PIRMX vs. VSMV

Last updated Jun 3, 2026

PIRMX (PIMCO Inflation Response Multi-Asset Fund Institutional) and VSMV (VictoryShares US Multi-Factor Minimum Volatility ETF) are both funds - PIRMX is a Diversified Portfolio fund actively managed by PIMCO, while VSMV is a Volatility Hedged Equity fund tracking the Nasdaq Victory Multi-Factor Minimum Volatility Index. PIRMX is actively managed, while VSMV is passively managed. Over the past 5 years, PIRMX returned 8.27%/yr vs 11.42%/yr for VSMV. At a 0.37 correlation, their price movements are largely independent. PIRMX charges 1.91%/yr vs 0.35%/yr for VSMV.

Performance

PIRMX vs. VSMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Inflation Response Multi-Asset Fund Institutional (PIRMX) and VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIRMX achieves a 7.24% return, which is significantly lower than VSMV's 8.93% return.

PIRMX

• 1D: -0.20%
• 1M: -0.10%
• YTD: 7.24%
• 6M: 7.68%
• 1Y: 17.60%
• 3Y*: 14.41%
• 5Y*: 8.27%
• 10Y*: 7.66%

VSMV

• 1D: 0.36%
• 1M: 1.84%
• YTD: 8.93%
• 6M: 10.25%
• 1Y: 24.66%
• 3Y*: 16.71%
• 5Y*: 11.42%
• 10Y*: —

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

PIRMX vs. VSMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIRMX PIMCO Inflation Response Multi-Asset Fund Institutional	7.24%	16.76%	12.47%	6.50%	-5.11%	13.86%	9.36%	10.03%	-3.70%	6.47%
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	8.93%	16.77%	15.79%	12.34%	-7.56%	25.66%	5.05%	26.79%	-1.12%	11.48%

Correlation

The correlation between PIRMX and VSMV is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.37

Return for Risk

PIRMX vs. VSMV — Risk / Return Rank

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

PIRMX

PIRMX Risk / Return Rank: 92
PIRMX Sharpe Ratio Rank: 93
PIRMX Sortino Ratio Rank: 89
PIRMX Omega Ratio Rank: 88
PIRMX Calmar Ratio Rank: 94
PIRMX Martin Ratio Rank: 95

VSMV

VSMV Risk / Return Rank: 84
VSMV Sharpe Ratio Rank: 83
VSMV Sortino Ratio Rank: 88
VSMV Omega Ratio Rank: 81
VSMV Calmar Ratio Rank: 85
VSMV Martin Ratio Rank: 85

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.

PIRMX vs. VSMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Inflation Response Multi-Asset Fund Institutional (PIRMX) and VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV). 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.

	PIRMX	VSMV	Difference
Sharpe ratio Return per unit of total volatility	3.13	2.73	+0.40
Sortino ratio Return per unit of downside risk	4.31	4.05	+0.25
Omega ratio Gain probability vs. loss probability	1.61	1.49	+0.12
Calmar ratio Return relative to maximum drawdown	5.50	4.74	+0.77
Martin ratio Return relative to average drawdown	23.06	18.11	+4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIRMX vs. VSMV - Sharpe Ratio Comparison

The current PIRMX Sharpe Ratio is 3.13, which is comparable to the VSMV Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of PIRMX and VSMV, 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

	PIRMX	VSMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.13	2.73	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.89	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.82	-0.12

Drawdowns

PIRMX vs. VSMV - Drawdown Comparison

The maximum PIRMX drawdown since its inception was -18.51%, smaller than the maximum VSMV drawdown of -31.33%. Use the drawdown chart below to compare losses from any high point for PIRMX and VSMV.

Drawdown Indicators

	PIRMX	VSMV	Difference
Max Drawdown Largest peak-to-trough decline	-18.51%	-31.33%	+12.82%
Max Drawdown (1Y) Largest decline over 1 year	-3.37%	-5.18%	+1.81%
Max Drawdown (3Y) Largest decline over 3 years	-4.96%	-13.22%	+8.26%
Max Drawdown (5Y) Largest decline over 5 years	-14.31%	-17.96%	+3.65%
Max Drawdown (10Y) Largest decline over 10 years	-18.20%	—	—
Current Drawdown Current decline from peak	-1.00%	-1.12%	+0.12%
Average Drawdown Average peak-to-trough decline	-4.10%	-3.41%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	1.36%	-0.56%

Volatility

PIRMX vs. VSMV - Volatility Comparison

The current volatility for PIMCO Inflation Response Multi-Asset Fund Institutional (PIRMX) is 1.59%, while VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) has a volatility of 2.50%. This indicates that PIRMX experiences smaller price fluctuations and is considered to be less risky than VSMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIRMX	VSMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.59%	2.50%	-0.91%
Volatility (6M) Calculated over the trailing 6-month period	4.71%	6.35%	-1.64%
Volatility (1Y) Calculated over the trailing 1-year period	5.89%	9.08%	-3.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.30%	12.86%	-4.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.48%	15.05%	-7.57%

PIRMX vs. VSMV - Expense Ratio Comparison

PIRMX has a 1.91% expense ratio, which is higher than VSMV's 0.35% expense ratio.

Dividends

PIRMX vs. VSMV - Dividend Comparison

PIRMX's dividend yield for the trailing twelve months is around 2.41%, more than VSMV's 1.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIRMX PIMCO Inflation Response Multi-Asset Fund Institutional	2.41%	2.66%	9.91%	0.13%	14.12%	11.21%	0.80%	2.05%	11.41%	6.43%	0.49%	3.13%
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	1.32%	1.35%	1.36%	1.77%	1.99%	1.36%	2.01%	2.00%	2.42%	1.11%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PIRMX and VSMV in my portfolio?

PIRMX and VSMV have a correlation of 0.40, 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 VSMV?

VSMV has higher volatility (2.50%) compared to PIRMX (1.59%). In terms of maximum drawdown, PIRMX dropped -18.51% vs VSMV's -31.33%.

Which has better risk-adjusted returns?

PIRMX currently has the higher Sharpe Ratio (3.13 vs 2.73), 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.