PTY vs. SMARX
PTY (PIMCO Corporate & Income Opportunity Fund) and SMARX (Brandes Separately Managed Account Reserve Trust) are both Corporate Bonds funds. Over the past 10 years, PTY returned 8.05%/yr vs 2.67%/yr for SMARX. Their 0.18 correlation means their historical movements had little consistent relationship. PTY charges 1.19%/yr vs 0.00%/yr for SMARX.
Performance
PTY vs. SMARX - Performance Comparison
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Returns By Period
In the year-to-date period, PTY achieves a -2.91% return, which is significantly lower than SMARX's 0.14% return. Over the past 10 years, PTY has outperformed SMARX with an annualized return of 8.05%, while SMARX has yielded a comparatively lower 2.67% annualized return.
PTY
- 1D
- -0.26%
- 1M
- -2.10%
- 6M
- -4.67%
- YTD
- -2.91%
- 1Y
- -6.48%
- 3Y*
- 3.48%
- 5Y*
- -0.85%
- 10Y*
- 8.05%
- ALL TIME*
- 10.76%
SMARX
- 1D
- 0.13%
- 1M
- -1.14%
- 6M
- -0.05%
- YTD
- 0.14%
- 1Y
- 2.58%
- 3Y*
- 5.01%
- 5Y*
- 1.33%
- 10Y*
- 2.67%
- ALL TIME*
- 1.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.02M | $11.88M | $12.18M | |
| $0.00 | $0.00 | $0.00 |
PTY vs. SMARX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PTY PIMCO Corporate & Income Opportunity Fund | -2.91% | -0.51% | 19.87% | 22.56% | -18.71% | 0.40% | 3.24% | 35.36% | 2.49% | 26.63% |
SMARX Brandes Separately Managed Account Reserve Trust | 0.14% | 6.91% | 3.73% | 9.76% | -11.77% | 0.76% | 6.55% | 7.77% | -1.13% | 4.75% |
Correlation
The correlation between PTY and SMARX is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.32 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.34 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.22 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2005 | 0.18 |
Over the past year, PTY and SMARX have become more correlated (0.39) than their long-term average of 0.18, meaning their price movements have been converging.
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Return for Risk
PTY vs. SMARX — Risk / Return Rank
PTY
SMARX
PTY vs. SMARX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Corporate & Income Opportunity Fund (PTY) and Brandes Separately Managed Account Reserve Trust (SMARX). 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.
| PTY | SMARX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -2.09 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.17 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 1.37 | -1.77 |
| Martin ratioReturn relative to average drawdown | -0.70 | 4.53 | -5.23 |
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Drawdowns
PTY vs. SMARX - Drawdown Comparison
The maximum PTY drawdown since its inception was -60.86%, which is greater than SMARX's maximum drawdown of -47.07%. Use the drawdown chart below to compare losses from any high point for PTY and SMARX.
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Drawdown Indicators
| PTY | SMARX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.86% | -47.07% | -13.79% |
Max Drawdown (1Y)Largest decline over 1 year | -15.44% | -2.61% | -12.83% |
Max Drawdown (3Y)Largest decline over 3 years | -15.53% | -4.59% | -10.94% |
Max Drawdown (5Y)Largest decline over 5 years | -41.38% | -16.20% | -25.18% |
Max Drawdown (10Y)Largest decline over 10 years | -46.55% | -16.20% | -30.35% |
Current DrawdownCurrent decline from peak | -11.88% | -1.26% | -10.62% |
Average DrawdownAverage peak-to-trough decline | -8.63% | -6.92% | -1.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.89% | 0.78% | +8.11% |
Volatility
PTY vs. SMARX - Volatility Comparison
PIMCO Corporate & Income Opportunity Fund (PTY) has a higher volatility of 2.54% compared to Brandes Separately Managed Account Reserve Trust (SMARX) at 0.99%. This indicates that PTY's price experiences larger fluctuations and is considered to be riskier than SMARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PTY | SMARX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.54% | 0.99% | +1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 7.87% | 3.00% | +4.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.25% | 3.72% | +7.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.24% | 5.17% | +12.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.18% | 4.39% | +16.79% |
PTY vs. SMARX - Expense Ratio Comparison
PTY has a 1.19% expense ratio, which is higher than SMARX's 0.00% expense ratio.
Dividends
PTY vs. SMARX - Dividend Comparison
PTY's dividend yield for the trailing twelve months is around 12.17%, more than SMARX's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PTY PIMCO Corporate & Income Opportunity Fund | 12.17% | 11.05% | 9.92% | 10.77% | 13.12% | 9.16% | 8.74% | 8.37% | 10.63% | 9.48% | 12.09% | 11.92% |
SMARX Brandes Separately Managed Account Reserve Trust | 4.39% | 5.02% | 4.07% | 3.85% | 3.53% | 2.57% | 3.35% | 4.19% | 4.55% | 4.20% | 4.87% | 5.24% |
Frequently Asked Questions
PTY and SMARX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PTY has higher volatility (2.54%) compared to SMARX (0.99%). In terms of maximum drawdown, PTY dropped -60.86% vs SMARX's -47.07%.
SMARX currently has the higher Sharpe Ratio (0.96 vs -0.55), 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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