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PMIF-U.TO vs. ICVT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PMIF-U.TO vs. ICVT

Last updated Jul 18, 2026
Documentation

PMIF-U.TO (PIMCO Monthly Income Fund (Canada)) and ICVT (iShares Convertible Bond ETF) are both exchange-traded funds - PMIF-U.TO is a Multisector Bonds fund actively managed by PIMCO, while ICVT is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. PMIF-U.TO is actively managed, while ICVT is passively managed. Over the past year, PMIF-U.TO returned 7.33% vs 24.65% for ICVT. At a 0.20 correlation, their price movements are largely independent. PMIF-U.TO charges 0.84%/yr vs 0.20%/yr for ICVT.

Performance

PMIF-U.TO vs. ICVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Monthly Income Fund (Canada) (PMIF-U.TO) and iShares Convertible Bond ETF (ICVT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PMIF-U.TO achieves a 1.37% return, which is significantly lower than ICVT's 16.25% return.

PMIF-U.TO

1D
0.00%
1M
-0.03%
6M
0.76%
YTD
1.37%
1Y
7.33%
3Y*
—
5Y*
—
10Y*
—

ICVT

1D
0.08%
1M
-7.41%
6M
10.61%
YTD
16.25%
1Y
24.65%
3Y*
15.69%
5Y*
6.30%
10Y*
12.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PMIF-U.TO vs. ICVT - Yearly Performance Comparison

2026 (YTD)202520242023
PMIF-U.TO
PIMCO Monthly Income Fund (Canada)		1.37%10.75%5.77%0.26%
ICVT
iShares Convertible Bond ETF		16.25%18.10%10.61%-0.34%

Correlation

The correlation between PMIF-U.TO and ICVT is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.26

Correlation (All Time)
Calculated using the full available price history since Dec 28, 2023

0.20

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

PIMCO Monthly Income Fund (Canada)

iShares Convertible Bond ETF

Often compared with PMIF-U.TO:
PMIF-U.TO vs. PMIF.TOPMIF-U.TO vs. CORE.TOPMIF-U.TO vs. EVTRPMIF-U.TO vs. BLOKPMIF-U.TO vs. SPYPMIF-U.TO vs. PDIPMIF-U.TO vs. JPST
Often compared with ICVT:
ICVT vs. CWBICVT vs. FCVSXICVT vs. SPYICVT vs. LKORICVT vs. FCVTICVT vs. JAAAXICVT vs. GOLY

Return for Risk

PMIF-U.TO vs. ICVT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PMIF-U.TO
PMIF-U.TO Risk / Return Rank: 7878
Overall Rank
PMIF-U.TO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
PMIF-U.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
PMIF-U.TO Omega Ratio Rank: 8686
Omega Ratio Rank
PMIF-U.TO Calmar Ratio Rank: 6262
Calmar Ratio Rank
PMIF-U.TO Martin Ratio Rank: 6969
Martin Ratio Rank
ICVT
ICVT Risk / Return Rank: 6060
Overall Rank
ICVT Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
ICVT Sortino Ratio Rank: 5151
Sortino Ratio Rank
ICVT Omega Ratio Rank: 5353
Omega Ratio Rank
ICVT Calmar Ratio Rank: 7373
Calmar Ratio Rank
ICVT Martin Ratio Rank: 6767
Martin Ratio Rank
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.

PMIF-U.TO vs. ICVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Monthly Income Fund (Canada) (PMIF-U.TO) and iShares Convertible Bond ETF (ICVT). 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.

PMIF-U.TOICVTDifference
Sharpe ratioReturn per unit of total volatility
2.16
1.51

+0.65

Sortino ratioReturn per unit of downside risk
3.19
2.04

+1.15

Omega ratioGain probability vs. loss probability

1.40

1.27

+0.14

Calmar ratioReturn relative to maximum drawdown

2.37

2.93

-0.56

Martin ratioReturn relative to average drawdown

9.43

9.45

-0.02

PMIF-U.TO vs. ICVT - Sharpe Ratio Comparison

The current PMIF-U.TO Sharpe Ratio is 2.16, which is higher than the ICVT Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of PMIF-U.TO and ICVT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PMIF-U.TO vs. ICVT - Drawdown Comparison

The maximum PMIF-U.TO drawdown since its inception was -3.11%, smaller than the maximum ICVT drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for PMIF-U.TO and ICVT.

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Drawdown Indicators

PMIF-U.TOICVTDifference

Max Drawdown

Largest peak-to-trough decline

-3.11%

-33.25%

+30.14%

Max Drawdown (1Y)

Largest decline over 1 year

-3.11%

-8.46%

+5.35%

Max Drawdown (3Y)

Largest decline over 3 years

—

-11.22%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-29.95%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.25%

—

Current Drawdown

Current decline from peak

-0.75%

-8.38%

+7.63%

Average Drawdown

Average peak-to-trough decline

-0.54%

-9.43%

+8.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.78%

2.62%

-1.84%

Volatility

PMIF-U.TO vs. ICVT - Volatility Comparison

The current volatility for PIMCO Monthly Income Fund (Canada) (PMIF-U.TO) is 0.89%, while iShares Convertible Bond ETF (ICVT) has a volatility of 5.43%. This indicates that PMIF-U.TO experiences smaller price fluctuations and is considered to be less risky than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PMIF-U.TOICVTDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.89%

5.43%

-4.54%

Volatility (6M)

Calculated over the trailing 6-month period

2.67%

13.81%

-11.14%

Volatility (1Y)

Calculated over the trailing 1-year period

3.41%

16.44%

-13.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.86%

13.65%

-9.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.86%

15.67%

-11.81%

PMIF-U.TO vs. ICVT - Expense Ratio Comparison

PMIF-U.TO has a 0.84% expense ratio, which is higher than ICVT's 0.20% expense ratio.

Dividends

PMIF-U.TO vs. ICVT - Dividend Comparison

PMIF-U.TO's dividend yield for the trailing twelve months is around 5.53%, more than ICVT's 1.38% yield.

PositionTTM20252024202320222021202020192018201720162015
ICVT
iShares Convertible Bond ETF		1.38%1.73%2.19%1.85%1.93%7.70%3.98%1.86%4.82%2.56%3.06%1.57%
PMIF-U.TO
PIMCO Monthly Income Fund (Canada)		5.53%5.50%6.78%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

PMIF-U.TO and ICVT have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ICVT is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ICVT is cheaper with a 0.20% expense ratio, compared with 0.84% for PMIF-U.TO.

PMIF-U.TO is categorized as Multisector Bonds, while ICVT is Preferred Stock/Convertible Bonds. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.84% for PMIF-U.TO and 0.20% for ICVT.

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