PFMIX vs. DMREX
PFMIX (PIMCO Municipal Bond Fund) and DMREX (DFA Municipal Real Return Portfolio) are both Municipal Bonds funds. Over the past 10 years, PFMIX returned 2.61%/yr vs 2.81%/yr for DMREX. Their 0.27 correlation means their historical movements had little consistent relationship. PFMIX charges 0.44%/yr vs 0.24%/yr for DMREX.
Performance
PFMIX vs. DMREX - Performance Comparison
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Returns By Period
In the year-to-date period, PFMIX achieves a 0.58% return, which is significantly lower than DMREX's 2.07% return. Over the past 10 years, PFMIX has underperformed DMREX with an annualized return of 2.61%, while DMREX has yielded a comparatively higher 2.81% annualized return.
PFMIX
- 1D
- -0.21%
- 1M
- -1.90%
- 6M
- -0.18%
- YTD
- 0.58%
- 1Y
- 5.45%
- 3Y*
- 4.56%
- 5Y*
- 1.01%
- 10Y*
- 2.61%
- ALL TIME*
- 3.66%
DMREX
- 1D
- 0.02%
- 1M
- 0.02%
- 6M
- 1.56%
- YTD
- 2.07%
- 1Y
- 2.54%
- 3Y*
- 3.08%
- 5Y*
- 2.23%
- 10Y*
- 2.81%
- ALL TIME*
- 2.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PFMIX vs. DMREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PFMIX PIMCO Municipal Bond Fund | 0.58% | 5.70% | 3.60% | 8.04% | -11.32% | 2.55% | 5.89% | 8.67% | 1.41% | 7.47% |
DMREX DFA Municipal Real Return Portfolio | 2.07% | 2.77% | 3.10% | 2.56% | -1.42% | 6.75% | 4.11% | 6.64% | -0.51% | 2.57% |
Correlation
The correlation between PFMIX and DMREX is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.01 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.22 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.27 |
Over the past year, the correlation between PFMIX and DMREX has dropped to 0.01 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.
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Return for Risk
PFMIX vs. DMREX — Risk / Return Rank
PFMIX
DMREX
PFMIX vs. DMREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Bond Fund (PFMIX) and DFA Municipal Real Return Portfolio (DMREX). 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.
| PFMIX | DMREX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.71 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 5.01 | -2.68 |
| Martin ratioReturn relative to average drawdown | 7.59 | 10.76 | -3.17 |
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Drawdowns
PFMIX vs. DMREX - Drawdown Comparison
The maximum PFMIX drawdown since its inception was -26.51%, which is greater than DMREX's maximum drawdown of -13.22%. Use the drawdown chart below to compare losses from any high point for PFMIX and DMREX.
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Drawdown Indicators
| PFMIX | DMREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.51% | -13.22% | -13.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -0.51% | -2.31% |
Max Drawdown (3Y)Largest decline over 3 years | -4.81% | -2.48% | -2.33% |
Max Drawdown (5Y)Largest decline over 5 years | -16.11% | -5.33% | -10.78% |
Max Drawdown (10Y)Largest decline over 10 years | -16.11% | -13.22% | -2.89% |
Current DrawdownCurrent decline from peak | -1.90% | -0.25% | -1.65% |
Average DrawdownAverage peak-to-trough decline | -2.42% | -0.87% | -1.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.24% | +0.62% |
Volatility
PFMIX vs. DMREX - Volatility Comparison
PIMCO Municipal Bond Fund (PFMIX) has a higher volatility of 0.90% compared to DFA Municipal Real Return Portfolio (DMREX) at 0.30%. This indicates that PFMIX's price experiences larger fluctuations and is considered to be riskier than DMREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFMIX | DMREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 0.30% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 2.25% | 0.80% | +1.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.91% | 1.00% | +1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.18% | 2.43% | +1.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.03% | 3.13% | +0.90% |
PFMIX vs. DMREX - Expense Ratio Comparison
PFMIX has a 0.44% expense ratio, which is higher than DMREX's 0.24% expense ratio.
Dividends
PFMIX vs. DMREX - Dividend Comparison
PFMIX's dividend yield for the trailing twelve months is around 3.71%, more than DMREX's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DMREX DFA Municipal Real Return Portfolio | 3.25% | 2.95% | 3.55% | 1.96% | 1.16% | 0.98% | 1.44% | 2.26% | 1.54% | 1.32% | 1.15% | 1.09% |
PFMIX PIMCO Municipal Bond Fund | 3.71% | 5.15% | 4.73% | 3.44% | 2.25% | 2.13% | 2.45% | 3.51% | 3.77% | 3.45% | 3.44% | 3.49% |
Frequently Asked Questions
PFMIX and DMREX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFMIX has higher volatility (0.90%) compared to DMREX (0.30%). In terms of maximum drawdown, PFMIX dropped -26.51% vs DMREX's -13.22%.
DMREX currently has the higher Sharpe Ratio (2.57 vs 2.26), 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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