PMIF-U.TO vs. ICVT

Last updated Jun 4, 2026

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 Barclays U.S. Convertible Cash Pay Bond > $250MM Index. PMIF-U.TO is actively managed, while ICVT is passively managed. Over the past 5 years, PMIF-U.TO returned 2.60%/yr vs 7.79%/yr for ICVT. At a 0.11 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.

Returns By Period

In the year-to-date period, PMIF-U.TO achieves a 0.45% return, which is significantly lower than ICVT's 25.28% return.

PMIF-U.TO

• 1D: -0.30%
• 1M: 0.56%
• YTD: 0.45%
• 6M: 0.49%
• 1Y: 6.92%
• 3Y*: 6.17%
• 5Y*: 2.60%
• 10Y*: —

ICVT

• 1D: -0.97%
• 1M: 7.16%
• YTD: 25.28%
• 6M: 24.31%
• 1Y: 42.20%
• 3Y*: 21.04%
• 5Y*: 7.79%
• 10Y*: 13.99%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PMIF-U.TO PIMCO Monthly Income Fund (Canada)	0.45%	9.02%	3.83%	7.22%	-6.89%	0.89%	3.42%	7.02%	0.69%
ICVT iShares Convertible Bond ETF	25.28%	18.10%	10.61%	15.35%	-20.66%	-0.66%	61.01%	21.76%	-8.38%

Correlation

The correlation between PMIF-U.TO and ICVT is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Oct 4, 2018	0.11

The correlation between PMIF-U.TO and ICVT shifts across timeframes, from 0.11 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

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: 57
PMIF-U.TO Sharpe Ratio Rank: 62
PMIF-U.TO Sortino Ratio Rank: 66
PMIF-U.TO Omega Ratio Rank: 64
PMIF-U.TO Calmar Ratio Rank: 44
PMIF-U.TO Martin Ratio Rank: 51

ICVT

ICVT Risk / Return Rank: 87
ICVT Sharpe Ratio Rank: 87
ICVT Sortino Ratio Rank: 84
ICVT Omega Ratio Rank: 84
ICVT Calmar Ratio Rank: 90
ICVT Martin Ratio Rank: 89

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.

	PMIF-U.TO	ICVT	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.95	-0.90
Sortino ratio: Return per unit of downside risk	3.04	3.84	-0.80
Omega ratio: Gain probability vs. loss probability	1.39	1.52	-0.14
Calmar ratio: Return relative to maximum drawdown	2.16	5.62	-3.46
Martin ratio: Return relative to average drawdown	8.38	20.48	-12.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current PMIF-U.TO Sharpe Ratio is 2.06, which is lower than the ICVT Sharpe Ratio of 2.95. 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.

Sharpe Ratios by Period

	PMIF-U.TO	ICVT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	2.95	-0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.59	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.78	-0.19

Drawdowns

PMIF-U.TO vs. ICVT - Drawdown Comparison

The maximum PMIF-U.TO drawdown since its inception was -17.24%, 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.

Drawdown Indicators

	PMIF-U.TO	ICVT	Difference
Max Drawdown Largest peak-to-trough decline	-17.24%	-33.25%	+16.01%
Max Drawdown (1Y) Largest decline over 1 year	-3.22%	-7.55%	+4.33%
Max Drawdown (3Y) Largest decline over 3 years	-4.15%	-11.22%	+7.07%
Max Drawdown (5Y) Largest decline over 5 years	-11.03%	-29.95%	+18.92%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.25%	—
Current Drawdown Current decline from peak	-1.16%	-0.97%	-0.19%
Average Drawdown Average peak-to-trough decline	-2.32%	-9.50%	+7.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	2.07%	-1.24%

Volatility

PMIF-U.TO vs. ICVT - Volatility Comparison

The current volatility for PIMCO Monthly Income Fund (Canada) (PMIF-U.TO) is 1.26%, while iShares Convertible Bond ETF (ICVT) has a volatility of 5.53%. 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.

Volatility by Period

	PMIF-U.TO	ICVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	5.53%	-4.27%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	11.69%	-9.18%
Volatility (1Y) Calculated over the trailing 1-year period	3.39%	14.36%	-10.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.05%	13.23%	-8.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.71%	15.50%	-8.79%

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 3.94%, more than ICVT's 1.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICVT iShares Convertible Bond ETF	1.30%	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)	3.94%	3.96%	4.91%	4.53%	2.82%	2.40%	2.68%	2.38%	0.59%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMIF-U.TO and ICVT in my portfolio?

PMIF-U.TO and ICVT have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMIF-U.TO or ICVT?

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.

Which ETF is cheaper, PMIF-U.TO or ICVT?

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

What is the main difference between PMIF-U.TO and ICVT?

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.