PFIIX vs. PDSZX

Last updated Jun 4, 2026

PFIIX (PIMCO Low Duration Income Fund) and PDSZX (PGIM Short Duration Muni Fund) are both mutual funds - PFIIX is a Short-Term Bond fund managed by PIMCO, while PDSZX is a Municipal Bonds fund managed by PGIM. Over the past 10 years, PFIIX returned 4.86%/yr vs 1.89%/yr for PDSZX. At a 0.24 correlation, their price movements are largely independent. PFIIX charges 0.50%/yr vs 0.32%/yr for PDSZX.

Performance

PFIIX vs. PDSZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Low Duration Income Fund (PFIIX) and PGIM Short Duration Muni Fund (PDSZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFIIX achieves a 1.46% return, which is significantly higher than PDSZX's 1.37% return. Over the past 10 years, PFIIX has outperformed PDSZX with an annualized return of 4.86%, while PDSZX has yielded a comparatively lower 1.89% annualized return.

PFIIX

• 1D: 0.12%
• 1M: 0.77%
• YTD: 1.46%
• 6M: 1.81%
• 1Y: 7.51%
• 3Y*: 7.59%
• 5Y*: 4.08%
• 10Y*: 4.86%

PDSZX

• 1D: 0.20%
• 1M: 0.48%
• YTD: 1.37%
• 6M: 1.65%
• 1Y: 5.16%
• 3Y*: 3.85%
• 5Y*: 1.22%
• 10Y*: 1.89%

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

PFIIX vs. PDSZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFIIX PIMCO Low Duration Income Fund	1.46%	9.56%	6.58%	7.78%	-5.29%	2.38%	4.84%	6.72%	1.56%	6.05%
PDSZX PGIM Short Duration Muni Fund	1.37%	4.64%	2.39%	4.23%	-6.16%	0.36%	2.85%	5.92%	1.29%	5.11%

Correlation

The correlation between PFIIX and PDSZX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.24

Over the past year, PFIIX and PDSZX have become more correlated (0.47) than their long-term average of 0.24, meaning their price movements have been converging.

Return for Risk

PFIIX vs. PDSZX — Risk / Return Rank

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

PFIIX

PFIIX Risk / Return Rank: 86
PFIIX Sharpe Ratio Rank: 86
PFIIX Sortino Ratio Rank: 92
PFIIX Omega Ratio Rank: 92
PFIIX Calmar Ratio Rank: 79
PFIIX Martin Ratio Rank: 81

PDSZX

PDSZX Risk / Return Rank: 78
PDSZX Sharpe Ratio Rank: 94
PDSZX Sortino Ratio Rank: 97
PDSZX Omega Ratio Rank: 98
PDSZX Calmar Ratio Rank: 52
PDSZX Martin Ratio Rank: 48

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.

PFIIX vs. PDSZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Low Duration Income Fund (PFIIX) and PGIM Short Duration Muni Fund (PDSZX). 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.

	PFIIX	PDSZX	Difference
Sharpe ratio: Return per unit of total volatility	2.79	3.33	-0.55
Sortino ratio: Return per unit of downside risk	4.60	6.06	-1.47
Omega ratio: Gain probability vs. loss probability	1.68	2.20	-0.53
Calmar ratio: Return relative to maximum drawdown	3.57	2.77	+0.81
Martin ratio: Return relative to average drawdown	15.28	10.04	+5.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFIIX vs. PDSZX - Sharpe Ratio Comparison

The current PFIIX Sharpe Ratio is 2.79, which is comparable to the PDSZX Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of PFIIX and PDSZX, 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

	PFIIX	PDSZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	3.33	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.29	0.55	+0.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.54	0.73	+0.81
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.86	+0.07

Drawdowns

PFIIX vs. PDSZX - Drawdown Comparison

The maximum PFIIX drawdown since its inception was -28.35%, which is greater than PDSZX's maximum drawdown of -10.14%. Use the drawdown chart below to compare losses from any high point for PFIIX and PDSZX.

Drawdown Indicators

	PFIIX	PDSZX	Difference
Max Drawdown Largest peak-to-trough decline	-28.35%	-10.14%	-18.21%
Max Drawdown (1Y) Largest decline over 1 year	-2.16%	-1.87%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	-2.23%	-2.71%	+0.48%
Max Drawdown (5Y) Largest decline over 5 years	-8.84%	-9.29%	+0.45%
Max Drawdown (10Y) Largest decline over 10 years	-11.72%	-10.14%	-1.58%
Current Drawdown Current decline from peak	0.00%	-0.35%	+0.35%
Average Drawdown Average peak-to-trough decline	-2.60%	-1.71%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	0.51%	-0.01%

Volatility

PFIIX vs. PDSZX - Volatility Comparison

PIMCO Low Duration Income Fund (PFIIX) has a higher volatility of 1.02% compared to PGIM Short Duration Muni Fund (PDSZX) at 0.60%. This indicates that PFIIX's price experiences larger fluctuations and is considered to be riskier than PDSZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFIIX	PDSZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	0.60%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	2.21%	1.27%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	2.77%	1.55%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.17%	2.24%	+0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.17%	2.60%	+0.57%

PFIIX vs. PDSZX - Expense Ratio Comparison

PFIIX has a 0.50% expense ratio, which is higher than PDSZX's 0.32% expense ratio.

Dividends

PFIIX vs. PDSZX - Dividend Comparison

PFIIX's dividend yield for the trailing twelve months is around 5.27%, more than PDSZX's 3.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PDSZX PGIM Short Duration Muni Fund	3.20%	3.10%	2.56%	1.76%	1.21%	1.03%	2.01%	2.31%	2.37%	2.28%	2.34%	2.40%
PFIIX PIMCO Low Duration Income Fund	5.27%	5.49%	5.37%	4.97%	5.35%	3.06%	3.44%	4.74%	3.22%	3.13%	3.75%	5.36%

Frequently Asked Questions

Can I hold both PFIIX and PDSZX in my portfolio?

PFIIX and PDSZX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFIIX or PDSZX?

PFIIX has higher volatility (1.02%) compared to PDSZX (0.60%). In terms of maximum drawdown, PFIIX dropped -28.35% vs PDSZX's -10.14%.

Which has better risk-adjusted returns?

PDSZX currently has the higher Sharpe Ratio (3.33 vs 2.79), 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.