PMDRX vs. PTTRX
PMDRX (PIMCO Moderate Duration Fund) and PTTRX (PIMCO Total Return Fund Institutional Class) are both Intermediate Core-Plus Bond funds from PIMCO. Over the past 10 years, PMDRX returned 2.40%/yr vs 2.33%/yr for PTTRX. Their correlation of 0.91 suggests significant overlap in exposure. PMDRX charges 0.46%/yr vs 0.53%/yr for PTTRX.
Performance
PMDRX vs. PTTRX - 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 PTTRX's 0.64% return. Both investments have delivered pretty close results over the past 10 years, with PMDRX having a 2.40% annualized return and PTTRX not far behind at 2.33%.
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%
PTTRX
- 1D
- 0.23%
- 1M
- 1.23%
- YTD
- 0.64%
- 6M
- 1.15%
- 1Y
- 6.71%
- 3Y*
- 5.49%
- 5Y*
- 0.60%
- 10Y*
- 2.33%
PMDRX vs. PTTRX - 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% |
PTTRX PIMCO Total Return Fund Institutional Class | 0.64% | 9.35% | 2.62% | 6.33% | -14.72% | -0.59% | 8.88% | 8.36% | -0.24% | 5.13% |
Correlation
The correlation between PMDRX and PTTRX is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 1996 | 0.91 |
The correlation between PMDRX and PTTRX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
PMDRX vs. PTTRX — Risk / Return Rank
PMDRX
PTTRX
PMDRX vs. PTTRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Moderate Duration Fund (PMDRX) and PIMCO Total Return Fund Institutional Class (PTTRX). 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 | PTTRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.27 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 1.83 | -0.32 |
| Martin ratioReturn relative to average drawdown | 4.51 | 5.40 | -0.90 |
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Drawdowns
PMDRX vs. PTTRX - Drawdown Comparison
The maximum PMDRX drawdown since its inception was -13.19%, smaller than the maximum PTTRX drawdown of -19.28%. Use the drawdown chart below to compare losses from any high point for PMDRX and PTTRX.
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Drawdown Indicators
| PMDRX | PTTRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.19% | -19.28% | +6.09% |
Max Drawdown (1Y)Largest decline over 1 year | -3.12% | -3.69% | +0.57% |
Max Drawdown (3Y)Largest decline over 3 years | -3.13% | -6.18% | +3.05% |
Max Drawdown (5Y)Largest decline over 5 years | -13.19% | -19.28% | +6.09% |
Max Drawdown (10Y)Largest decline over 10 years | -13.19% | -19.28% | +6.09% |
Current DrawdownCurrent decline from peak | -1.73% | -1.49% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -1.45% | -2.19% | +0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.25% | -0.20% |
Volatility
PMDRX vs. PTTRX - Volatility Comparison
The current volatility for PIMCO Moderate Duration Fund (PMDRX) is 1.33%, while PIMCO Total Return Fund Institutional Class (PTTRX) has a volatility of 1.46%. This indicates that PMDRX experiences smaller price fluctuations and is considered to be less risky than PTTRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMDRX | PTTRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 1.46% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.96% | 3.62% | -0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.60% | 4.60% | -1.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.25% | 6.28% | -2.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.60% | 5.24% | -1.64% |
PMDRX vs. PTTRX - Expense Ratio Comparison
PMDRX has a 0.46% expense ratio, which is lower than PTTRX's 0.53% expense ratio.
Dividends
PMDRX vs. PTTRX - Dividend Comparison
PMDRX's dividend yield for the trailing twelve months is around 4.54%, which matches PTTRX's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PTTRX PIMCO Total Return Fund Institutional Class | 4.54% | 4.47% | 4.61% | 3.81% | 3.63% | 2.59% | 6.11% | 3.96% | 3.13% | 2.63% | 3.02% | 6.64% |
Frequently Asked Questions
With a correlation of 0.91, PMDRX and PTTRX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PTTRX has higher volatility (1.46%) compared to PMDRX (1.33%). In terms of maximum drawdown, PMDRX dropped -13.19% vs PTTRX's -19.28%.
PTTRX currently has the higher Sharpe Ratio (1.47 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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