PMZIX vs. RPIEX
PMZIX (PIMCO Mortgage Opportunities and Bond Fund) and RPIEX (T. Rowe Price Dynamic Global Bond Fund) are both Nontraditional Bonds funds. Over the past 10 years, PMZIX returned 3.55%/yr vs 2.36%/yr for RPIEX. At a correlation of -0.16, they often move in opposite directions. PMZIX charges 0.60%/yr vs 0.71%/yr for RPIEX.
Performance
PMZIX vs. RPIEX - Performance Comparison
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Returns By Period
In the year-to-date period, PMZIX achieves a 0.61% return, which is significantly lower than RPIEX's 3.29% return. Over the past 10 years, PMZIX has outperformed RPIEX with an annualized return of 3.55%, while RPIEX has yielded a comparatively lower 2.36% annualized return.
PMZIX
- 1D
- 0.11%
- 1M
- 0.57%
- YTD
- 0.61%
- 6M
- 1.09%
- 1Y
- 5.54%
- 3Y*
- 6.26%
- 5Y*
- 2.89%
- 10Y*
- 3.55%
RPIEX
- 1D
- 0.00%
- 1M
- 1.00%
- YTD
- 3.29%
- 6M
- 4.80%
- 1Y
- 5.90%
- 3Y*
- 4.50%
- 5Y*
- 2.31%
- 10Y*
- 2.36%
PMZIX vs. RPIEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PMZIX PIMCO Mortgage Opportunities and Bond Fund | 0.61% | 8.50% | 5.74% | 7.03% | -8.00% | 2.42% | 5.44% | 5.04% | 1.55% | 5.50% |
RPIEX T. Rowe Price Dynamic Global Bond Fund | 3.29% | 4.82% | 6.83% | -4.51% | 3.08% | 0.08% | 9.42% | -0.39% | 0.89% | -1.89% |
Correlation
The correlation between PMZIX and RPIEX is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | -0.16 |
The correlation between PMZIX and RPIEX shifts across timeframes, from -0.27 (5 years) to -0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PMZIX vs. RPIEX — Risk / Return Rank
PMZIX
RPIEX
PMZIX vs. RPIEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Mortgage Opportunities and Bond Fund (PMZIX) and T. Rowe Price Dynamic Global Bond Fund (RPIEX). 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 | RPIEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.31 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 1.67 | +0.64 |
| Martin ratioReturn relative to average drawdown | 8.15 | 5.62 | +2.53 |
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Drawdowns
PMZIX vs. RPIEX - Drawdown Comparison
The maximum PMZIX drawdown since its inception was -10.44%, which is greater than RPIEX's maximum drawdown of -9.59%. Use the drawdown chart below to compare losses from any high point for PMZIX and RPIEX.
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Drawdown Indicators
| PMZIX | RPIEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.44% | -9.59% | -0.85% |
Max Drawdown (1Y)Largest decline over 1 year | -2.42% | -3.64% | +1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -3.53% | -3.64% | +0.11% |
Max Drawdown (5Y)Largest decline over 5 years | -10.44% | -9.59% | -0.85% |
Max Drawdown (10Y)Largest decline over 10 years | -10.44% | -9.59% | -0.85% |
Current DrawdownCurrent decline from peak | -0.99% | -0.13% | -0.86% |
Average DrawdownAverage peak-to-trough decline | -1.18% | -2.47% | +1.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 1.08% | -0.40% |
Volatility
PMZIX vs. RPIEX - Volatility Comparison
PIMCO Mortgage Opportunities and Bond Fund (PMZIX) has a higher volatility of 1.22% compared to T. Rowe Price Dynamic Global Bond Fund (RPIEX) at 1.03%. This indicates that PMZIX's price experiences larger fluctuations and is considered to be riskier than RPIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMZIX | RPIEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 1.03% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.53% | 3.88% | -1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.35% | 4.40% | -1.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.87% | 4.91% | -1.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.24% | 4.19% | -0.95% |
PMZIX vs. RPIEX - Expense Ratio Comparison
PMZIX has a 0.60% expense ratio, which is lower than RPIEX's 0.71% expense ratio.
Dividends
PMZIX vs. RPIEX - Dividend Comparison
PMZIX's dividend yield for the trailing twelve months is around 5.55%, less than RPIEX's 7.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PMZIX PIMCO Mortgage Opportunities and Bond Fund | 5.55% | 5.84% | 7.59% | 6.74% | 5.87% | 3.99% | 3.96% | 4.38% | 4.34% | 3.62% | 5.24% | 4.08% |
RPIEX T. Rowe Price Dynamic Global Bond Fund | 7.51% | 7.69% | 6.32% | 4.68% | 15.28% | 3.76% | 1.93% | 2.51% | 4.36% | 0.61% | 2.72% | 0.00% |
Frequently Asked Questions
PMZIX and RPIEX have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PMZIX has higher volatility (1.22%) compared to RPIEX (1.03%). In terms of maximum drawdown, PMZIX dropped -10.44% vs RPIEX's -9.59%.
PMZIX currently has the higher Sharpe Ratio (1.67 vs 1.38), 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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