PHMIX vs. GWMEX
PHMIX (PIMCO High Yield Municipal Bond Fund) and GWMEX (AMG GW&K Municipal Enhanced Yield Fund) are both High Yield Muni funds. Over the past 10 years, PHMIX returned 3.56%/yr vs 3.32%/yr for GWMEX. A 0.72 correlation means they provide meaningful diversification when combined. PHMIX charges 0.55%/yr vs 0.64%/yr for GWMEX.
Performance
PHMIX vs. GWMEX - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with PHMIX having a 2.55% return and GWMEX slightly lower at 2.53%. Over the past 10 years, PHMIX has outperformed GWMEX with an annualized return of 3.56%, while GWMEX has yielded a comparatively lower 3.32% annualized return.
PHMIX
- 1D
- 0.12%
- 1M
- 1.84%
- YTD
- 2.55%
- 6M
- 2.96%
- 1Y
- 7.54%
- 3Y*
- 5.84%
- 5Y*
- 1.49%
- 10Y*
- 3.56%
GWMEX
- 1D
- 0.00%
- 1M
- 2.29%
- YTD
- 2.53%
- 6M
- 2.77%
- 1Y
- 8.32%
- 3Y*
- 4.07%
- 5Y*
- 1.78%
- 10Y*
- 3.32%
PHMIX vs. GWMEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHMIX PIMCO High Yield Municipal Bond Fund | 2.55% | 5.00% | 5.33% | 8.97% | -13.90% | 5.51% | 6.21% | 10.77% | 2.28% | 9.83% |
GWMEX AMG GW&K Municipal Enhanced Yield Fund | 2.53% | 2.50% | 2.61% | 10.89% | -17.86% | 15.05% | 6.32% | 12.51% | -0.06% | 9.79% |
Correlation
The correlation between PHMIX and GWMEX is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2006 | 0.72 |
The correlation between PHMIX and GWMEX shifts across timeframes, from 0.72 (all time) to 0.85 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PHMIX vs. GWMEX — Risk / Return Rank
PHMIX
GWMEX
PHMIX vs. GWMEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO High Yield Municipal Bond Fund (PHMIX) and AMG GW&K Municipal Enhanced Yield Fund (GWMEX). 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.
| PHMIX | GWMEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.49 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.54 | 2.09 | +0.45 |
| Martin ratioReturn relative to average drawdown | 8.67 | 7.44 | +1.24 |
Loading charts...
Drawdowns
PHMIX vs. GWMEX - Drawdown Comparison
The maximum PHMIX drawdown since its inception was -35.54%, roughly equal to the maximum GWMEX drawdown of -36.30%. Use the drawdown chart below to compare losses from any high point for PHMIX and GWMEX.
Loading charts...
Drawdown Indicators
| PHMIX | GWMEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.54% | -36.30% | +0.76% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -3.95% | +1.02% |
Max Drawdown (3Y)Largest decline over 3 years | -6.50% | -9.08% | +2.58% |
Max Drawdown (5Y)Largest decline over 5 years | -18.96% | -24.06% | +5.10% |
Max Drawdown (10Y)Largest decline over 10 years | -18.96% | -24.06% | +5.10% |
Current DrawdownCurrent decline from peak | -0.12% | -1.86% | +1.74% |
Average DrawdownAverage peak-to-trough decline | -4.95% | -5.69% | +0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 1.11% | -0.25% |
Volatility
PHMIX vs. GWMEX - Volatility Comparison
PIMCO High Yield Municipal Bond Fund (PHMIX) and AMG GW&K Municipal Enhanced Yield Fund (GWMEX) have volatilities of 0.93% and 0.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PHMIX | GWMEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.91% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.55% | 2.93% | -0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.43% | 3.90% | -0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.88% | 7.80% | -2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.70% | 6.75% | -2.05% |
PHMIX vs. GWMEX - Expense Ratio Comparison
PHMIX has a 0.55% expense ratio, which is lower than GWMEX's 0.64% expense ratio.
Dividends
PHMIX vs. GWMEX - Dividend Comparison
PHMIX's dividend yield for the trailing twelve months is around 4.56%, more than GWMEX's 3.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GWMEX AMG GW&K Municipal Enhanced Yield Fund | 3.40% | 3.67% | 3.38% | 3.10% | 3.33% | 13.26% | 3.63% | 4.59% | 5.82% | 2.97% | 7.96% | 4.77% |
PHMIX PIMCO High Yield Municipal Bond Fund | 4.56% | 5.91% | 5.33% | 4.71% | 3.39% | 3.84% | 3.62% | 4.38% | 4.41% | 4.22% | 4.12% | 4.46% |
Frequently Asked Questions
PHMIX and GWMEX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHMIX has higher volatility (0.93%) compared to GWMEX (0.91%). In terms of maximum drawdown, PHMIX dropped -35.54% vs GWMEX's -36.30%.
PHMIX currently has the higher Sharpe Ratio (2.18 vs 2.12), 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.
Find the right allocation for PHMIX and GWMEX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer