PIRMX vs. RLY

Last updated Aug 1, 2026

PIRMX (PIMCO Inflation Response Multi-Asset Fund Institutional) and RLY (State Street Multi-Asset Real Return ETF) are both funds - PIRMX is a Diversified Portfolio fund actively managed by PIMCO, while RLY is a Global Allocation fund tracking the Bloomberg U.S. Government Inflation-Linked Bond Index. PIRMX is actively managed, while RLY is passively managed. Over the past 10 years, PIRMX returned 7.28%/yr vs 8.27%/yr for RLY. Their 0.68 correlation means they have sometimes moved together and sometimes differently. PIRMX charges 1.91%/yr vs 0.50%/yr for RLY.

Performance

PIRMX vs. RLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Inflation Response Multi-Asset Fund Institutional (PIRMX) and State Street Multi-Asset Real Return ETF (RLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIRMX achieves a 6.43% return, which is significantly lower than RLY's 15.77% return. Over the past 10 years, PIRMX has underperformed RLY with an annualized return of 7.28%, while RLY has yielded a comparatively higher 8.27% annualized return.

PIRMX

• 1D: 0.22%
• 1M: 1.31%
• 6M: 4.18%
• YTD: 6.43%
• 1Y: 14.17%
• 3Y*: 12.70%
• 5Y*: 7.80%
• 10Y*: 7.28%
• ALL TIME*: 4.85%

RLY

• 1D: -0.46%
• 1M: 4.07%
• 6M: 7.44%
• YTD: 15.77%
• 1Y: 27.64%
• 3Y*: 12.72%
• 5Y*: 10.48%
• 10Y*: 8.27%
• ALL TIME*: 4.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PIRMX PIMCO Inflation Response Multi-Asset Fund Institutional	$0.00	$0.00	$0.00
RLY State Street Multi-Asset Real Return ETF	$4.60M	$7.84M	$7.75M

PIRMX vs. RLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIRMX PIMCO Inflation Response Multi-Asset Fund Institutional	6.43%	16.76%	12.47%	6.50%	-5.11%	13.86%	9.36%	10.03%	-3.70%	8.59%
RLY State Street Multi-Asset Real Return ETF	15.77%	20.26%	2.53%	2.56%	7.86%	22.85%	-0.59%	15.63%	-11.72%	10.40%

Correlation

The correlation between PIRMX and RLY is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (10Y) Provides a long-term view across more market conditions.	0.68
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012	0.68

The correlation between PIRMX and RLY has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.

Return for Risk

PIRMX vs. RLY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PIRMX

PIRMX Risk / Return Rank: 91
PIRMX Sharpe Ratio Rank: 93
PIRMX Sortino Ratio Rank: 89
PIRMX Omega Ratio Rank: 88
PIRMX Calmar Ratio Rank: 93
PIRMX Martin Ratio Rank: 89

RLY

RLY Risk / Return Rank: 91
RLY Sharpe Ratio Rank: 94
RLY Sortino Ratio Rank: 93
RLY Omega Ratio Rank: 93
RLY Calmar Ratio Rank: 89
RLY Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PIRMX vs. RLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Inflation Response Multi-Asset Fund Institutional (PIRMX) and State Street Multi-Asset Real Return ETF (RLY). 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.

	PIRMX	RLY	Difference
Sharpe ratio: Return per unit of total volatility	2.44	2.61	-0.17
Sortino ratio: Return per unit of downside risk	3.33	3.56	-0.23
Omega ratio: Gain probability vs. loss probability	1.46	1.48	-0.02
Calmar ratio: Return relative to maximum drawdown	3.80	3.66	+0.14
Martin ratio: Return relative to average drawdown	11.77	12.77	-1.00

PIRMX vs. RLY - Sharpe Ratio Comparison

The current PIRMX Sharpe Ratio is 2.44, which is comparable to the RLY Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of PIRMX and RLY, 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

PIRMX vs. RLY - Drawdown Comparison

The maximum PIRMX drawdown since its inception was -18.51%, smaller than the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for PIRMX and RLY.

Drawdown Indicators

	PIRMX	RLY	Difference
Max Drawdown Largest peak-to-trough decline	-18.51%	-37.75%	+19.24%
Max Drawdown (1Y) Largest decline over 1 year	-3.87%	-7.54%	+3.67%
Max Drawdown (3Y) Largest decline over 3 years	-4.96%	-10.08%	+5.12%
Max Drawdown (5Y) Largest decline over 5 years	-14.31%	-18.94%	+4.63%
Max Drawdown (10Y) Largest decline over 10 years	-18.20%	-34.17%	+15.97%
Current Drawdown Current decline from peak	-1.74%	-2.74%	+1.00%
Average Drawdown Average peak-to-trough decline	-4.08%	-9.40%	+5.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	2.16%	-0.91%

Volatility

PIRMX vs. RLY - Volatility Comparison

The current volatility for PIMCO Inflation Response Multi-Asset Fund Institutional (PIRMX) is 1.36%, while State Street Multi-Asset Real Return ETF (RLY) has a volatility of 2.68%. This indicates that PIRMX experiences smaller price fluctuations and is considered to be less risky than RLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIRMX	RLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	2.68%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	4.85%	8.44%	-3.59%
Volatility (1Y) Calculated over the trailing 1-year period	6.07%	10.60%	-4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.27%	13.46%	-5.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.47%	13.80%	-6.33%

PIRMX vs. RLY - Expense Ratio Comparison

PIRMX has a 1.91% expense ratio, which is higher than RLY's 0.50% expense ratio.

Dividends

PIRMX vs. RLY - Dividend Comparison

PIRMX's dividend yield for the trailing twelve months is around 8.31%, more than RLY's 3.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIRMX PIMCO Inflation Response Multi-Asset Fund Institutional	8.31%	2.66%	9.91%	0.13%	14.12%	11.21%	0.80%	2.05%	11.41%	6.43%	0.49%	3.13%
RLY State Street Multi-Asset Real Return ETF	3.06%	3.24%	3.31%	3.71%	5.66%	12.15%	2.16%	3.45%	2.76%	1.85%	2.07%	1.80%

Frequently Asked Questions

Can I hold both PIRMX and RLY in my portfolio?

PIRMX and RLY have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIRMX or RLY?

RLY has higher volatility (2.68%) compared to PIRMX (1.36%). In terms of maximum drawdown, PIRMX dropped -18.51% vs RLY's -37.75%.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (2.61 vs 2.44), 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.