PMJIX vs. PFMIX

Last updated Jun 25, 2026

PMJIX (PIMCO RAE US Small Fund) and PFMIX (PIMCO Municipal Bond Fund) are both mutual funds - PMJIX is a Small Cap Value Equities fund managed by PIMCO, while PFMIX is a Municipal Bonds fund managed by PIMCO. Over the past 10 years, PMJIX returned 13.98%/yr vs 2.80%/yr for PFMIX. At a correlation of -0.01, they often move in opposite directions. PMJIX charges 0.50%/yr vs 0.44%/yr for PFMIX.

Performance

PMJIX vs. PFMIX - Performance Comparison

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

Returns By Period

In the year-to-date period, PMJIX achieves a 18.23% return, which is significantly higher than PFMIX's 1.87% return. Over the past 10 years, PMJIX has outperformed PFMIX with an annualized return of 13.98%, while PFMIX has yielded a comparatively lower 2.80% annualized return.

PMJIX

• 1D: -0.58%
• 1M: 3.85%
• YTD: 18.23%
• 6M: 14.97%
• 1Y: 33.78%
• 3Y*: 21.87%
• 5Y*: 10.58%
• 10Y*: 13.98%

PFMIX

• 1D: 0.00%
• 1M: 1.62%
• YTD: 1.87%
• 6M: 2.33%
• 1Y: 7.29%
• 3Y*: 5.23%
• 5Y*: 1.48%
• 10Y*: 2.80%

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

PMJIX vs. PFMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMJIX PIMCO RAE US Small Fund	18.23%	5.11%	22.05%	19.77%	-4.62%	39.15%	6.95%	20.22%	-11.69%	9.22%
PFMIX PIMCO Municipal Bond Fund	1.87%	5.70%	3.60%	8.04%	-11.32%	2.55%	5.89%	8.67%	1.41%	7.47%

Correlation

The correlation between PMJIX and PFMIX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.00
Correlation (All Time) Calculated using the full available price history since Jun 5, 2015	-0.01

The correlation between PMJIX and PFMIX shifts across timeframes, from -0.01 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PMJIX vs. PFMIX — Risk / Return Rank

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

PMJIX

PMJIX Risk / Return Rank: 67
PMJIX Sharpe Ratio Rank: 58
PMJIX Sortino Ratio Rank: 59
PMJIX Omega Ratio Rank: 48
PMJIX Calmar Ratio Rank: 92
PMJIX Martin Ratio Rank: 79

PFMIX

PFMIX Risk / Return Rank: 73
PFMIX Sharpe Ratio Rank: 85
PFMIX Sortino Ratio Rank: 92
PFMIX Omega Ratio Rank: 92
PFMIX Calmar Ratio Rank: 51
PFMIX Martin Ratio Rank: 44

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. PFMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAE US Small Fund (PMJIX) and PIMCO Municipal Bond Fund (PFMIX). 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	PFMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.03	2.52	-0.49
Sortino ratio: Return per unit of downside risk	2.90	4.21	-1.30
Omega ratio: Gain probability vs. loss probability	1.34	1.63	-0.29
Calmar ratio: Return relative to maximum drawdown	4.61	2.56	+2.05
Martin ratio: Return relative to average drawdown	13.64	8.57	+5.07

PMJIX vs. PFMIX - Sharpe Ratio Comparison

The current PMJIX Sharpe Ratio is 2.03, which is comparable to the PFMIX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of PMJIX and PFMIX, 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. PFMIX - Drawdown Comparison

The maximum PMJIX drawdown since its inception was -49.75%, which is greater than PFMIX's maximum drawdown of -26.51%. Use the drawdown chart below to compare losses from any high point for PMJIX and PFMIX.

Drawdown Indicators

	PMJIX	PFMIX	Difference
Max Drawdown Largest peak-to-trough decline	-49.75%	-26.51%	-23.24%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-2.82%	-4.80%
Max Drawdown (3Y) Largest decline over 3 years	-26.04%	-5.49%	-20.55%
Max Drawdown (5Y) Largest decline over 5 years	-49.75%	-16.11%	-33.64%
Max Drawdown (10Y) Largest decline over 10 years	-49.75%	-16.11%	-33.64%
Current Drawdown Current decline from peak	-2.76%	-0.38%	-2.38%
Average Drawdown Average peak-to-trough decline	-16.14%	-2.42%	-13.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	0.84%	+1.73%

Volatility

PMJIX vs. PFMIX - Volatility Comparison

PIMCO RAE US Small Fund (PMJIX) has a higher volatility of 5.31% compared to PIMCO Municipal Bond Fund (PFMIX) at 0.80%. This indicates that PMJIX's price experiences larger fluctuations and is considered to be riskier than PFMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMJIX	PFMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.31%	0.80%	+4.51%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	2.07%	+9.82%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	2.88%	+14.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.45%	4.16%	+35.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.08%	4.02%	+29.06%

PMJIX vs. PFMIX - Expense Ratio Comparison

PMJIX has a 0.50% expense ratio, which is higher than PFMIX's 0.44% expense ratio.

Dividends

PMJIX vs. PFMIX - Dividend Comparison

PMJIX's dividend yield for the trailing twelve months is around 2.67%, less than PFMIX's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFMIX PIMCO Municipal Bond Fund	3.98%	5.15%	4.73%	3.44%	2.25%	2.13%	2.45%	3.51%	3.77%	3.45%	3.44%	3.49%
PMJIX PIMCO RAE US Small Fund	2.67%	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 PFMIX in my portfolio?

PMJIX and PFMIX have a correlation of 0.18, 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 PFMIX?

PMJIX has higher volatility (5.31%) compared to PFMIX (0.80%). In terms of maximum drawdown, PMJIX dropped -49.75% vs PFMIX's -26.51%.

Which has better risk-adjusted returns?

PFMIX currently has the higher Sharpe Ratio (2.52 vs 2.03), 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.