PMZIX vs. DFLEX
PMZIX (PIMCO Mortgage Opportunities and Bond Fund) and DFLEX (DoubleLine Flexible Income Fund) are both Nontraditional Bonds funds. Over the past 10 years, PMZIX returned 3.60%/yr vs 3.75%/yr for DFLEX. At a 0.47 correlation, their price movements are largely independent. PMZIX charges 0.60%/yr vs 0.74%/yr for DFLEX.
Performance
PMZIX vs. DFLEX - Performance Comparison
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Returns By Period
In the year-to-date period, PMZIX achieves a 1.04% return, which is significantly lower than DFLEX's 1.61% return. Both investments have delivered pretty close results over the past 10 years, with PMZIX having a 3.60% annualized return and DFLEX not far ahead at 3.75%.
PMZIX
- 1D
- 0.00%
- 1M
- 0.35%
- YTD
- 1.04%
- 6M
- 1.42%
- 1Y
- 6.34%
- 3Y*
- 6.56%
- 5Y*
- 2.98%
- 10Y*
- 3.60%
DFLEX
- 1D
- 0.00%
- 1M
- 0.45%
- YTD
- 1.61%
- 6M
- 1.94%
- 1Y
- 5.66%
- 3Y*
- 7.49%
- 5Y*
- 3.23%
- 10Y*
- 3.75%
PMZIX vs. DFLEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PMZIX PIMCO Mortgage Opportunities and Bond Fund | 1.04% | 8.50% | 5.74% | 7.03% | -8.00% | 2.42% | 5.44% | 5.04% | 1.55% | 5.50% |
DFLEX DoubleLine Flexible Income Fund | 1.61% | 6.58% | 8.65% | 7.84% | -8.48% | 3.79% | 2.93% | 7.21% | 0.10% | 5.27% |
Correlation
The correlation between PMZIX and DFLEX is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Apr 9, 2014 | 0.47 |
The correlation between PMZIX and DFLEX shifts across timeframes, from 0.47 (all time) to 0.60 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PMZIX vs. DFLEX — Risk / Return Rank
PMZIX
DFLEX
PMZIX vs. DFLEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Mortgage Opportunities and Bond Fund (PMZIX) and DoubleLine Flexible Income Fund (DFLEX). 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.
| PMZIX | DFLEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.49 | ||
| Sortino ratioReturn per unit of downside risk | -4.73 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 2.35 | -0.96 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 6.23 | -3.64 |
| Martin ratioReturn relative to average drawdown | 9.48 | 28.16 | -18.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PMZIX | DFLEX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.87 | 4.36 | -2.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.78 | 1.68 | -0.90 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.12 | 1.38 | -0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.24 | 1.38 | -0.15 |
Drawdowns
PMZIX vs. DFLEX - Drawdown Comparison
The maximum PMZIX drawdown since its inception was -10.44%, smaller than the maximum DFLEX drawdown of -17.29%. Use the drawdown chart below to compare losses from any high point for PMZIX and DFLEX.
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Drawdown Indicators
| PMZIX | DFLEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.44% | -17.29% | +6.85% |
Max Drawdown (1Y)Largest decline over 1 year | -2.42% | -0.91% | -1.51% |
Max Drawdown (3Y)Largest decline over 3 years | -3.53% | -1.15% | -2.38% |
Max Drawdown (5Y)Largest decline over 5 years | -10.44% | -11.00% | +0.56% |
Max Drawdown (10Y)Largest decline over 10 years | -10.44% | -17.29% | +6.85% |
Current DrawdownCurrent decline from peak | -0.56% | 0.00% | -0.56% |
Average DrawdownAverage peak-to-trough decline | -1.18% | -1.55% | +0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.20% | +0.46% |
Volatility
PMZIX vs. DFLEX - Volatility Comparison
PIMCO Mortgage Opportunities and Bond Fund (PMZIX) has a higher volatility of 1.23% compared to DoubleLine Flexible Income Fund (DFLEX) at 0.45%. This indicates that PMZIX's price experiences larger fluctuations and is considered to be riskier than DFLEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMZIX | DFLEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 0.45% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 2.43% | 0.99% | +1.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.36% | 1.31% | +2.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.85% | 1.93% | +1.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.23% | 2.73% | +0.50% |
PMZIX vs. DFLEX - Expense Ratio Comparison
PMZIX has a 0.60% expense ratio, which is lower than DFLEX's 0.74% expense ratio.
Dividends
PMZIX vs. DFLEX - Dividend Comparison
PMZIX's dividend yield for the trailing twelve months is around 5.52%, which matches DFLEX's 5.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFLEX DoubleLine Flexible Income Fund | 5.54% | 5.68% | 6.05% | 5.95% | 4.72% | 3.86% | 3.96% | 4.46% | 4.46% | 3.82% | 3.75% | 4.32% |
PMZIX PIMCO Mortgage Opportunities and Bond Fund | 5.52% | 5.84% | 7.59% | 6.74% | 5.87% | 3.99% | 3.96% | 4.38% | 4.34% | 3.62% | 5.24% | 4.08% |
Frequently Asked Questions
PMZIX and DFLEX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PMZIX has higher volatility (1.23%) compared to DFLEX (0.45%). In terms of maximum drawdown, PMZIX dropped -10.44% vs DFLEX's -17.29%.
DFLEX currently has the higher Sharpe Ratio (4.36 vs 1.87), 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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