PFUIX vs. KMLM

Last updated Jul 15, 2026

PFUIX (PIMCO International Bond Fund (Unhedged)) and KMLM (KFA Mount Lucas Index Strategy ETF) are both funds - PFUIX is a Global Bonds fund managed by PIMCO, while KMLM is a Systematic Trend fund tracking the KFA MLM Index. Over the past 5 years, PFUIX returned -2.34%/yr vs 5.47%/yr for KMLM. At a correlation of -0.25, they often move in opposite directions. PFUIX charges 0.50%/yr vs 0.90%/yr for KMLM.

Performance

PFUIX vs. KMLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO International Bond Fund (Unhedged) (PFUIX) and KFA Mount Lucas Index Strategy ETF (KMLM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFUIX achieves a -2.85% return, which is significantly lower than KMLM's 11.02% return.

PFUIX

• 1D: -0.66%
• 1M: -1.65%
• 6M: -2.35%
• YTD: -2.85%
• 1Y: -1.03%
• 3Y*: 2.99%
• 5Y*: -2.34%
• 10Y*: 0.34%

KMLM

• 1D: 0.42%
• 1M: 2.49%
• 6M: 8.68%
• YTD: 11.02%
• 1Y: 13.47%
• 3Y*: -0.66%
• 5Y*: 5.47%
• 10Y*: —

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

PFUIX vs. KMLM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PFUIX PIMCO International Bond Fund (Unhedged)	-2.85%	10.90%	-1.64%	6.42%	-19.10%	-6.08%	2.80%
KMLM KFA Mount Lucas Index Strategy ETF	11.02%	-2.98%	-1.69%	-5.66%	30.61%	7.04%	5.74%

Correlation

The correlation between PFUIX and KMLM is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.18
Correlation (5Y) Calculated over the trailing 5-year period	-0.31
Correlation (All Time) Calculated using the full available price history since Dec 2, 2020	-0.25

The correlation between PFUIX and KMLM shifts across timeframes, from -0.31 (5 years) to -0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PFUIX vs. KMLM — Risk / Return Rank

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

PFUIX

PFUIX Risk / Return Rank: 2
PFUIX Sharpe Ratio Rank: 2
PFUIX Sortino Ratio Rank: 2
PFUIX Omega Ratio Rank: 2
PFUIX Calmar Ratio Rank: 2
PFUIX Martin Ratio Rank: 2

KMLM

KMLM Risk / Return Rank: 38
KMLM Sharpe Ratio Rank: 40
KMLM Sortino Ratio Rank: 38
KMLM Omega Ratio Rank: 39
KMLM Calmar Ratio Rank: 34
KMLM Martin Ratio Rank: 37

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.

PFUIX vs. KMLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO International Bond Fund (Unhedged) (PFUIX) and KFA Mount Lucas Index Strategy ETF (KMLM). 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.

	PFUIX	KMLM	Difference
Sharpe ratio: Return per unit of total volatility	-0.20	1.18	-1.37
Sortino ratio: Return per unit of downside risk	-0.23	1.65	-1.88
Omega ratio: Gain probability vs. loss probability	0.97	1.21	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.22	1.41	-1.63
Martin ratio: Return relative to average drawdown	-0.56	4.46	-5.01

PFUIX vs. KMLM - Sharpe Ratio Comparison

The current PFUIX Sharpe Ratio is -0.20, which is lower than the KMLM Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of PFUIX and KMLM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PFUIX vs. KMLM - Drawdown Comparison

The maximum PFUIX drawdown since its inception was -31.90%, which is greater than KMLM's maximum drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for PFUIX and KMLM.

Drawdown Indicators

	PFUIX	KMLM	Difference
Max Drawdown Largest peak-to-trough decline	-31.90%	-27.47%	-4.43%
Max Drawdown (1Y) Largest decline over 1 year	-6.40%	-9.61%	+3.21%
Max Drawdown (3Y) Largest decline over 3 years	-7.69%	-22.28%	+14.59%
Max Drawdown (5Y) Largest decline over 5 years	-29.65%	-27.47%	-2.18%
Max Drawdown (10Y) Largest decline over 10 years	-31.90%	—	—
Current Drawdown Current decline from peak	-14.95%	-13.43%	-1.52%
Average Drawdown Average peak-to-trough decline	-8.01%	-12.79%	+4.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	3.03%	-0.48%

Volatility

PFUIX vs. KMLM - Volatility Comparison

The current volatility for PIMCO International Bond Fund (Unhedged) (PFUIX) is 1.69%, while KFA Mount Lucas Index Strategy ETF (KMLM) has a volatility of 3.79%. This indicates that PFUIX experiences smaller price fluctuations and is considered to be less risky than KMLM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFUIX	KMLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.69%	3.79%	-2.10%
Volatility (6M) Calculated over the trailing 6-month period	5.95%	10.12%	-4.17%
Volatility (1Y) Calculated over the trailing 1-year period	7.28%	11.54%	-4.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.70%	14.57%	-6.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.36%	14.69%	-7.33%

PFUIX vs. KMLM - Expense Ratio Comparison

PFUIX has a 0.50% expense ratio, which is lower than KMLM's 0.90% expense ratio.

Dividends

PFUIX vs. KMLM - Dividend Comparison

PFUIX's dividend yield for the trailing twelve months is around 4.07%, less than KMLM's 4.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KMLM KFA Mount Lucas Index Strategy ETF	4.52%	5.02%	0.82%	0.00%	13.22%	6.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PFUIX PIMCO International Bond Fund (Unhedged)	4.07%	3.98%	4.10%	2.98%	2.83%	5.07%	1.57%	2.28%	4.39%	1.41%	1.98%	1.94%

Frequently Asked Questions

Can I hold both PFUIX and KMLM in my portfolio?

PFUIX and KMLM have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFUIX or KMLM?

KMLM has higher volatility (3.79%) compared to PFUIX (1.69%). In terms of maximum drawdown, PFUIX dropped -31.90% vs KMLM's -27.47%.

Which has better risk-adjusted returns?

KMLM currently has the higher Sharpe Ratio (1.18 vs -0.20), 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.