioReturn relative to average drawdown | 4.69 | -0.82 | +5.52 |
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Drawdowns
PCQ vs. SMIN - Drawdown Comparison
The maximum PCQ drawdown since its inception was -56.31%, smaller than the maximum SMIN drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for PCQ and SMIN.
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Drawdown Indicators
| PCQ | SMIN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.31% | -60.50% | +4.19% |
Max Drawdown (1Y)Largest decline over 1 year | -7.48% | -24.13% | +16.65% |
Max Drawdown (3Y)Largest decline over 3 years | -19.78% | -27.58% | +7.80% |
Max Drawdown (5Y)Largest decline over 5 years | -54.86% | -27.58% | -27.28% |
Max Drawdown (10Y)Largest decline over 10 years | -54.86% | -60.50% | +5.64% |
Current DrawdownCurrent decline from peak | -44.11% | -12.62% | -31.49% |
Average DrawdownAverage peak-to-trough decline | -12.79% | -14.61% | +1.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.37% | 11.32% | -8.95% |
Volatility
PCQ vs. SMIN - Volatility Comparison
The current volatility for PIMCO California Municipal Income Fund (PCQ) is 1.58%, while iShares MSCI India Small-Cap ETF (SMIN) has a volatility of 4.99%. This indicates that PCQ experiences smaller price fluctuations and is considered to be less risky than SMIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCQ | SMIN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 4.99% | -3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 6.03% | 15.91% | -9.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.77% | 19.02% | -11.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.52% | 18.96% | -2.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.82% | 22.82% | -6.00% |
Dividends
PCQ vs. SMIN - Dividend Comparison
PCQ's dividend yield for the trailing twelve months is around 4.85%, more than SMIN's 2.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCQ PIMCO California Municipal Income Fund | 4.85% | 4.95% | 4.78% | 4.64% | 5.29% | 4.20% | 4.39% | 4.65% | 5.72% | 5.35% | 5.89% | 5.89% |
SMIN iShares MSCI India Small-Cap ETF | 2.01% | 2.01% | 6.84% | 0.41% | 0.01% | 1.27% | 1.06% | 1.75% | 1.68% | 0.89% | 2.30% | 0.93% |
Frequently Asked Questions
PCQ and SMIN 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.
SMIN has higher volatility (4.99%) compared to PCQ (1.58%). In terms of maximum drawdown, PCQ dropped -56.31% vs SMIN's -60.50%.
PCQ currently has the higher Sharpe Ratio (1.43 vs -0.47), 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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