PMO vs. MUNI

Last updated Jun 3, 2026

PMO (Putnam Municipal Opportunities Trust) is a stock, while MUNI (PIMCO Intermediate Municipal Bond Active ETF) is Municipal Bonds fund actively managed by PIMCO. Over the past 10 years, PMO returned 2.47%/yr vs 2.17%/yr for MUNI. At a 0.28 correlation, their price movements are largely independent.

Performance

PMO vs. MUNI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Municipal Opportunities Trust (PMO) 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, PMO achieves a -0.39% return, which is significantly lower than MUNI's 1.28% return. Over the past 10 years, PMO has outperformed MUNI with an annualized return of 2.47%, while MUNI has yielded a comparatively lower 2.17% annualized return.

PMO

• 1D: 0.19%
• 1M: 1.65%
• YTD: -0.39%
• 6M: 3.07%
• 1Y: 11.80%
• 3Y*: 6.51%
• 5Y*: -1.23%
• 10Y*: 2.47%

MUNI

• 1D: 0.13%
• 1M: 0.40%
• YTD: 1.28%
• 6M: 1.55%
• 1Y: 6.54%
• 3Y*: 3.97%
• 5Y*: 1.30%
• 10Y*: 2.17%

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

PMO vs. MUNI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMO Putnam Municipal Opportunities Trust	-0.39%	10.45%	3.15%	-1.31%	-20.32%	10.08%	9.38%	23.13%	-4.05%	8.89%
MUNI PIMCO Intermediate Municipal Bond Active ETF	1.28%	4.72%	1.43%	6.07%	-6.62%	0.67%	4.83%	7.09%	0.84%	4.86%

Correlation

The correlation between PMO and MUNI is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Dec 16, 2009	0.28

The correlation between PMO and MUNI shifts across timeframes, from 0.28 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PMO vs. MUNI — Risk / Return Rank

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

PMO

PMO Risk / Return Rank: 75
PMO Sharpe Ratio Rank: 79
PMO Sortino Ratio Rank: 78
PMO Omega Ratio Rank: 75
PMO Calmar Ratio Rank: 69
PMO Martin Ratio Rank: 76

MUNI

MUNI Risk / Return Rank: 76
MUNI Sharpe Ratio Rank: 87
MUNI Sortino Ratio Rank: 91
MUNI Omega Ratio Rank: 93
MUNI Calmar Ratio Rank: 56
MUNI Martin Ratio Rank: 53

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.

PMO vs. MUNI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Municipal Opportunities Trust (PMO) 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.

	PMO	MUNI	Difference
Sharpe ratio Return per unit of total volatility	1.39	2.90	-1.51
Sortino ratio Return per unit of downside risk	2.21	4.35	-2.13
Omega ratio Gain probability vs. loss probability	1.27	1.65	-0.39
Calmar ratio Return relative to maximum drawdown	1.63	2.83	-1.19
Martin ratio Return relative to average drawdown	5.41	9.33	-3.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMO vs. MUNI - Sharpe Ratio Comparison

The current PMO Sharpe Ratio is 1.39, which is lower than the MUNI Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of PMO 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.

Sharpe Ratios by Period

	PMO	MUNI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	2.90	-1.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.39	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.56	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.78	-0.42

Drawdowns

PMO vs. MUNI - Drawdown Comparison

The maximum PMO drawdown since its inception was -36.46%, which is greater than MUNI's maximum drawdown of -11.15%. Use the drawdown chart below to compare losses from any high point for PMO and MUNI.

Drawdown Indicators

	PMO	MUNI	Difference
Max Drawdown Largest peak-to-trough decline	-36.46%	-11.15%	-25.31%
Max Drawdown (1Y) Largest decline over 1 year	-7.19%	-2.29%	-4.90%
Max Drawdown (3Y) Largest decline over 3 years	-16.20%	-4.09%	-12.11%
Max Drawdown (5Y) Largest decline over 5 years	-36.46%	-11.15%	-25.31%
Max Drawdown (10Y) Largest decline over 10 years	-36.46%	-11.15%	-25.31%
Current Drawdown Current decline from peak	-13.65%	-0.75%	-12.90%
Average Drawdown Average peak-to-trough decline	-7.94%	-1.73%	-6.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	0.69%	+1.48%

Volatility

PMO vs. MUNI - Volatility Comparison

Putnam Municipal Opportunities Trust (PMO) has a higher volatility of 2.87% compared to PIMCO Intermediate Municipal Bond Active ETF (MUNI) at 0.78%. This indicates that PMO's price experiences larger fluctuations and is considered to be riskier than MUNI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMO	MUNI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	0.78%	+2.09%
Volatility (6M) Calculated over the trailing 6-month period	6.73%	1.61%	+5.12%
Volatility (1Y) Calculated over the trailing 1-year period	8.54%	2.27%	+6.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.02%	3.31%	+11.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.28%	3.85%	+10.43%

Dividends

PMO vs. MUNI - Dividend Comparison

PMO's dividend yield for the trailing twelve months is around 4.51%, 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%
PMO Putnam Municipal Opportunities Trust	4.51%	4.25%	4.15%	4.64%	5.87%	4.42%	4.65%	4.85%	5.55%	5.26%	5.89%	5.81%

Frequently Asked Questions

Can I hold both PMO and MUNI in my portfolio?

PMO and MUNI have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMO or MUNI?

PMO has higher volatility (2.87%) compared to MUNI (0.78%). In terms of maximum drawdown, PMO dropped -36.46% vs MUNI's -11.15%.

Which has better risk-adjusted returns?

MUNI currently has the higher Sharpe Ratio (2.90 vs 1.39), 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.