PFMIX vs. PFORX
PFMIX (PIMCO Municipal Bond Fund) and PFORX (PIMCO International Bond Fund (U.S. Dollar-Hedged)) are both mutual funds - PFMIX is a Municipal Bonds fund managed by PIMCO, while PFORX is a Global Bonds fund managed by PIMCO. Over the past 10 years, PFMIX returned 2.80%/yr vs 2.86%/yr for PFORX. At a 0.42 correlation, their price movements are largely independent. PFMIX charges 0.44%/yr vs 0.50%/yr for PFORX.
Performance
PFMIX vs. PFORX - 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 PFORX's 0.43% return. Both investments have delivered pretty close results over the past 10 years, with PFMIX having a 2.80% annualized return and PFORX not far ahead at 2.86%.
PFMIX
- 1D
- -0.11%
- 1M
- 1.62%
- YTD
- 1.87%
- 6M
- 2.33%
- 1Y
- 7.17%
- 3Y*
- 5.23%
- 5Y*
- 1.48%
- 10Y*
- 2.80%
PFORX
- 1D
- -0.10%
- 1M
- 1.38%
- YTD
- 0.43%
- 6M
- 0.87%
- 1Y
- 3.00%
- 3Y*
- 5.49%
- 5Y*
- 1.65%
- 10Y*
- 2.86%
PFMIX vs. PFORX - 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% |
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged) | 0.43% | 4.33% | 5.70% | 9.52% | -10.33% | -1.67% | 6.17% | 7.64% | 2.64% | 3.52% |
Correlation
The correlation between PFMIX and PFORX is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 1997 | 0.42 |
Over the past year, PFMIX and PFORX have become more correlated (0.65) than their long-term average of 0.42, meaning their price movements have been converging.
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Return for Risk
PFMIX vs. PFORX — Risk / Return Rank
PFMIX
PFORX
PFMIX vs. PFORX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Bond Fund (PFMIX) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX). 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 | PFORX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.78 | ||
| Sortino ratioReturn per unit of downside risk | +3.11 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.16 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 0.78 | +1.86 |
| Martin ratioReturn relative to average drawdown | 8.85 | 2.32 | +6.54 |
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Drawdowns
PFMIX vs. PFORX - Drawdown Comparison
The maximum PFMIX drawdown since its inception was -26.51%, which is greater than PFORX's maximum drawdown of -13.87%. Use the drawdown chart below to compare losses from any high point for PFMIX and PFORX.
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Drawdown Indicators
| PFMIX | PFORX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.51% | -13.87% | -12.64% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -3.99% | +1.17% |
Max Drawdown (3Y)Largest decline over 3 years | -5.49% | -3.99% | -1.50% |
Max Drawdown (5Y)Largest decline over 5 years | -16.11% | -13.71% | -2.40% |
Max Drawdown (10Y)Largest decline over 10 years | -16.11% | -13.87% | -2.24% |
Current DrawdownCurrent decline from peak | -0.38% | -1.07% | +0.69% |
Average DrawdownAverage peak-to-trough decline | -2.42% | -1.95% | -0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 1.34% | -0.50% |
Volatility
PFMIX vs. PFORX - Volatility Comparison
The current volatility for PIMCO Municipal Bond Fund (PFMIX) is 0.80%, while PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX) has a volatility of 1.07%. This indicates that PFMIX experiences smaller price fluctuations and is considered to be less risky than PFORX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFMIX | PFORX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 1.07% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.07% | 3.39% | -1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.88% | 3.84% | -0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.16% | 3.63% | +0.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.02% | 3.16% | +0.86% |
PFMIX vs. PFORX - Expense Ratio Comparison
PFMIX has a 0.44% expense ratio, which is lower than PFORX's 0.50% expense ratio.
Dividends
PFMIX vs. PFORX - Dividend Comparison
PFMIX's dividend yield for the trailing twelve months is around 3.98%, less than PFORX's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged) | 4.09% | 4.23% | 4.91% | 3.02% | 3.65% | 1.55% | 2.46% | 6.86% | 2.90% | 1.46% | 1.38% | 9.12% |
Frequently Asked Questions
PFMIX and PFORX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFORX has higher volatility (1.07%) compared to PFMIX (0.80%). In terms of maximum drawdown, PFMIX dropped -26.51% vs PFORX's -13.87%.
PFMIX currently has the higher Sharpe Ratio (2.60 vs 0.82), 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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