PMZIX vs. GIOIX

Last updated Jun 3, 2026

PMZIX (PIMCO Mortgage Opportunities and Bond Fund) and GIOIX (Guggenheim Macro Opportunities Fund) are both Nontraditional Bonds funds. Over the past 10 years, PMZIX returned 3.60%/yr vs 4.33%/yr for GIOIX. At a 0.47 correlation, their price movements are largely independent. PMZIX charges 0.60%/yr vs 0.96%/yr for GIOIX.

Performance

PMZIX vs. GIOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Mortgage Opportunities and Bond Fund (PMZIX) and Guggenheim Macro Opportunities Fund (GIOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMZIX achieves a 1.04% return, which is significantly lower than GIOIX's 1.12% return. Over the past 10 years, PMZIX has underperformed GIOIX with an annualized return of 3.60%, while GIOIX has yielded a comparatively higher 4.33% annualized return.

PMZIX

• 1D: 0.00%
• 1M: 0.03%
• YTD: 1.04%
• 6M: 1.52%
• 1Y: 6.22%
• 3Y*: 6.56%
• 5Y*: 2.96%
• 10Y*: 3.60%

GIOIX

• 1D: -0.08%
• 1M: 0.36%
• YTD: 1.12%
• 6M: 1.74%
• 1Y: 6.11%
• 3Y*: 7.59%
• 5Y*: 3.25%
• 10Y*: 4.33%

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

PMZIX vs. GIOIX - 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%
GIOIX Guggenheim Macro Opportunities Fund	1.12%	7.64%	7.78%	9.69%	-9.57%	1.71%	11.09%	2.25%	0.46%	5.32%

Correlation

The correlation between PMZIX and GIOIX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.47

Over the past year, PMZIX and GIOIX have become more correlated (0.79) than their long-term average of 0.47, meaning their price movements have been converging.

Return for Risk

PMZIX vs. GIOIX — Risk / Return Rank

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

PMZIX

PMZIX Risk / Return Rank: 49
PMZIX Sharpe Ratio Rank: 38
PMZIX Sortino Ratio Rank: 49
PMZIX Omega Ratio Rank: 47
PMZIX Calmar Ratio Rank: 59
PMZIX Martin Ratio Rank: 53

GIOIX

GIOIX Risk / Return Rank: 80
GIOIX Sharpe Ratio Rank: 71
GIOIX Sortino Ratio Rank: 92
GIOIX Omega Ratio Rank: 88
GIOIX Calmar Ratio Rank: 69
GIOIX Martin Ratio Rank: 82

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.

PMZIX vs. GIOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Mortgage Opportunities and Bond Fund (PMZIX) and Guggenheim Macro Opportunities Fund (GIOIX). 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	GIOIX	Difference
Sharpe ratio Return per unit of total volatility	1.83	2.46	-0.63
Sortino ratio Return per unit of downside risk	2.95	4.58	-1.62
Omega ratio Gain probability vs. loss probability	1.38	1.62	-0.24
Calmar ratio Return relative to maximum drawdown	2.95	3.21	-0.27
Martin ratio Return relative to average drawdown	10.83	15.38	-4.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMZIX vs. GIOIX - Sharpe Ratio Comparison

The current PMZIX Sharpe Ratio is 1.83, which is comparable to the GIOIX Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of PMZIX and GIOIX, 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

	PMZIX	GIOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	2.46	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	1.03	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.12	1.50	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	1.24	1.73	-0.50

Drawdowns

PMZIX vs. GIOIX - Drawdown Comparison

The maximum PMZIX drawdown since its inception was -10.44%, smaller than the maximum GIOIX drawdown of -13.38%. Use the drawdown chart below to compare losses from any high point for PMZIX and GIOIX.

Drawdown Indicators

	PMZIX	GIOIX	Difference
Max Drawdown Largest peak-to-trough decline	-10.44%	-13.38%	+2.94%
Max Drawdown (1Y) Largest decline over 1 year	-2.42%	-2.12%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-3.53%	-2.12%	-1.41%
Max Drawdown (5Y) Largest decline over 5 years	-10.44%	-13.38%	+2.94%
Max Drawdown (10Y) Largest decline over 10 years	-10.44%	-13.38%	+2.94%
Current Drawdown Current decline from peak	-0.56%	-0.08%	-0.48%
Average Drawdown Average peak-to-trough decline	-1.18%	-1.42%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.44%	+0.22%

Volatility

PMZIX vs. GIOIX - Volatility Comparison

PIMCO Mortgage Opportunities and Bond Fund (PMZIX) has a higher volatility of 1.25% compared to Guggenheim Macro Opportunities Fund (GIOIX) at 1.00%. This indicates that PMZIX's price experiences larger fluctuations and is considered to be riskier than GIOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMZIX	GIOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	1.00%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	2.43%	2.05%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	3.37%	2.48%	+0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.85%	3.18%	+0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.23%	2.89%	+0.34%

PMZIX vs. GIOIX - Expense Ratio Comparison

PMZIX has a 0.60% expense ratio, which is lower than GIOIX's 0.96% expense ratio.

Dividends

PMZIX vs. GIOIX - Dividend Comparison

PMZIX's dividend yield for the trailing twelve months is around 5.52%, less than GIOIX's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIOIX Guggenheim Macro Opportunities Fund	6.09%	5.86%	5.88%	6.45%	3.78%	3.10%	3.61%	3.29%	3.55%	3.54%	5.38%	5.82%
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

Can I hold both PMZIX and GIOIX in my portfolio?

PMZIX and GIOIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMZIX or GIOIX?

PMZIX has higher volatility (1.25%) compared to GIOIX (1.00%). In terms of maximum drawdown, PMZIX dropped -10.44% vs GIOIX's -13.38%.

Which has better risk-adjusted returns?

GIOIX currently has the higher Sharpe Ratio (2.46 vs 1.83), 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.