PCRIX vs. PHMIX

Last updated Aug 1, 2026

PCRIX (PIMCO Commodity Real Return Strategy Fund) and PHMIX (PIMCO High Yield Municipal Bond Fund) are both mutual funds - PCRIX is a Commodities fund managed by PIMCO, while PHMIX is a High Yield Muni fund managed by PIMCO. Over the past 10 years, PCRIX returned 8.65%/yr vs 3.39%/yr for PHMIX. Their 0.03 correlation means their historical movements had little consistent relationship. PCRIX charges 0.80%/yr vs 0.55%/yr for PHMIX.

Performance

PCRIX vs. PHMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Commodity Real Return Strategy Fund (PCRIX) and PIMCO High Yield Municipal Bond Fund (PHMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCRIX achieves a 21.76% return, which is significantly higher than PHMIX's 1.60% return. Over the past 10 years, PCRIX has outperformed PHMIX with an annualized return of 8.65%, while PHMIX has yielded a comparatively lower 3.39% annualized return.

PCRIX

• 1D: 0.00%
• 1M: 6.98%
• 6M: 11.90%
• YTD: 21.76%
• 1Y: 33.17%
• 3Y*: 14.27%
• 5Y*: 10.88%
• 10Y*: 8.65%
• ALL TIME*: 1.97%

PHMIX

• 1D: -0.24%
• 1M: -1.77%
• 6M: 0.96%
• YTD: 1.60%
• 1Y: 6.52%
• 3Y*: 5.36%
• 5Y*: 1.00%
• 10Y*: 3.39%
• ALL TIME*: 3.83%

*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)
PCRIX PIMCO Commodity Real Return Strategy Fund	$0.00	$0.00	$0.00
PHMIX PIMCO High Yield Municipal Bond Fund	$0.00	$0.00	$0.00

PCRIX vs. PHMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCRIX PIMCO Commodity Real Return Strategy Fund	21.76%	17.05%	10.59%	-5.91%	8.94%	33.35%	0.79%	12.29%	-13.77%	2.71%
PHMIX PIMCO High Yield Municipal Bond Fund	1.60%	5.00%	5.33%	8.97%	-13.90%	5.51%	6.21%	10.77%	2.28%	9.83%

Correlation

The correlation between PCRIX and PHMIX is -0.25, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.25
Correlation (3Y) Balances recent behavior with more history.	-0.03
Correlation (5Y) Shows whether the relationship held over a longer period.	0.02
Correlation (10Y) Provides a long-term view across more market conditions.	0.02
Correlation (All Time) Calculated using the full available price history since Aug 1, 2006	0.03

The correlation between PCRIX and PHMIX shifts across timeframes, from -0.25 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PCRIX vs. PHMIX — Risk / Return Rank

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

PCRIX

PCRIX Risk / Return Rank: 69
PCRIX Sharpe Ratio Rank: 78
PCRIX Sortino Ratio Rank: 71
PCRIX Omega Ratio Rank: 74
PCRIX Calmar Ratio Rank: 66
PCRIX Martin Ratio Rank: 54

PHMIX

PHMIX Risk / Return Rank: 86
PHMIX Sharpe Ratio Rank: 90
PHMIX Sortino Ratio Rank: 91
PHMIX Omega Ratio Rank: 91
PHMIX Calmar Ratio Rank: 81
PHMIX Martin Ratio Rank: 78

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.

PCRIX vs. PHMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Commodity Real Return Strategy Fund (PCRIX) and PIMCO High Yield Municipal Bond Fund (PHMIX). 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.

	PCRIX	PHMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.27	-0.45
Sortino ratio: Return per unit of downside risk	2.38	3.51	-1.13
Omega ratio: Gain probability vs. loss probability	1.32	1.51	-0.19
Calmar ratio: Return relative to maximum drawdown	2.14	2.66	-0.52
Martin ratio: Return relative to average drawdown	7.15	9.34	-2.19

PCRIX vs. PHMIX - Sharpe Ratio Comparison

The current PCRIX Sharpe Ratio is 1.83, which is comparable to the PHMIX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of PCRIX and PHMIX, 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

PCRIX vs. PHMIX - Drawdown Comparison

The maximum PCRIX drawdown since its inception was -82.24%, which is greater than PHMIX's maximum drawdown of -35.54%. Use the drawdown chart below to compare losses from any high point for PCRIX and PHMIX.

Drawdown Indicators

	PCRIX	PHMIX	Difference
Max Drawdown Largest peak-to-trough decline	-82.24%	-35.54%	-46.70%
Max Drawdown (1Y) Largest decline over 1 year	-14.44%	-2.93%	-11.51%
Max Drawdown (3Y) Largest decline over 3 years	-14.44%	-5.61%	-8.83%
Max Drawdown (5Y) Largest decline over 5 years	-34.44%	-18.96%	-15.48%
Max Drawdown (10Y) Largest decline over 10 years	-39.07%	-18.96%	-20.11%
Current Drawdown Current decline from peak	-41.50%	-1.77%	-39.73%
Average Drawdown Average peak-to-trough decline	-47.93%	-4.93%	-43.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.34%	0.83%	+3.51%

Volatility

PCRIX vs. PHMIX - Volatility Comparison

PIMCO Commodity Real Return Strategy Fund (PCRIX) has a higher volatility of 4.56% compared to PIMCO High Yield Municipal Bond Fund (PHMIX) at 0.90%. This indicates that PCRIX's price experiences larger fluctuations and is considered to be riskier than PHMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCRIX	PHMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	0.90%	+3.66%
Volatility (6M) Calculated over the trailing 6-month period	14.01%	2.67%	+11.34%
Volatility (1Y) Calculated over the trailing 1-year period	16.92%	3.43%	+13.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.61%	4.90%	+14.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.09%	4.71%	+12.38%

PCRIX vs. PHMIX - Expense Ratio Comparison

PCRIX has a 0.80% expense ratio, which is higher than PHMIX's 0.55% expense ratio.

Dividends

PCRIX vs. PHMIX - Dividend Comparison

PCRIX's dividend yield for the trailing twelve months is around 9.95%, more than PHMIX's 4.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCRIX PIMCO Commodity Real Return Strategy Fund	9.95%	5.61%	8.34%	6.57%	46.23%	22.74%	1.56%	4.00%	5.94%	8.14%	0.91%	5.29%
PHMIX PIMCO High Yield Municipal Bond Fund	4.28%	5.91%	5.33%	4.71%	3.39%	3.84%	3.62%	4.38%	4.41%	4.22%	4.12%	4.46%

Frequently Asked Questions

Can I hold both PCRIX and PHMIX in my portfolio?

PCRIX and PHMIX have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCRIX or PHMIX?

PCRIX has higher volatility (4.56%) compared to PHMIX (0.90%). In terms of maximum drawdown, PCRIX dropped -82.24% vs PHMIX's -35.54%.

Which has better risk-adjusted returns?

PHMIX currently has the higher Sharpe Ratio (2.27 vs 1.83), 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.