PMJIX vs. PAIPX

Last updated Jun 24, 2026

PMJIX (PIMCO RAE US Small Fund) and PAIPX (PIMCO Short Asset Investment Fund) are both mutual funds - PMJIX is a Small Cap Value Equities fund managed by PIMCO, while PAIPX is a Ultrashort Bond fund managed by PIMCO. Over the past 10 years, PMJIX returned 14.05%/yr vs 2.52%/yr for PAIPX. At a correlation of -0.01, they often move in opposite directions. PMJIX charges 0.50%/yr vs 0.45%/yr for PAIPX.

Performance

PMJIX vs. PAIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAE US Small Fund (PMJIX) and PIMCO Short Asset Investment Fund (PAIPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMJIX achieves a 18.92% return, which is significantly higher than PAIPX's 1.80% return. Over the past 10 years, PMJIX has outperformed PAIPX with an annualized return of 14.05%, while PAIPX has yielded a comparatively lower 2.52% annualized return.

PMJIX

• 1D: -0.07%
• 1M: 4.46%
• YTD: 18.92%
• 6M: 16.02%
• 1Y: 35.58%
• 3Y*: 22.10%
• 5Y*: 10.99%
• 10Y*: 14.05%

PAIPX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.80%
• 6M: 2.15%
• 1Y: 4.65%
• 3Y*: 5.13%
• 5Y*: 3.36%
• 10Y*: 2.52%

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

PMJIX vs. PAIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMJIX PIMCO RAE US Small Fund	18.92%	5.11%	22.05%	19.77%	-4.62%	39.15%	6.95%	20.22%	-11.69%	9.22%
PAIPX PIMCO Short Asset Investment Fund	1.80%	4.83%	5.93%	4.55%	-0.00%	-0.19%	1.12%	2.56%	1.90%	1.82%

Correlation

The correlation between PMJIX and PAIPX is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Jun 5, 2015	-0.01

The correlation between PMJIX and PAIPX shifts across timeframes, from -0.12 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PMJIX vs. PAIPX — Risk / Return Rank

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

PMJIX

PMJIX Risk / Return Rank: 72
PMJIX Sharpe Ratio Rank: 65
PMJIX Sortino Ratio Rank: 65
PMJIX Omega Ratio Rank: 52
PMJIX Calmar Ratio Rank: 93
PMJIX Martin Ratio Rank: 84

PAIPX

PAIPX Risk / Return Rank: 100
PAIPX Sharpe Ratio Rank: 99
PAIPX Sortino Ratio Rank: 100
PAIPX Omega Ratio Rank: 100
PAIPX Calmar Ratio Rank: 100
PAIPX Martin Ratio Rank: 100

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.

PMJIX vs. PAIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAE US Small Fund (PMJIX) and PIMCO Short Asset Investment Fund (PAIPX). 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.

	PMJIX	PAIPX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	3.93	-1.76
Sortino ratio: Return per unit of downside risk	3.07	26.36	-23.29
Omega ratio: Gain probability vs. loss probability	1.36	16.16	-14.79
Calmar ratio: Return relative to maximum drawdown	4.92	46.81	-41.88
Martin ratio: Return relative to average drawdown	14.59	185.02	-170.43

PMJIX vs. PAIPX - Sharpe Ratio Comparison

The current PMJIX Sharpe Ratio is 2.17, which is lower than the PAIPX Sharpe Ratio of 3.93. The chart below compares the historical Sharpe Ratios of PMJIX and PAIPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PMJIX vs. PAIPX - Drawdown Comparison

The maximum PMJIX drawdown since its inception was -49.75%, which is greater than PAIPX's maximum drawdown of -3.49%. Use the drawdown chart below to compare losses from any high point for PMJIX and PAIPX.

Drawdown Indicators

	PMJIX	PAIPX	Difference
Max Drawdown Largest peak-to-trough decline	-49.75%	-3.49%	-46.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-0.10%	-7.52%
Max Drawdown (3Y) Largest decline over 3 years	-26.04%	-1.20%	-24.84%
Max Drawdown (5Y) Largest decline over 5 years	-49.75%	-1.64%	-48.11%
Max Drawdown (10Y) Largest decline over 10 years	-49.75%	-3.49%	-46.26%
Current Drawdown Current decline from peak	-2.19%	0.00%	-2.19%
Average Drawdown Average peak-to-trough decline	-16.15%	-0.15%	-16.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	0.03%	+2.53%

Volatility

PMJIX vs. PAIPX - Volatility Comparison

PIMCO RAE US Small Fund (PMJIX) has a higher volatility of 5.24% compared to PIMCO Short Asset Investment Fund (PAIPX) at 0.32%. This indicates that PMJIX's price experiences larger fluctuations and is considered to be riskier than PAIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMJIX	PAIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	0.32%	+4.92%
Volatility (6M) Calculated over the trailing 6-month period	11.87%	0.80%	+11.07%
Volatility (1Y) Calculated over the trailing 1-year period	17.32%	1.19%	+16.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.45%	1.67%	+37.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.10%	1.35%	+31.75%

PMJIX vs. PAIPX - Expense Ratio Comparison

PMJIX has a 0.50% expense ratio, which is higher than PAIPX's 0.45% expense ratio.

Dividends

PMJIX vs. PAIPX - Dividend Comparison

PMJIX's dividend yield for the trailing twelve months is around 2.65%, less than PAIPX's 3.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAIPX PIMCO Short Asset Investment Fund	3.93%	4.29%	5.04%	4.04%	1.21%	0.31%	1.00%	2.53%	2.28%	1.81%	1.21%	0.78%
PMJIX PIMCO RAE US Small Fund	2.65%	3.15%	3.26%	1.25%	9.91%	65.79%	9.46%	1.55%	7.65%	4.69%	1.24%	1.67%

Frequently Asked Questions

Can I hold both PMJIX and PAIPX in my portfolio?

PMJIX and PAIPX have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMJIX or PAIPX?

PMJIX has higher volatility (5.24%) compared to PAIPX (0.32%). In terms of maximum drawdown, PMJIX dropped -49.75% vs PAIPX's -3.49%.

Which has better risk-adjusted returns?

PAIPX currently has the higher Sharpe Ratio (3.93 vs 2.17), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.