PMIF.TO vs. CAAA
PMIF.TO (PIMCO Monthly Income Fund (Canada)) and CAAA (First Trust Commercial Mortgage Opportunities ETF) are both exchange-traded funds - PMIF.TO is a fund fund, while CAAA is a Intermediate Core-Plus Bond fund actively managed by First Trust. Over the past year, PMIF.TO returned 6.74% vs 6.64% for CAAA. At a 0.17 correlation, their price movements are largely independent.
Performance
PMIF.TO vs. CAAA - Performance Comparison
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Different Trading Currencies
PMIF.TO is traded in CAD, while CAAA is traded in USD. To make them comparable, the CAAA values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, PMIF.TO achieves a 0.10% return, which is significantly lower than CAAA's 1.84% return.
PMIF.TO
- 1D
- -0.17%
- 1M
- 0.49%
- YTD
- 0.10%
- 6M
- 0.42%
- 1Y
- 6.74%
- 3Y*
- 6.44%
- 5Y*
- 3.16%
- 10Y*
- —
CAAA
- 1D
- 0.07%
- 1M
- 1.87%
- YTD
- 1.84%
- 6M
- 0.16%
- 1Y
- 6.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PMIF.TO vs. CAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PMIF.TO PIMCO Monthly Income Fund (Canada) | 0.10% | 9.01% | 5.02% |
CAAA First Trust Commercial Mortgage Opportunities ETF | 1.84% | 3.07% | 10.85% |
Correlation
The correlation between PMIF.TO and CAAA is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024 | 0.17 |
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Return for Risk
PMIF.TO vs. CAAA — Risk / Return Rank
PMIF.TO
CAAA
PMIF.TO vs. CAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Monthly Income Fund (Canada) (PMIF.TO) and First Trust Commercial Mortgage Opportunities ETF (CAAA). 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.TO | CAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.23 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 1.69 | +0.41 |
| Martin ratioReturn relative to average drawdown | 7.96 | 4.51 | +3.45 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PMIF.TO | CAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.93 | 1.30 | +0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 1.25 | -0.68 |
Drawdowns
PMIF.TO vs. CAAA - Drawdown Comparison
The maximum PMIF.TO drawdown since its inception was -18.30%, which is greater than CAAA's maximum drawdown of -5.10%. Use the drawdown chart below to compare losses from any high point for PMIF.TO and CAAA.
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Drawdown Indicators
| PMIF.TO | CAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.30% | -5.10% | -13.20% |
Max Drawdown (1Y)Largest decline over 1 year | -3.22% | -3.94% | +0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -3.98% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -10.25% | — | — |
Current DrawdownCurrent decline from peak | -1.21% | -0.63% | -0.58% |
Average DrawdownAverage peak-to-trough decline | -1.88% | -1.38% | -0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 1.47% | -0.62% |
Volatility
PMIF.TO vs. CAAA - Volatility Comparison
PIMCO Monthly Income Fund (Canada) (PMIF.TO) has a higher volatility of 1.64% compared to First Trust Commercial Mortgage Opportunities ETF (CAAA) at 1.21%. This indicates that PMIF.TO's price experiences larger fluctuations and is considered to be riskier than CAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMIF.TO | CAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.64% | 1.21% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 2.89% | 3.95% | -1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.52% | 5.11% | -1.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.79% | 5.59% | -0.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.83% | 5.59% | +0.24% |
Dividends
PMIF.TO vs. CAAA - Dividend Comparison
PMIF.TO's dividend yield for the trailing twelve months is around 5.42%, more than CAAA's 5.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CAAA First Trust Commercial Mortgage Opportunities ETF | 5.30% | 6.09% | 4.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PMIF.TO PIMCO Monthly Income Fund (Canada) | 5.42% | 5.50% | 6.95% | 6.06% | 3.73% | 3.22% | 3.58% | 3.80% | 3.51% | 0.59% |
Frequently Asked Questions
PMIF.TO and CAAA have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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