PMNPX vs. MUNI

Last updated Jun 24, 2026

PMNPX (PIMCO National Intermediate Municipal Bond Fund) and MUNI (PIMCO Intermediate Municipal Bond Active ETF) are both Municipal Bonds funds from PIMCO. Over the past 10 years, PMNPX returned 2.15%/yr vs 2.09%/yr for MUNI. A 0.59 correlation means they provide meaningful diversification when combined. PMNPX charges 0.55%/yr vs 0.35%/yr for MUNI.

Performance

PMNPX vs. MUNI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO National Intermediate Municipal Bond Fund (PMNPX) and PIMCO Intermediate Municipal Bond Active ETF (MUNI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMNPX achieves a 1.24% return, which is significantly lower than MUNI's 1.48% return. Both investments have delivered pretty close results over the past 10 years, with PMNPX having a 2.15% annualized return and MUNI not far behind at 2.09%.

PMNPX

• 1D: -0.10%
• 1M: 1.16%
• YTD: 1.24%
• 6M: 1.64%
• 1Y: 5.88%
• 3Y*: 4.11%
• 5Y*: 1.53%
• 10Y*: 2.15%

MUNI

• 1D: -0.08%
• 1M: 1.12%
• YTD: 1.48%
• 6M: 1.63%
• 1Y: 5.90%
• 3Y*: 3.78%
• 5Y*: 1.33%
• 10Y*: 2.09%

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

PMNPX vs. MUNI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMNPX PIMCO National Intermediate Municipal Bond Fund	1.24%	5.05%	2.08%	6.27%	-6.64%	0.86%	4.46%	6.83%	0.99%	5.21%
MUNI PIMCO Intermediate Municipal Bond Active ETF	1.48%	4.72%	1.43%	6.07%	-6.62%	0.67%	4.83%	7.09%	0.84%	4.86%

Correlation

The correlation between PMNPX and MUNI is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jun 1, 2012	0.59

The correlation between PMNPX and MUNI shifts across timeframes, from 0.59 (all time) to 0.74 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PMNPX vs. MUNI — Risk / Return Rank

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

PMNPX

PMNPX Risk / Return Rank: 70
PMNPX Sharpe Ratio Rank: 87
PMNPX Sortino Ratio Rank: 92
PMNPX Omega Ratio Rank: 92
PMNPX Calmar Ratio Rank: 42
PMNPX Martin Ratio Rank: 34

MUNI

MUNI Risk / Return Rank: 75
MUNI Sharpe Ratio Rank: 87
MUNI Sortino Ratio Rank: 90
MUNI Omega Ratio Rank: 92
MUNI Calmar Ratio Rank: 55
MUNI Martin Ratio Rank: 51

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.

PMNPX vs. MUNI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO National Intermediate Municipal Bond Fund (PMNPX) and PIMCO Intermediate Municipal Bond Active ETF (MUNI). 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.

	PMNPX	MUNI	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.66	-0.02
Sortino ratio: Return per unit of downside risk	4.23	3.96	+0.27
Omega ratio: Gain probability vs. loss probability	1.66	1.59	+0.07
Calmar ratio: Return relative to maximum drawdown	2.37	2.58	-0.22
Martin ratio: Return relative to average drawdown	7.20	8.29	-1.08

PMNPX vs. MUNI - Sharpe Ratio Comparison

The current PMNPX Sharpe Ratio is 2.64, which is comparable to the MUNI Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of PMNPX and MUNI, 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

PMNPX vs. MUNI - Drawdown Comparison

The maximum PMNPX drawdown since its inception was -11.33%, roughly equal to the maximum MUNI drawdown of -11.15%. Use the drawdown chart below to compare losses from any high point for PMNPX and MUNI.

Drawdown Indicators

	PMNPX	MUNI	Difference
Max Drawdown Largest peak-to-trough decline	-11.33%	-11.15%	-0.18%
Max Drawdown (1Y) Largest decline over 1 year	-2.55%	-2.29%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	-4.17%	-4.09%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-11.33%	-11.15%	-0.18%
Max Drawdown (10Y) Largest decline over 10 years	-11.33%	-11.15%	-0.18%
Current Drawdown Current decline from peak	-0.86%	-0.56%	-0.30%
Average Drawdown Average peak-to-trough decline	-1.84%	-1.73%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.71%	+0.12%

Volatility

PMNPX vs. MUNI - Volatility Comparison

PIMCO National Intermediate Municipal Bond Fund (PMNPX) and PIMCO Intermediate Municipal Bond Active ETF (MUNI) have volatilities of 0.60% and 0.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMNPX	MUNI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	0.59%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	1.63%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	2.29%	2.23%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.17%	3.32%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.20%	3.85%	-0.65%

PMNPX vs. MUNI - Expense Ratio Comparison

PMNPX has a 0.55% expense ratio, which is higher than MUNI's 0.35% expense ratio.

Dividends

PMNPX vs. MUNI - Dividend Comparison

PMNPX's dividend yield for the trailing twelve months is around 3.46%, more than MUNI's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUNI PIMCO Intermediate Municipal Bond Active ETF	3.28%	3.26%	3.50%	3.09%	2.13%	1.62%	1.92%	2.44%	2.38%	2.37%	2.37%	2.20%
PMNPX PIMCO National Intermediate Municipal Bond Fund	3.46%	3.43%	3.63%	2.70%	1.68%	1.86%	1.96%	2.34%	2.60%	2.38%	2.13%	2.14%

Frequently Asked Questions

Can I hold both PMNPX and MUNI in my portfolio?

PMNPX and MUNI have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMNPX or MUNI?

PMNPX has higher volatility (0.60%) compared to MUNI (0.59%). In terms of maximum drawdown, PMNPX dropped -11.33% vs MUNI's -11.15%.

Which has better risk-adjusted returns?

MUNI currently has the higher Sharpe Ratio (2.66 vs 2.64), 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.