PMBS vs. MFUS

Last updated Aug 4, 2026

PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) and MFUS (PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF) are both exchange-traded funds - PMBS is a Mortgage Backed Securities fund actively managed by PIMCO, while MFUS is a Large Cap Growth Equities fund tracking the RAFI Dynamic Multi-Factor U.S. Index​. PMBS is actively managed, while MFUS is passively managed. Over the past year, PMBS returned 3.73% vs 25.93% for MFUS. Their 0.24 correlation means their historical movements had little consistent relationship. PMBS charges 0.71%/yr vs 0.30%/yr for MFUS.

Performance

PMBS vs. MFUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMBS achieves a 0.07% return, which is significantly lower than MFUS's 16.56% return.

PMBS

• 1D: 0.23%
• 1M: -1.24%
• 6M: -0.59%
• YTD: 0.07%
• 1Y: 3.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.15%

MFUS

• 1D: 0.44%
• 1M: -0.34%
• 6M: 10.78%
• YTD: 16.56%
• 1Y: 25.93%
• 3Y*: 19.97%
• 5Y*: 13.05%
• 10Y*: —
• ALL TIME*: 13.41%

*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)
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	$1.69M	$1.08M	$961.02K
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund	$4.24M	$3.71M	$5.44M

PMBS vs. MFUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund	0.07%	8.92%	-2.80%
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	16.56%	16.02%	-0.36%

Correlation

The correlation between PMBS and MFUS is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (All Time) Calculated using the full available price history since Sep 23, 2024	0.24

Return for Risk

PMBS vs. MFUS — Risk / Return Rank

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

PMBS

PMBS Risk / Return Rank: 34
PMBS Sharpe Ratio Rank: 35
PMBS Sortino Ratio Rank: 33
PMBS Omega Ratio Rank: 32
PMBS Calmar Ratio Rank: 35
PMBS Martin Ratio Rank: 34

MFUS

MFUS Risk / Return Rank: 90
MFUS Sharpe Ratio Rank: 90
MFUS Sortino Ratio Rank: 90
MFUS Omega Ratio Rank: 89
MFUS Calmar Ratio Rank: 91
MFUS Martin Ratio Rank: 91

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.

PMBS vs. MFUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). 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.

	PMBS	MFUS	Difference
Sharpe ratio: Return per unit of total volatility	0.91	2.29	-1.38
Sortino ratio: Return per unit of downside risk	1.29	3.28	-1.99
Omega ratio: Gain probability vs. loss probability	1.16	1.41	-0.26
Calmar ratio: Return relative to maximum drawdown	1.26	4.08	-2.82
Martin ratio: Return relative to average drawdown	3.46	15.40	-11.94

PMBS vs. MFUS - Sharpe Ratio Comparison

The current PMBS Sharpe Ratio is 0.91, which is lower than the MFUS Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of PMBS and MFUS, 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

PMBS vs. MFUS - Drawdown Comparison

The maximum PMBS drawdown since its inception was -4.35%, smaller than the maximum MFUS drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for PMBS and MFUS.

Drawdown Indicators

	PMBS	MFUS	Difference
Max Drawdown Largest peak-to-trough decline	-4.35%	-35.21%	+30.86%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-6.39%	+3.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.39%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.22%	—
Current Drawdown Current decline from peak	-2.37%	-2.18%	-0.19%
Average Drawdown Average peak-to-trough decline	-1.18%	-3.95%	+2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	1.69%	-0.61%

Volatility

PMBS vs. MFUS - Volatility Comparison

The current volatility for PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) is 1.30%, while PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) has a volatility of 2.92%. This indicates that PMBS experiences smaller price fluctuations and is considered to be less risky than MFUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMBS	MFUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	2.92%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	9.12%	-5.73%
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	11.41%	-7.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.85%	15.02%	-10.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.85%	17.28%	-12.43%

PMBS vs. MFUS - Expense Ratio Comparison

PMBS has a 0.71% expense ratio, which is higher than MFUS's 0.30% expense ratio.

Dividends

PMBS vs. MFUS - Dividend Comparison

PMBS's dividend yield for the trailing twelve months is around 4.98%, more than MFUS's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	1.37%	1.54%	1.45%	1.96%	2.07%	1.35%	1.72%	1.89%	1.69%	1.01%
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund	4.98%	4.73%	1.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMBS and MFUS in my portfolio?

PMBS and MFUS have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMBS or MFUS?

MFUS has higher volatility (2.92%) compared to PMBS (1.30%). In terms of maximum drawdown, PMBS dropped -4.35% vs MFUS's -35.21%.

Which ETF is better, PMBS or MFUS?

On 1-year performance, MFUS leads with 25.93% vs 3.73% for PMBS. On fees, MFUS is cheaper at 0.30% per year. On volatility, PMBS has been the lower-risk option at 1.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMBS or MFUS?

Over the 1-year period, MFUS has performed better with a 25.93% return vs 3.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMBS or MFUS?

MFUS is cheaper with a 0.30% expense ratio, compared with 0.71% for PMBS.

Which ETF pays a higher dividend yield, PMBS or MFUS?

PMBS has the higher dividend yield at 4.98%, compared with 1.37% for MFUS.

What is the main difference between PMBS and MFUS?

PMBS is categorized as Mortgage Backed Securities, while MFUS is Large Cap Growth Equities. Their fees differ too: 0.71% for PMBS and 0.30% for MFUS.

Which has better risk-adjusted returns?

MFUS currently has the higher Sharpe Ratio (2.29 vs 0.91), 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.