PMFLX vs. APUSX

Last updated Jun 4, 2026

PMFLX (PIMCO Flexible Municipal Income Fund) and APUSX (Cavanal Hill Ultra Short Tax-Free Income Fund) are both Municipal Bonds funds. Their correlation of 0.87 suggests significant overlap in exposure. PMFLX charges 0.70%/yr vs 0.60%/yr for APUSX.

Performance

PMFLX vs. APUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Flexible Municipal Income Fund (PMFLX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PMFLX

• 1D: 0.20%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

APUSX

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.81%
• 6M: 1.02%
• 1Y: 2.47%
• 3Y*: 3.37%
• 5Y*: 2.09%
• 10Y*: —

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

PMFLX vs. APUSX - Yearly Performance Comparison

	2026 (YTD)
PMFLX PIMCO Flexible Municipal Income Fund	0.66%
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	0.19%

Correlation

The correlation between PMFLX and APUSX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.87

Return for Risk

PMFLX vs. APUSX — Risk / Return Rank

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

APUSX

APUSX Risk / Return Rank: 98
APUSX Sharpe Ratio Rank: 93
APUSX Sortino Ratio Rank: 99
APUSX Omega Ratio Rank: 100
APUSX Calmar Ratio Rank: 100
APUSX Martin Ratio Rank: 99

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.

PMFLX vs. APUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Flexible Municipal Income Fund (PMFLX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	PMFLX	APUSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.20	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	17.21	1.45	+15.76

Drawdowns

PMFLX vs. APUSX - Drawdown Comparison

The maximum PMFLX drawdown since its inception was -0.10%, smaller than the maximum APUSX drawdown of -1.64%. Use the drawdown chart below to compare losses from any high point for PMFLX and APUSX.

Drawdown Indicators

	PMFLX	APUSX	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-1.64%	+1.54%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.10%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.35%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.29%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.04%	—

Volatility

Volatility by Period

	PMFLX	APUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.54%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.22%	0.78%	+4.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.22%	1.25%	+3.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.22%	1.13%	+4.09%

PMFLX vs. APUSX - Expense Ratio Comparison

PMFLX has a 0.70% expense ratio, which is higher than APUSX's 0.60% expense ratio.

Dividends

PMFLX vs. APUSX - Dividend Comparison

PMFLX's dividend yield for the trailing twelve months is around 0.36%, less than APUSX's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	2.44%	3.69%	3.68%	1.69%	0.33%	0.00%	0.25%
PMFLX PIMCO Flexible Municipal Income Fund	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMFLX and APUSX in my portfolio?

PMFLX and APUSX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.