PMDRX vs. MDVAX
PMDRX (PIMCO Moderate Duration Fund) and MDVAX (MassMutual Diversified Bond Fund) are both Intermediate Core-Plus Bond funds. Over the past 10 years, PMDRX returned 2.40%/yr vs 2.18%/yr for MDVAX. A 0.78 correlation means they provide meaningful diversification when combined. PMDRX charges 0.46%/yr vs 1.07%/yr for MDVAX.
Performance
PMDRX vs. MDVAX - Performance Comparison
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Returns By Period
In the year-to-date period, PMDRX achieves a -0.27% return, which is significantly lower than MDVAX's 2.59% return. Over the past 10 years, PMDRX has outperformed MDVAX with an annualized return of 2.40%, while MDVAX has yielded a comparatively lower 2.18% annualized return.
PMDRX
- 1D
- 0.11%
- 1M
- 0.56%
- YTD
- -0.27%
- 6M
- 0.25%
- 1Y
- 4.59%
- 3Y*
- 5.24%
- 5Y*
- 1.34%
- 10Y*
- 2.40%
MDVAX
- 1D
- 0.00%
- 1M
- 0.84%
- YTD
- 2.59%
- 6M
- 3.06%
- 1Y
- 7.64%
- 3Y*
- 5.91%
- 5Y*
- 0.17%
- 10Y*
- 2.18%
PMDRX vs. MDVAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PMDRX PIMCO Moderate Duration Fund | -0.27% | 8.70% | 3.45% | 5.50% | -9.21% | -1.26% | 7.98% | 6.38% | 0.57% | 3.28% |
MDVAX MassMutual Diversified Bond Fund | 2.59% | 8.40% | 2.47% | 5.81% | -17.01% | 1.95% | 8.08% | 10.12% | -1.55% | 4.52% |
Correlation
The correlation between PMDRX and MDVAX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
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 Apr 30, 1999 | 0.78 |
The correlation between PMDRX and MDVAX has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.
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Return for Risk
PMDRX vs. MDVAX — Risk / Return Rank
PMDRX
MDVAX
PMDRX vs. MDVAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Moderate Duration Fund (PMDRX) and MassMutual Diversified Bond Fund (MDVAX). 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.
| PMDRX | MDVAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.49 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 3.46 | -1.95 |
| Martin ratioReturn relative to average drawdown | 4.51 | 14.62 | -10.12 |
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Drawdowns
PMDRX vs. MDVAX - Drawdown Comparison
The maximum PMDRX drawdown since its inception was -13.19%, smaller than the maximum MDVAX drawdown of -23.02%. Use the drawdown chart below to compare losses from any high point for PMDRX and MDVAX.
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Drawdown Indicators
| PMDRX | MDVAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.19% | -23.02% | +9.83% |
Max Drawdown (1Y)Largest decline over 1 year | -3.12% | -2.21% | -0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -3.13% | -5.44% | +2.31% |
Max Drawdown (5Y)Largest decline over 5 years | -13.19% | -23.02% | +9.83% |
Max Drawdown (10Y)Largest decline over 10 years | -13.19% | -23.02% | +9.83% |
Current DrawdownCurrent decline from peak | -1.73% | -3.38% | +1.65% |
Average DrawdownAverage peak-to-trough decline | -1.45% | -3.47% | +2.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 0.52% | +0.53% |
Volatility
PMDRX vs. MDVAX - Volatility Comparison
PIMCO Moderate Duration Fund (PMDRX) has a higher volatility of 1.33% compared to MassMutual Diversified Bond Fund (MDVAX) at 0.78%. This indicates that PMDRX's price experiences larger fluctuations and is considered to be riskier than MDVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMDRX | MDVAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 0.78% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 2.96% | 2.15% | +0.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.60% | 3.18% | +0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.25% | 6.46% | -2.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.60% | 5.27% | -1.67% |
PMDRX vs. MDVAX - Expense Ratio Comparison
PMDRX has a 0.46% expense ratio, which is lower than MDVAX's 1.07% expense ratio.
Dividends
PMDRX vs. MDVAX - Dividend Comparison
PMDRX's dividend yield for the trailing twelve months is around 4.54%, more than MDVAX's 3.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MDVAX MassMutual Diversified Bond Fund | 3.99% | 3.91% | 2.45% | 4.87% | 3.76% | 4.06% | 7.20% | 2.90% | 2.86% | 2.64% | 2.11% | 0.53% |
PMDRX PIMCO Moderate Duration Fund | 4.54% | 4.42% | 4.38% | 3.76% | 3.18% | 1.32% | 5.16% | 2.82% | 2.45% | 1.75% | 2.06% | 4.33% |
Frequently Asked Questions
PMDRX and MDVAX 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.
PMDRX has higher volatility (1.33%) compared to MDVAX (0.78%). In terms of maximum drawdown, PMDRX dropped -13.19% vs MDVAX's -23.02%.
MDVAX currently has the higher Sharpe Ratio (2.41 vs 1.32), 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.
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