PFMIX vs. MUB
PFMIX (PIMCO Municipal Bond Fund) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds. Over the past 10 years, PFMIX returned 2.93%/yr vs 2.00%/yr for MUB. A 0.52 correlation means they provide meaningful diversification when combined. PFMIX charges 0.44%/yr vs 0.07%/yr for MUB.
Performance
PFMIX vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, PFMIX achieves a 1.87% return, which is significantly higher than MUB's 1.24% return. Over the past 10 years, PFMIX has outperformed MUB with an annualized return of 2.93%, while MUB has yielded a comparatively lower 2.00% annualized return.
PFMIX
- 1D
- 0.21%
- 1M
- 0.75%
- YTD
- 1.87%
- 6M
- 2.22%
- 1Y
- 7.88%
- 3Y*
- 5.42%
- 5Y*
- 1.54%
- 10Y*
- 2.93%
MUB
- 1D
- -0.08%
- 1M
- 0.56%
- YTD
- 1.24%
- 6M
- 1.74%
- 1Y
- 6.95%
- 3Y*
- 3.43%
- 5Y*
- 0.86%
- 10Y*
- 2.00%
PFMIX vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PFMIX PIMCO Municipal Bond Fund | 1.87% | 5.70% | 3.60% | 8.04% | -11.32% | 2.55% | 5.89% | 8.67% | 1.41% | 7.47% |
MUB iShares National AMT-Free Muni Bond ETF | 1.24% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between PFMIX and MUB is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Sep 11, 2007 | 0.52 |
Over the past year, PFMIX and MUB have become more correlated (0.73) than their long-term average of 0.52, meaning their price movements have been converging.
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Return for Risk
PFMIX vs. MUB — Risk / Return Rank
PFMIX
MUB
PFMIX vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Bond Fund (PFMIX) and iShares National AMT-Free Muni Bond ETF (MUB). 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.
| PFMIX | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.50 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 2.50 | +0.27 |
| Martin ratioReturn relative to average drawdown | 9.36 | 8.85 | +0.51 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PFMIX | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.70 | 2.39 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 0.21 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.73 | 0.41 | +0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.01 | 0.58 | +0.42 |
Drawdowns
PFMIX vs. MUB - Drawdown Comparison
The maximum PFMIX drawdown since its inception was -26.51%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for PFMIX and MUB.
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Drawdown Indicators
| PFMIX | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.51% | -13.68% | -12.83% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -2.79% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -5.49% | -5.34% | -0.15% |
Max Drawdown (5Y)Largest decline over 5 years | -16.11% | -11.88% | -4.23% |
Max Drawdown (10Y)Largest decline over 10 years | -16.11% | -13.68% | -2.43% |
Current DrawdownCurrent decline from peak | -0.38% | -0.70% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -2.43% | -2.23% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 0.79% | +0.04% |
Volatility
PFMIX vs. MUB - Volatility Comparison
PIMCO Municipal Bond Fund (PFMIX) has a higher volatility of 1.09% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.97%. This indicates that PFMIX's price experiences larger fluctuations and is considered to be riskier than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFMIX | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 0.97% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.09% | 2.22% | -0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 2.92% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.16% | 4.06% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.02% | 4.92% | -0.90% |
PFMIX vs. MUB - Expense Ratio Comparison
PFMIX has a 0.44% expense ratio, which is higher than MUB's 0.07% expense ratio.
Dividends
PFMIX vs. MUB - Dividend Comparison
PFMIX's dividend yield for the trailing twelve months is around 3.98%, more than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
PFMIX PIMCO Municipal Bond Fund | 3.98% | 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 MUB have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFMIX has higher volatility (1.09%) compared to MUB (0.97%). In terms of maximum drawdown, PFMIX dropped -26.51% vs MUB's -13.68%.
PFMIX currently has the higher Sharpe Ratio (2.70 vs 2.39), 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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