PMFLX vs. BATVX

Last updated Jun 24, 2026

PMFLX (PIMCO Flexible Municipal Income Fund) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds. At a 0.41 correlation, their price movements are largely independent. PMFLX charges 0.70%/yr vs 0.00%/yr for BATVX.

Performance

PMFLX vs. BATVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Flexible Municipal Income Fund (PMFLX) and BlackRock Allocation Target Shares (BATVX). 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*: —

BATVX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 0.97%
• 6M: 1.22%
• 1Y: 2.58%
• 3Y*: 2.47%
• 5Y*: 1.51%
• 10Y*: —

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

PMFLX vs. BATVX - Yearly Performance Comparison

	2026 (YTD)
PMFLX PIMCO Flexible Municipal Income Fund	0.66%
BATVX BlackRock Allocation Target Shares	0.20%

Correlation

The correlation between PMFLX and BATVX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.41

Return for Risk

PMFLX vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Flexible Municipal Income Fund (PMFLX) and BlackRock Allocation Target Shares (BATVX). 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.

	PMFLX	BATVX	Difference
Sharpe ratio: Return per unit of total volatility	—	3.57	—
Sortino ratio: Return per unit of downside risk	—	—	—
Omega ratio: Gain probability vs. loss probability	—	—	—
Calmar ratio: Return relative to maximum drawdown	—	—	—
Martin ratio: Return relative to average drawdown	—	—	—

Drawdowns

PMFLX vs. BATVX - Drawdown Comparison

The maximum PMFLX drawdown since its inception was -0.30%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for PMFLX and BATVX.

Drawdown Indicators

	PMFLX	BATVX	Difference
Max Drawdown Largest peak-to-trough decline	-0.30%	-0.20%	-0.10%
Max Drawdown (1Y) Largest decline over 1 year	—	0.00%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.10%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.20%	—
Current Drawdown Current decline from peak	-0.20%	0.00%	-0.20%
Average Drawdown Average peak-to-trough decline	-0.12%	-0.03%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	PMFLX	BATVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.20%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.49%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.09%	0.73%	+2.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.09%	0.64%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.09%	0.63%	+2.46%

PMFLX vs. BATVX - Expense Ratio Comparison

PMFLX has a 0.70% expense ratio, which is higher than BATVX's 0.00% expense ratio.

Dividends

PMFLX vs. BATVX - Dividend Comparison

PMFLX's dividend yield for the trailing twelve months is around 0.36%, less than BATVX's 2.55% yield.

Position	TTM	2025	2024	2023
BATVX BlackRock Allocation Target Shares	2.55%	2.76%	2.44%	1.40%
PMFLX PIMCO Flexible Municipal Income Fund	0.36%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMFLX and BATVX in my portfolio?

PMFLX and BATVX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.