PCQ vs. VT

Last updated Jun 23, 2026

PCQ (PIMCO California Municipal Income Fund) and VT (Vanguard Total World Stock ETF) are both funds - PCQ is a Municipal Bonds fund actively managed by PIMCO, while VT is a Global Equities fund tracking the FTSE Global All Cap Index. PCQ is actively managed, while VT is passively managed. Over the past 10 years, PCQ returned -1.37%/yr vs 13.20%/yr for VT. At a 0.13 correlation, their price movements are largely independent.

Performance

PCQ vs. VT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO California Municipal Income Fund (PCQ) and Vanguard Total World Stock ETF (VT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCQ achieves a 3.99% return, which is significantly lower than VT's 12.36% return. Over the past 10 years, PCQ has underperformed VT with an annualized return of -1.37%, while VT has yielded a comparatively higher 13.20% 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%

VT

• 1D: -0.06%
• 1M: 1.64%
• YTD: 12.36%
• 6M: 12.14%
• 1Y: 29.57%
• 3Y*: 20.75%
• 5Y*: 11.13%
• 10Y*: 13.20%

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

PCQ vs. VT - 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%
VT Vanguard Total World Stock ETF	12.36%	22.43%	16.49%	22.02%	-18.00%	18.27%	16.59%	26.81%	-9.76%	24.50%

Correlation

The correlation between PCQ and VT is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jun 26, 2008	0.13

Over the past year, PCQ and VT have become more correlated (0.37) than their long-term average of 0.13, meaning their price movements have been converging.

Return for Risk

PCQ vs. VT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PCQ

PCQ Risk / Return Rank: 21
PCQ Sharpe Ratio Rank: 25
PCQ Sortino Ratio Rank: 25
PCQ Omega Ratio Rank: 24
PCQ Calmar Ratio Rank: 17
PCQ Martin Ratio Rank: 15

VT

VT Risk / Return Rank: 70
VT Sharpe Ratio Rank: 71
VT Sortino Ratio Rank: 70
VT Omega Ratio Rank: 71
VT Calmar Ratio Rank: 64
VT Martin Ratio Rank: 73

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PCQ vs. VT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO California Municipal Income Fund (PCQ) and Vanguard Total World Stock ETF (VT). 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	VT	Difference
Sharpe ratio: Return per unit of total volatility	1.33	2.21	-0.88
Sortino ratio: Return per unit of downside risk	1.92	3.03	-1.11
Omega ratio: Gain probability vs. loss probability	1.24	1.40	-0.16
Calmar ratio: Return relative to maximum drawdown	1.40	3.07	-1.67
Martin ratio: Return relative to average drawdown	3.78	13.35	-9.57

PCQ vs. VT - Sharpe Ratio Comparison

The current PCQ Sharpe Ratio is 1.33, which is lower than the VT Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of PCQ and VT, 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

PCQ vs. VT - Drawdown Comparison

The maximum PCQ drawdown since its inception was -56.31%, which is greater than VT's maximum drawdown of -50.27%. Use the drawdown chart below to compare losses from any high point for PCQ and VT.

Drawdown Indicators

	PCQ	VT	Difference
Max Drawdown Largest peak-to-trough decline	-56.31%	-50.27%	-6.04%
Max Drawdown (1Y) Largest decline over 1 year	-7.48%	-9.67%	+2.19%
Max Drawdown (3Y) Largest decline over 3 years	-19.78%	-16.51%	-3.27%
Max Drawdown (5Y) Largest decline over 5 years	-54.86%	-26.38%	-28.48%
Max Drawdown (10Y) Largest decline over 10 years	-54.86%	-34.24%	-20.62%
Current Drawdown Current decline from peak	-44.65%	-0.77%	-43.88%
Average Drawdown Average peak-to-trough decline	-12.71%	-7.00%	-5.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	2.22%	+0.54%

Volatility

PCQ vs. VT - Volatility Comparison

The current volatility for PIMCO California Municipal Income Fund (PCQ) is 2.60%, while Vanguard Total World Stock ETF (VT) has a volatility of 5.23%. This indicates that PCQ experiences smaller price fluctuations and is considered to be less risky than VT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCQ	VT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	5.23%	-2.63%
Volatility (6M) Calculated over the trailing 6-month period	5.99%	11.12%	-5.13%
Volatility (1Y) Calculated over the trailing 1-year period	7.87%	13.44%	-5.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	16.16%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.86%	17.27%	-0.41%

Dividends

PCQ vs. VT - Dividend Comparison

PCQ's dividend yield for the trailing twelve months is around 4.88%, more than VT's 1.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VT Vanguard Total World Stock ETF	1.58%	1.82%	1.95%	2.08%	2.20%	1.82%	1.66%	2.32%	2.53%	2.11%	2.39%	2.45%

Frequently Asked Questions

Can I hold both PCQ and VT in my portfolio?

PCQ and VT have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCQ or VT?

VT has higher volatility (5.23%) compared to PCQ (2.60%). In terms of maximum drawdown, PCQ dropped -56.31% vs VT's -50.27%.

Which has better risk-adjusted returns?

VT currently has the higher Sharpe Ratio (2.21 vs 1.33), 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.