PDO vs. NZF
PDO (Pimco Dynamic Income Opportunities Fund) is a stock, while NZF (Nuveen Municipal Credit Income Fund) is Municipal Bonds fund tracking the S&P National Municipal Bond Index. Over the past 5 years, PDO returned 1.78%/yr vs 0.01%/yr for NZF. At a 0.34 correlation, their price movements are largely independent.
Performance
PDO vs. NZF - Performance Comparison
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Returns By Period
In the year-to-date period, PDO achieves a -1.72% return, which is significantly lower than NZF's 3.68% return.
PDO
- 1D
- 0.78%
- 1M
- 1.23%
- YTD
- -1.72%
- 6M
- -1.43%
- 1Y
- 7.30%
- 3Y*
- 12.44%
- 5Y*
- 1.78%
- 10Y*
- —
NZF
- 1D
- -0.47%
- 1M
- 1.12%
- YTD
- 3.68%
- 6M
- 3.27%
- 1Y
- 14.21%
- 3Y*
- 10.46%
- 5Y*
- 0.01%
- 10Y*
- 3.63%
PDO vs. NZF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PDO Pimco Dynamic Income Opportunities Fund | -1.72% | 13.96% | 24.55% | 8.06% | -23.40% | 5.98% |
NZF Nuveen Municipal Credit Income Fund | 3.68% | 11.78% | 10.09% | 2.49% | -25.53% | 9.98% |
Correlation
The correlation between PDO and NZF is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021 | 0.34 |
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Return for Risk
PDO vs. NZF — Risk / Return Rank
PDO
NZF
PDO vs. NZF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pimco Dynamic Income Opportunities Fund (PDO) and Nuveen Municipal Credit Income Fund (NZF). 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.
| PDO | NZF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.26 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 1.76 | -1.10 |
| Martin ratioReturn relative to average drawdown | 2.29 | 7.22 | -4.93 |
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Drawdowns
PDO vs. NZF - Drawdown Comparison
The maximum PDO drawdown since its inception was -36.83%, smaller than the maximum NZF drawdown of -48.55%. Use the drawdown chart below to compare losses from any high point for PDO and NZF.
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Drawdown Indicators
| PDO | NZF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.83% | -48.55% | +11.72% |
Max Drawdown (1Y)Largest decline over 1 year | -11.18% | -8.11% | -3.07% |
Max Drawdown (3Y)Largest decline over 3 years | -16.55% | -15.59% | -0.96% |
Max Drawdown (5Y)Largest decline over 5 years | -36.83% | -37.42% | +0.59% |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.42% | — |
Current DrawdownCurrent decline from peak | -5.54% | -3.50% | -2.04% |
Average DrawdownAverage peak-to-trough decline | -14.37% | -7.77% | -6.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 1.97% | +1.23% |
Volatility
PDO vs. NZF - Volatility Comparison
Pimco Dynamic Income Opportunities Fund (PDO) and Nuveen Municipal Credit Income Fund (NZF) have volatilities of 3.68% and 3.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDO | NZF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.68% | 3.61% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 9.06% | 8.30% | +0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.08% | 10.47% | -0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.80% | 12.39% | +3.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.54% | 13.11% | +2.43% |
Dividends
PDO vs. NZF - Dividend Comparison
PDO's dividend yield for the trailing twelve months is around 11.94%, more than NZF's 7.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NZF Nuveen Municipal Credit Income Fund | 7.55% | 7.58% | 6.84% | 4.51% | 5.80% | 4.63% | 4.74% | 4.82% | 6.05% | 5.86% | 6.26% | 5.50% |
PDO Pimco Dynamic Income Opportunities Fund | 11.94% | 11.09% | 11.29% | 12.54% | 19.09% | 8.56% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PDO and NZF have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDO has higher volatility (3.68%) compared to NZF (3.61%). In terms of maximum drawdown, PDO dropped -36.83% vs NZF's -48.55%.
NZF currently has the higher Sharpe Ratio (1.36 vs 0.73), 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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