PFIUX vs. PHMIX

Last updated Jun 4, 2026

PFIUX (PIMCO Dynamic Bond Fund) and PHMIX (PIMCO High Yield Municipal Bond Fund) are both mutual funds - PFIUX is a Nontraditional Bonds fund managed by PIMCO, while PHMIX is a High Yield Muni fund managed by PIMCO. Over the past 10 years, PFIUX returned 3.91%/yr vs 3.71%/yr for PHMIX. At a 0.32 correlation, their price movements are largely independent. PFIUX charges 0.81%/yr vs 0.55%/yr for PHMIX.

Performance

PFIUX vs. PHMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Dynamic Bond Fund (PFIUX) 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, PFIUX achieves a 1.10% return, which is significantly lower than PHMIX's 2.42% return. Over the past 10 years, PFIUX has outperformed PHMIX with an annualized return of 3.91%, while PHMIX has yielded a comparatively lower 3.71% annualized return.

PFIUX

• 1D: 0.20%
• 1M: 1.16%
• YTD: 1.10%
• 6M: 1.78%
• 1Y: 7.70%
• 3Y*: 7.49%
• 5Y*: 2.98%
• 10Y*: 3.91%

PHMIX

• 1D: 0.24%
• 1M: 0.99%
• YTD: 2.42%
• 6M: 2.59%
• 1Y: 7.80%
• 3Y*: 6.06%
• 5Y*: 1.61%
• 10Y*: 3.71%

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

PFIUX vs. PHMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFIUX PIMCO Dynamic Bond Fund	1.10%	9.30%	7.12%	6.83%	-7.48%	0.32%	5.43%	4.83%	1.98%	6.41%
PHMIX PIMCO High Yield Municipal Bond Fund	2.42%	5.00%	5.33%	8.97%	-13.90%	5.51%	6.21%	10.77%	2.28%	9.83%

Correlation

The correlation between PFIUX and PHMIX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jul 2, 2008	0.32

Over the past year, PFIUX and PHMIX have become more correlated (0.62) than their long-term average of 0.32, meaning their price movements have been converging.

Return for Risk

PFIUX vs. PHMIX — Risk / Return Rank

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

PFIUX

PFIUX Risk / Return Rank: 64
PFIUX Sharpe Ratio Rank: 60
PFIUX Sortino Ratio Rank: 80
PFIUX Omega Ratio Rank: 78
PFIUX Calmar Ratio Rank: 50
PFIUX Martin Ratio Rank: 51

PHMIX

PHMIX Risk / Return Rank: 61
PHMIX Sharpe Ratio Rank: 60
PHMIX Sortino Ratio Rank: 74
PHMIX Omega Ratio Rank: 79
PHMIX Calmar Ratio Rank: 50
PHMIX Martin Ratio Rank: 43

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.

PFIUX vs. PHMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Dynamic Bond Fund (PFIUX) 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.

	PFIUX	PHMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.27	+0.01
Sortino ratio: Return per unit of downside risk	3.80	3.57	+0.23
Omega ratio: Gain probability vs. loss probability	1.51	1.52	0.00
Calmar ratio: Return relative to maximum drawdown	2.68	2.68	0.00
Martin ratio: Return relative to average drawdown	10.45	9.13	+1.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFIUX vs. PHMIX - Sharpe Ratio Comparison

The current PFIUX Sharpe Ratio is 2.28, which is comparable to the PHMIX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of PFIUX 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.

Sharpe Ratios by Period

	PFIUX	PHMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.27	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	0.33	+0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.37	0.79	+0.57
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	0.87	+0.42

Drawdowns

PFIUX vs. PHMIX - Drawdown Comparison

The maximum PFIUX drawdown since its inception was -10.67%, smaller than the maximum PHMIX drawdown of -35.54%. Use the drawdown chart below to compare losses from any high point for PFIUX and PHMIX.

Drawdown Indicators

	PFIUX	PHMIX	Difference
Max Drawdown Largest peak-to-trough decline	-10.67%	-35.54%	+24.87%
Max Drawdown (1Y) Largest decline over 1 year	-2.89%	-2.93%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-2.89%	-6.50%	+3.61%
Max Drawdown (5Y) Largest decline over 5 years	-10.67%	-18.96%	+8.29%
Max Drawdown (10Y) Largest decline over 10 years	-10.67%	-18.96%	+8.29%
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-1.48%	-4.96%	+3.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	0.86%	-0.12%

Volatility

PFIUX vs. PHMIX - Volatility Comparison

PIMCO Dynamic Bond Fund (PFIUX) and PIMCO High Yield Municipal Bond Fund (PHMIX) have volatilities of 1.43% and 1.37%, 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.

Volatility by Period

	PFIUX	PHMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	1.37%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	2.57%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	3.40%	3.48%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.03%	4.88%	-1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.87%	4.71%	-1.84%

PFIUX vs. PHMIX - Expense Ratio Comparison

PFIUX has a 0.81% expense ratio, which is higher than PHMIX's 0.55% expense ratio.

Dividends

PFIUX vs. PHMIX - Dividend Comparison

PFIUX's dividend yield for the trailing twelve months is around 5.54%, more than PHMIX's 4.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFIUX PIMCO Dynamic Bond Fund	5.54%	5.15%	4.68%	3.65%	3.67%	2.03%	3.45%	5.14%	3.48%	4.69%	2.31%	6.07%
PHMIX PIMCO High Yield Municipal Bond Fund	4.57%	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 PFIUX and PHMIX in my portfolio?

PFIUX and PHMIX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFIUX or PHMIX?

PFIUX has higher volatility (1.43%) compared to PHMIX (1.37%). In terms of maximum drawdown, PFIUX dropped -10.67% vs PHMIX's -35.54%.

Which has better risk-adjusted returns?

PFIUX currently has the higher Sharpe Ratio (2.28 vs 2.27), 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.