PFMIX vs. PFIIX

Last updated Jun 4, 2026

PFMIX (PIMCO Municipal Bond Fund) and PFIIX (PIMCO Low Duration Income Fund) are both mutual funds - PFMIX is a Municipal Bonds fund managed by PIMCO, while PFIIX is a Short-Term Bond fund managed by PIMCO. Over the past 10 years, PFMIX returned 2.93%/yr vs 4.86%/yr for PFIIX. At a 0.20 correlation, their price movements are largely independent. PFMIX charges 0.44%/yr vs 0.50%/yr for PFIIX.

Performance

PFMIX vs. PFIIX - Performance Comparison

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

Returns By Period

In the year-to-date period, PFMIX achieves a 1.87% return, which is significantly higher than PFIIX's 1.46% return. Over the past 10 years, PFMIX has underperformed PFIIX with an annualized return of 2.93%, while PFIIX has yielded a comparatively higher 4.86% 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%

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%

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

PFMIX vs. PFIIX - 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%
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%

Correlation

The correlation between PFMIX and PFIIX 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	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Aug 3, 2004	0.20

Over the past year, PFMIX and PFIIX have become more correlated (0.62) than their long-term average of 0.20, meaning their price movements have been converging.

Return for Risk

PFMIX vs. PFIIX — Risk / Return Rank

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

PFMIX

PFMIX Risk / Return Rank: 73
PFMIX Sharpe Ratio Rank: 84
PFMIX Sortino Ratio Rank: 92
PFMIX Omega Ratio Rank: 92
PFMIX Calmar Ratio Rank: 53
PFMIX Martin Ratio Rank: 44

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

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.

PFMIX vs. PFIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Bond Fund (PFMIX) and PIMCO Low Duration Income Fund (PFIIX). 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	PFIIX	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.79	-0.08
Sortino ratio: Return per unit of downside risk	4.54	4.60	-0.05
Omega ratio: Gain probability vs. loss probability	1.69	1.68	+0.01
Calmar ratio: Return relative to maximum drawdown	2.77	3.57	-0.80
Martin ratio: Return relative to average drawdown	9.36	15.28	-5.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFMIX vs. PFIIX - Sharpe Ratio Comparison

The current PFMIX Sharpe Ratio is 2.70, which is comparable to the PFIIX Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of PFMIX and PFIIX, 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

	PFMIX	PFIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	2.79	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	1.29	-0.92
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	1.54	-0.81
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	0.92	+0.09

Drawdowns

PFMIX vs. PFIIX - Drawdown Comparison

The maximum PFMIX drawdown since its inception was -26.51%, smaller than the maximum PFIIX drawdown of -28.35%. Use the drawdown chart below to compare losses from any high point for PFMIX and PFIIX.

Drawdown Indicators

	PFMIX	PFIIX	Difference
Max Drawdown Largest peak-to-trough decline	-26.51%	-28.35%	+1.84%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-2.16%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	-5.49%	-2.23%	-3.26%
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	-8.84%	-7.27%
Max Drawdown (10Y) Largest decline over 10 years	-16.11%	-11.72%	-4.39%
Current Drawdown Current decline from peak	-0.38%	0.00%	-0.38%
Average Drawdown Average peak-to-trough decline	-2.43%	-2.60%	+0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.50%	+0.33%

Volatility

PFMIX vs. PFIIX - Volatility Comparison

PIMCO Municipal Bond Fund (PFMIX) has a higher volatility of 1.09% compared to PIMCO Low Duration Income Fund (PFIIX) at 1.02%. This indicates that PFMIX's price experiences larger fluctuations and is considered to be riskier than PFIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFMIX	PFIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	1.02%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.09%	2.21%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	2.90%	2.77%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.16%	3.17%	+0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.02%	3.17%	+0.85%

PFMIX vs. PFIIX - Expense Ratio Comparison

PFMIX has a 0.44% expense ratio, which is lower than PFIIX's 0.50% expense ratio.

Dividends

PFMIX vs. PFIIX - Dividend Comparison

PFMIX's dividend yield for the trailing twelve months is around 3.98%, less than PFIIX's 5.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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

Can I hold both PFMIX and PFIIX in my portfolio?

PFMIX and PFIIX 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, PFMIX or PFIIX?

PFMIX has higher volatility (1.09%) compared to PFIIX (1.02%). In terms of maximum drawdown, PFMIX dropped -26.51% vs PFIIX's -28.35%.

Which has better risk-adjusted returns?

PFIIX currently has the higher Sharpe Ratio (2.79 vs 2.70), 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.