PMZIX vs. PFIIX
PMZIX (PIMCO Mortgage Opportunities and Bond Fund) and PFIIX (PIMCO Low Duration Income Fund) are both mutual funds - PMZIX is a Nontraditional Bonds fund managed by PIMCO, while PFIIX is a Short-Term Bond fund managed by PIMCO. Over the past 10 years, PMZIX returned 3.52%/yr vs 4.90%/yr for PFIIX. At a 0.43 correlation, their price movements are largely independent. PMZIX charges 0.60%/yr vs 0.50%/yr for PFIIX.
Performance
PMZIX vs. PFIIX - Performance Comparison
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Returns By Period
In the year-to-date period, PMZIX achieves a 0.39% return, which is significantly lower than PFIIX's 1.34% return. Over the past 10 years, PMZIX has underperformed PFIIX with an annualized return of 3.52%, while PFIIX has yielded a comparatively higher 4.90% annualized return.
PMZIX
- 1D
- -0.22%
- 1M
- 0.35%
- YTD
- 0.39%
- 6M
- 0.87%
- 1Y
- 5.08%
- 3Y*
- 6.25%
- 5Y*
- 2.85%
- 10Y*
- 3.52%
PFIIX
- 1D
- -0.12%
- 1M
- 0.64%
- YTD
- 1.34%
- 6M
- 1.68%
- 1Y
- 6.99%
- 3Y*
- 7.27%
- 5Y*
- 4.08%
- 10Y*
- 4.90%
PMZIX vs. PFIIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PMZIX PIMCO Mortgage Opportunities and Bond Fund | 0.39% | 8.50% | 5.74% | 7.03% | -8.00% | 2.42% | 5.44% | 5.04% | 1.55% | 5.50% |
PFIIX PIMCO Low Duration Income Fund | 1.34% | 9.56% | 6.58% | 7.78% | -5.29% | 2.38% | 4.84% | 6.72% | 1.56% | 6.05% |
Correlation
The correlation between PMZIX and PFIIX is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013 | 0.43 |
Over the past year, PMZIX and PFIIX have become more correlated (0.76) than their long-term average of 0.43, meaning their price movements have been converging.
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Return for Risk
PMZIX vs. PFIIX — Risk / Return Rank
PMZIX
PFIIX
PMZIX vs. PFIIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Mortgage Opportunities and Bond Fund (PMZIX) and PIMCO Low Duration Income Fund (PFIIX). 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.
| PMZIX | PFIIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.61 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 3.33 | -1.11 |
| Martin ratioReturn relative to average drawdown | 7.76 | 14.18 | -6.42 |
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Drawdowns
PMZIX vs. PFIIX - Drawdown Comparison
The maximum PMZIX drawdown since its inception was -10.44%, smaller than the maximum PFIIX drawdown of -28.35%. Use the drawdown chart below to compare losses from any high point for PMZIX and PFIIX.
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Drawdown Indicators
| PMZIX | PFIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.44% | -28.35% | +17.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.42% | -2.16% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -3.53% | -2.23% | -1.30% |
Max Drawdown (5Y)Largest decline over 5 years | -10.44% | -8.84% | -1.60% |
Max Drawdown (10Y)Largest decline over 10 years | -10.44% | -11.72% | +1.28% |
Current DrawdownCurrent decline from peak | -1.20% | -0.36% | -0.84% |
Average DrawdownAverage peak-to-trough decline | -1.18% | -2.60% | +1.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 0.50% | +0.19% |
Volatility
PMZIX vs. PFIIX - Volatility Comparison
PIMCO Mortgage Opportunities and Bond Fund (PMZIX) has a higher volatility of 1.18% compared to PIMCO Low Duration Income Fund (PFIIX) at 0.83%. This indicates that PMZIX's price experiences larger fluctuations and is considered to be riskier than PFIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMZIX | PFIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 0.83% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 2.54% | 2.23% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.37% | 2.78% | +0.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.87% | 3.18% | +0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.24% | 3.16% | +0.08% |
PMZIX vs. PFIIX - Expense Ratio Comparison
PMZIX has a 0.60% expense ratio, which is higher than PFIIX's 0.50% expense ratio.
Dividends
PMZIX vs. PFIIX - Dividend Comparison
PMZIX's dividend yield for the trailing twelve months is around 5.56%, more than PFIIX's 5.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFIIX PIMCO Low Duration Income Fund | 5.28% | 5.49% | 5.37% | 4.97% | 5.35% | 3.06% | 3.44% | 4.74% | 3.22% | 3.13% | 3.75% | 5.36% |
PMZIX PIMCO Mortgage Opportunities and Bond Fund | 5.56% | 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 PFIIX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PMZIX has higher volatility (1.18%) compared to PFIIX (0.83%). In terms of maximum drawdown, PMZIX dropped -10.44% vs PFIIX's -28.35%.
PFIIX currently has the higher Sharpe Ratio (2.59 vs 1.59), 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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