PMFLX vs. PCN

Last updated Jun 4, 2026

PMFLX (PIMCO Flexible Municipal Income Fund) and PCN (PIMCO Corporate & Income Strategy Fund) are both mutual funds - PMFLX is a Municipal Bonds fund managed by PIMCO, while PCN is a Multisector Bonds fund managed by PIMCO. Their correlation of 0.80 suggests significant overlap in exposure. PMFLX charges 0.70%/yr vs 0.85%/yr for PCN.

Performance

PMFLX vs. PCN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Flexible Municipal Income Fund (PMFLX) and PIMCO Corporate & Income Strategy Fund (PCN). 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*: —

PCN

• 1D: -0.93%
• 1M: -2.08%
• YTD: -4.37%
• 6M: -2.52%
• 1Y: 1.37%
• 3Y*: 7.28%
• 5Y*: 0.63%
• 10Y*: 7.14%

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

PMFLX vs. PCN - Yearly Performance Comparison

	2026 (YTD)
PMFLX PIMCO Flexible Municipal Income Fund	0.66%
PCN PIMCO Corporate & Income Strategy Fund	-1.19%

Correlation

The correlation between PMFLX and PCN 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 (All Time) Calculated using the full available price history since May 29, 2026	0.80

Return for Risk

PMFLX vs. PCN — Risk / Return Rank

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

PCN

PCN Risk / Return Rank: 3
PCN Sharpe Ratio Rank: 3
PCN Sortino Ratio Rank: 3
PCN Omega Ratio Rank: 3
PCN Calmar Ratio Rank: 3
PCN Martin Ratio Rank: 3

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. PCN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Flexible Municipal Income Fund (PMFLX) and PIMCO Corporate & Income Strategy Fund (PCN). 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	PCN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.14	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.04	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	17.21	0.39	+16.83

Drawdowns

PMFLX vs. PCN - Drawdown Comparison

The maximum PMFLX drawdown since its inception was -0.10%, smaller than the maximum PCN drawdown of -61.12%. Use the drawdown chart below to compare losses from any high point for PMFLX and PCN.

Drawdown Indicators

	PMFLX	PCN	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-61.12%	+61.02%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.40%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-22.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.39%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.27%	—
Current Drawdown Current decline from peak	0.00%	-6.87%	+6.87%
Average Drawdown Average peak-to-trough decline	-0.03%	-7.20%	+7.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.56%	—

Volatility

Volatility by Period

	PMFLX	PCN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.22%	9.61%	-4.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.22%	16.18%	-10.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.22%	21.94%	-16.72%

PMFLX vs. PCN - Expense Ratio Comparison

PMFLX has a 0.70% expense ratio, which is lower than PCN's 0.85% expense ratio.

Dividends

PMFLX vs. PCN - Dividend Comparison

PMFLX's dividend yield for the trailing twelve months is around 0.36%, less than PCN's 11.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCN PIMCO Corporate & Income Strategy Fund	11.58%	10.58%	10.06%	10.88%	12.66%	7.89%	7.83%	7.37%	9.60%	7.85%	11.98%	10.22%
PMFLX PIMCO Flexible Municipal Income Fund	0.36%	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 PCN in my portfolio?

PMFLX and PCN 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.