PCTIX vs. CMF

Last updated Jun 3, 2026

PCTIX (PIMCO California Municipal Bond Fund) and CMF (iShares California Muni Bond ETF) are both Municipal Bonds funds. Over the past 10 years, PCTIX returned 2.66%/yr vs 1.75%/yr for CMF. A 0.58 correlation means they provide meaningful diversification when combined. PCTIX charges 0.44%/yr vs 0.25%/yr for CMF.

Performance

PCTIX vs. CMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO California Municipal Bond Fund (PCTIX) and iShares California Muni Bond ETF (CMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCTIX achieves a 1.60% return, which is significantly higher than CMF's 0.99% return. Over the past 10 years, PCTIX has outperformed CMF with an annualized return of 2.66%, while CMF has yielded a comparatively lower 1.75% annualized return.

PCTIX

• 1D: 0.00%
• 1M: 0.49%
• YTD: 1.60%
• 6M: 1.82%
• 1Y: 7.54%
• 3Y*: 4.67%
• 5Y*: 1.09%
• 10Y*: 2.66%

CMF

• 1D: 0.16%
• 1M: 0.57%
• YTD: 0.99%
• 6M: 1.38%
• 1Y: 6.74%
• 3Y*: 3.32%
• 5Y*: 0.69%
• 10Y*: 1.75%

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

PCTIX vs. CMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCTIX PIMCO California Municipal Bond Fund	1.60%	3.92%	3.12%	7.98%	-10.90%	1.96%	6.89%	9.11%	1.11%	7.30%
CMF iShares California Muni Bond ETF	0.99%	3.36%	1.65%	5.71%	-8.27%	0.78%	4.50%	6.94%	0.99%	4.63%

Correlation

The correlation between PCTIX and CMF is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jun 4, 2012	0.58

The correlation between PCTIX and CMF shifts across timeframes, from 0.58 (all time) to 0.74 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PCTIX vs. CMF — Risk / Return Rank

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

PCTIX

PCTIX Risk / Return Rank: 69
PCTIX Sharpe Ratio Rank: 76
PCTIX Sortino Ratio Rank: 86
PCTIX Omega Ratio Rank: 85
PCTIX Calmar Ratio Rank: 51
PCTIX Martin Ratio Rank: 45

CMF

CMF Risk / Return Rank: 65
CMF Sharpe Ratio Rank: 73
CMF Sortino Ratio Rank: 76
CMF Omega Ratio Rank: 87
CMF Calmar Ratio Rank: 44
CMF Martin Ratio Rank: 45

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.

PCTIX vs. CMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO California Municipal Bond Fund (PCTIX) and iShares California Muni Bond ETF (CMF). 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.

	PCTIX	CMF	Difference
Sharpe ratio Return per unit of total volatility	2.53	2.42	+0.11
Sortino ratio Return per unit of downside risk	4.08	3.47	+0.61
Omega ratio Gain probability vs. loss probability	1.58	1.54	+0.03
Calmar ratio Return relative to maximum drawdown	2.74	2.18	+0.56
Martin ratio Return relative to average drawdown	9.40	7.36	+2.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCTIX vs. CMF - Sharpe Ratio Comparison

The current PCTIX Sharpe Ratio is 2.53, which is comparable to the CMF Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of PCTIX and CMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PCTIX	CMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.42	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.16	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.35	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.39	+0.44

Drawdowns

PCTIX vs. CMF - Drawdown Comparison

The maximum PCTIX drawdown since its inception was -16.98%, roughly equal to the maximum CMF drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for PCTIX and CMF.

Drawdown Indicators

	PCTIX	CMF	Difference
Max Drawdown Largest peak-to-trough decline	-16.98%	-16.45%	-0.53%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-2.91%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-5.87%	-5.22%	-0.65%
Max Drawdown (5Y) Largest decline over 5 years	-16.98%	-12.45%	-4.53%
Max Drawdown (10Y) Largest decline over 10 years	-16.98%	-14.57%	-2.41%
Current Drawdown Current decline from peak	-0.50%	-0.88%	+0.38%
Average Drawdown Average peak-to-trough decline	-2.69%	-4.77%	+2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.86%	-0.05%

Volatility

PCTIX vs. CMF - Volatility Comparison

PIMCO California Municipal Bond Fund (PCTIX) has a higher volatility of 1.10% compared to iShares California Muni Bond ETF (CMF) at 0.85%. This indicates that PCTIX's price experiences larger fluctuations and is considered to be riskier than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCTIX	CMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	0.85%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	2.08%	2.12%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	2.89%	2.83%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.44%	4.19%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.41%	5.08%	-0.67%

PCTIX vs. CMF - Expense Ratio Comparison

PCTIX has a 0.44% expense ratio, which is higher than CMF's 0.25% expense ratio.

Dividends

PCTIX vs. CMF - Dividend Comparison

PCTIX's dividend yield for the trailing twelve months is around 3.62%, more than CMF's 2.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMF iShares California Muni Bond ETF	2.95%	2.94%	2.78%	2.29%	1.91%	1.58%	1.80%	2.03%	2.17%	2.09%	2.21%	2.55%
PCTIX PIMCO California Municipal Bond Fund	3.62%	3.60%	3.73%	3.47%	1.97%	1.76%	2.01%	2.63%	2.97%	3.04%	2.95%	2.81%

Frequently Asked Questions

Can I hold both PCTIX and CMF in my portfolio?

PCTIX and CMF have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCTIX or CMF?

PCTIX has higher volatility (1.10%) compared to CMF (0.85%). In terms of maximum drawdown, PCTIX dropped -16.98% vs CMF's -16.45%.

Which has better risk-adjusted returns?

PCTIX currently has the higher Sharpe Ratio (2.53 vs 2.42), 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.