PMFLX vs. MUC

Last updated Aug 1, 2026

PMFLX (PIMCO Flexible Municipal Income Fund) and MUC (BlackRock MuniHoldings California Quality Fund) are both Municipal Bonds funds. Their 0.56 correlation means they have sometimes moved together and sometimes differently. PMFLX charges 0.70%/yr vs 2.14%/yr for MUC.

Performance

PMFLX vs. MUC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Flexible Municipal Income Fund (PMFLX) and BlackRock MuniHoldings California Quality Fund (MUC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PMFLX

• 1D: -0.30%
• 1M: -1.86%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

MUC

• 1D: -0.19%
• 1M: -3.70%
• 6M: -1.10%
• YTD: 3.33%
• 1Y: 10.54%
• 3Y*: 4.86%
• 5Y*: -3.19%
• 10Y*: 0.53%
• ALL TIME*: 3.94%

*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)
MUC BlackRock MuniHoldings California Quality Fund	$4.02M	$3.71M	$3.50M
PMFLX PIMCO Flexible Municipal Income Fund	$0.00	$0.00	$0.00

PMFLX vs. MUC - Yearly Performance Comparison

	2026 (YTD)
PMFLX PIMCO Flexible Municipal Income Fund	-0.18%
MUC BlackRock MuniHoldings California Quality Fund	-0.42%

Correlation

The correlation between PMFLX and MUC is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.56

Return for Risk

PMFLX vs. MUC — Risk / Return Rank

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

PMFLX

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

MUC

MUC Risk / Return Rank: 56
MUC Sharpe Ratio Rank: 56
MUC Sortino Ratio Rank: 65
MUC Omega Ratio Rank: 59
MUC Calmar Ratio Rank: 46
MUC Martin Ratio Rank: 54

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.

PMFLX vs. MUC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Flexible Municipal Income Fund (PMFLX) and BlackRock MuniHoldings California Quality Fund (MUC). 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	MUC	Difference
Sharpe ratio: Return per unit of total volatility	—	1.43	—
Sortino ratio: Return per unit of downside risk	—	2.26	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	1.79	—
Martin ratio: Return relative to average drawdown	—	7.36	—

Drawdowns

PMFLX vs. MUC - Drawdown Comparison

The maximum PMFLX drawdown since its inception was -2.06%, smaller than the maximum MUC drawdown of -48.97%. Use the drawdown chart below to compare losses from any high point for PMFLX and MUC.

Drawdown Indicators

	PMFLX	MUC	Difference
Max Drawdown Largest peak-to-trough decline	-2.06%	-48.97%	+46.91%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.53%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-12.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.29%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.29%	—
Current Drawdown Current decline from peak	-1.86%	-17.08%	+15.22%
Average Drawdown Average peak-to-trough decline	-0.47%	-9.93%	+9.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.59%	—

Volatility

Volatility by Period

	PMFLX	MUC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.58%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.58%	8.19%	-4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.58%	11.47%	-7.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.58%	11.88%	-8.30%

PMFLX vs. MUC - Expense Ratio Comparison

PMFLX has a 0.70% expense ratio, which is lower than MUC's 2.14% expense ratio.

Dividends

PMFLX vs. MUC - Dividend Comparison

PMFLX's dividend yield for the trailing twelve months is around 0.72%, less than MUC's 6.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUC BlackRock MuniHoldings California Quality Fund	6.07%	6.06%	5.62%	3.84%	5.79%	4.27%	3.96%	3.90%	4.99%	5.14%	5.45%	5.46%
PMFLX PIMCO Flexible Municipal Income Fund	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMFLX and MUC in my portfolio?

PMFLX and MUC have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.