PML vs. PFORX
PML (PIMCO Municipal Income Fund II) and PFORX (PIMCO International Bond Fund (U.S. Dollar-Hedged)) are both mutual funds - PML is a Municipal Bonds fund actively managed by PIMCO, while PFORX is a Global Bonds fund managed by PIMCO. Over the past 10 years, PML returned -0.77%/yr vs 2.55%/yr for PFORX. Their 0.17 correlation means their historical movements had little consistent relationship. PML charges 1.08%/yr vs 0.50%/yr for PFORX.
Performance
PML vs. PFORX - Performance Comparison
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Returns By Period
In the year-to-date period, PML achieves a 0.40% return, which is significantly higher than PFORX's -0.58% return. Over the past 10 years, PML has underperformed PFORX with an annualized return of -0.77%, while PFORX has yielded a comparatively higher 2.55% annualized return.
PML
- 1D
- 0.14%
- 1M
- -3.95%
- 6M
- -2.20%
- YTD
- 0.40%
- 1Y
- 7.16%
- 3Y*
- -1.49%
- 5Y*
- -8.41%
- 10Y*
- -0.77%
- ALL TIME*
- 3.25%
PFORX
- 1D
- 0.00%
- 1M
- -1.43%
- 6M
- -1.08%
- YTD
- -0.58%
- 1Y
- 1.31%
- 3Y*
- 4.93%
- 5Y*
- 1.19%
- 10Y*
- 2.55%
- ALL TIME*
- 5.53%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $3.02M | $2.68M | $3.27M |
PML vs. PFORX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PML PIMCO Municipal Income Fund II | 0.40% | -0.89% | 2.93% | -3.06% | -34.06% | 7.16% | -5.17% | 25.60% | 7.25% | 14.48% |
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged) | -0.58% | 4.33% | 5.70% | 9.52% | -10.33% | -1.67% | 6.17% | 7.64% | 2.64% | 3.52% |
Correlation
The correlation between PML and PFORX is 0.43, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.43 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.35 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2002 | 0.17 |
Over the past year, PML and PFORX have become more correlated (0.43) than their long-term average of 0.17, meaning their price movements have been converging.
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Return for Risk
PML vs. PFORX — Risk / Return Rank
PML
PFORX
PML vs. PFORX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Income Fund II (PML) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX). 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.
| PML | PFORX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.10 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 0.48 | +0.68 |
| Martin ratioReturn relative to average drawdown | 2.83 | 1.33 | +1.50 |
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Drawdowns
PML vs. PFORX - Drawdown Comparison
The maximum PML drawdown since its inception was -64.34%, which is greater than PFORX's maximum drawdown of -13.87%. Use the drawdown chart below to compare losses from any high point for PML and PFORX.
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Drawdown Indicators
| PML | PFORX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.34% | -13.87% | -50.47% |
Max Drawdown (1Y)Largest decline over 1 year | -7.00% | -3.99% | -3.01% |
Max Drawdown (3Y)Largest decline over 3 years | -21.65% | -3.99% | -17.66% |
Max Drawdown (5Y)Largest decline over 5 years | -47.77% | -13.71% | -34.06% |
Max Drawdown (10Y)Largest decline over 10 years | -47.94% | -13.87% | -34.07% |
Current DrawdownCurrent decline from peak | -36.05% | -2.06% | -33.99% |
Average DrawdownAverage peak-to-trough decline | -12.04% | -1.95% | -10.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.85% | 1.43% | +1.42% |
Volatility
PML vs. PFORX - Volatility Comparison
PIMCO Municipal Income Fund II (PML) has a higher volatility of 2.38% compared to PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX) at 1.01%. This indicates that PML's price experiences larger fluctuations and is considered to be riskier than PFORX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PML | PFORX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.38% | 1.01% | +1.37% |
Volatility (6M)Calculated over the trailing 6-month period | 8.57% | 3.48% | +5.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.59% | 3.88% | +6.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.22% | 3.65% | +10.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.47% | 3.16% | +12.31% |
PML vs. PFORX - Expense Ratio Comparison
PML has a 1.08% expense ratio, which is higher than PFORX's 0.50% expense ratio.
Dividends
PML vs. PFORX - Dividend Comparison
PML's dividend yield for the trailing twelve months is around 6.50%, more than PFORX's 3.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged) | 3.71% | 4.23% | 4.91% | 3.02% | 3.65% | 1.55% | 2.46% | 6.86% | 2.90% | 1.46% | 1.38% | 9.12% |
PML PIMCO Municipal Income Fund II | 6.50% | 6.29% | 5.86% | 5.71% | 7.83% | 4.85% | 4.95% | 4.91% | 5.86% | 5.92% | 6.38% | 6.24% |
Frequently Asked Questions
PML and PFORX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PML has higher volatility (2.38%) compared to PFORX (1.01%). In terms of maximum drawdown, PML dropped -64.34% vs PFORX's -13.87%.
PML currently has the higher Sharpe Ratio (0.76 vs 0.49), 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.
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