PNYIX vs. PMJIX

Last updated Jun 24, 2026

PNYIX (PIMCO New York Municipal Fund) and PMJIX (PIMCO RAE US Small Fund) are both mutual funds - PNYIX is a Municipal Bonds fund managed by PIMCO, while PMJIX is a Small Cap Value Equities fund managed by PIMCO. Over the past 10 years, PNYIX returned 2.37%/yr vs 14.05%/yr for PMJIX. At a correlation of -0.03, they often move in opposite directions. PNYIX charges 0.46%/yr vs 0.50%/yr for PMJIX.

Performance

PNYIX vs. PMJIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO New York Municipal Fund (PNYIX) and PIMCO RAE US Small Fund (PMJIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PNYIX achieves a 2.00% return, which is significantly lower than PMJIX's 18.92% return. Over the past 10 years, PNYIX has underperformed PMJIX with an annualized return of 2.37%, while PMJIX has yielded a comparatively higher 14.05% annualized return.

PNYIX

• 1D: -0.09%
• 1M: 1.53%
• YTD: 2.00%
• 6M: 2.33%
• 1Y: 6.97%
• 3Y*: 4.44%
• 5Y*: 1.33%
• 10Y*: 2.37%

PMJIX

• 1D: -0.07%
• 1M: 4.46%
• YTD: 18.92%
• 6M: 16.02%
• 1Y: 35.58%
• 3Y*: 22.10%
• 5Y*: 10.99%
• 10Y*: 14.05%

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

PNYIX vs. PMJIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNYIX PIMCO New York Municipal Fund	2.00%	4.16%	2.89%	8.13%	-10.19%	2.46%	4.73%	7.78%	1.00%	5.79%
PMJIX PIMCO RAE US Small Fund	18.92%	5.11%	22.05%	19.77%	-4.62%	39.15%	6.95%	20.22%	-11.69%	9.22%

Correlation

The correlation between PNYIX and PMJIX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Jun 5, 2015	-0.03

The correlation between PNYIX and PMJIX shifts across timeframes, from -0.03 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PNYIX vs. PMJIX — Risk / Return Rank

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

PNYIX

PNYIX Risk / Return Rank: 77
PNYIX Sharpe Ratio Rank: 86
PNYIX Sortino Ratio Rank: 92
PNYIX Omega Ratio Rank: 91
PNYIX Calmar Ratio Rank: 66
PNYIX Martin Ratio Rank: 51

PMJIX

PMJIX Risk / Return Rank: 72
PMJIX Sharpe Ratio Rank: 65
PMJIX Sortino Ratio Rank: 65
PMJIX Omega Ratio Rank: 52
PMJIX Calmar Ratio Rank: 93
PMJIX Martin Ratio Rank: 84

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.

PNYIX vs. PMJIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO New York Municipal Fund (PNYIX) and PIMCO RAE US Small Fund (PMJIX). 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.

	PNYIX	PMJIX	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.17	+0.42
Sortino ratio: Return per unit of downside risk	4.31	3.07	+1.24
Omega ratio: Gain probability vs. loss probability	1.62	1.36	+0.26
Calmar ratio: Return relative to maximum drawdown	2.98	4.92	-1.94
Martin ratio: Return relative to average drawdown	9.96	14.59	-4.63

PNYIX vs. PMJIX - Sharpe Ratio Comparison

The current PNYIX Sharpe Ratio is 2.59, which is comparable to the PMJIX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of PNYIX and PMJIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PNYIX vs. PMJIX - Drawdown Comparison

The maximum PNYIX drawdown since its inception was -15.33%, smaller than the maximum PMJIX drawdown of -49.75%. Use the drawdown chart below to compare losses from any high point for PNYIX and PMJIX.

Drawdown Indicators

	PNYIX	PMJIX	Difference
Max Drawdown Largest peak-to-trough decline	-15.33%	-49.75%	+34.42%
Max Drawdown (1Y) Largest decline over 1 year	-2.39%	-7.62%	+5.23%
Max Drawdown (3Y) Largest decline over 3 years	-5.73%	-26.04%	+20.31%
Max Drawdown (5Y) Largest decline over 5 years	-15.33%	-49.75%	+34.42%
Max Drawdown (10Y) Largest decline over 10 years	-15.33%	-49.75%	+34.42%
Current Drawdown Current decline from peak	-0.11%	-2.19%	+2.08%
Average Drawdown Average peak-to-trough decline	-1.69%	-16.15%	+14.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	2.56%	-1.85%

Volatility

PNYIX vs. PMJIX - Volatility Comparison

The current volatility for PIMCO New York Municipal Fund (PNYIX) is 0.74%, while PIMCO RAE US Small Fund (PMJIX) has a volatility of 5.24%. This indicates that PNYIX experiences smaller price fluctuations and is considered to be less risky than PMJIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNYIX	PMJIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	5.24%	-4.50%
Volatility (6M) Calculated over the trailing 6-month period	1.97%	11.87%	-9.90%
Volatility (1Y) Calculated over the trailing 1-year period	2.76%	17.32%	-14.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.12%	39.45%	-35.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.90%	33.10%	-29.20%

PNYIX vs. PMJIX - Expense Ratio Comparison

PNYIX has a 0.46% expense ratio, which is lower than PMJIX's 0.50% expense ratio.

Dividends

PNYIX vs. PMJIX - Dividend Comparison

PNYIX's dividend yield for the trailing twelve months is around 3.67%, more than PMJIX's 2.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMJIX PIMCO RAE US Small Fund	2.65%	3.15%	3.26%	1.25%	9.91%	65.79%	9.46%	1.55%	7.65%	4.69%	1.24%	1.67%
PNYIX PIMCO New York Municipal Fund	3.67%	4.77%	4.24%	3.49%	2.00%	1.92%	2.01%	2.84%	3.33%	3.27%	3.44%	3.65%

Frequently Asked Questions

Can I hold both PNYIX and PMJIX in my portfolio?

PNYIX and PMJIX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PNYIX or PMJIX?

PMJIX has higher volatility (5.24%) compared to PNYIX (0.74%). In terms of maximum drawdown, PNYIX dropped -15.33% vs PMJIX's -49.75%.

Which has better risk-adjusted returns?

PNYIX currently has the higher Sharpe Ratio (2.59 vs 2.17), 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.