PZRMX vs. HDV

Last updated Jun 3, 2026

PZRMX (PIMCO Inflation Response Multi-Asset Fund) and HDV (iShares Core High Dividend ETF) are both funds - PZRMX is a Diversified Portfolio fund managed by PIMCO, while HDV is a Large Cap Value Equities fund tracking the Morningstar Dividend Yield Focus Index. Over the past 10 years, PZRMX returned 7.33%/yr vs 9.22%/yr for HDV. At a 0.39 correlation, their price movements are largely independent. PZRMX charges 1.18%/yr vs 0.08%/yr for HDV.

Performance

PZRMX vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Inflation Response Multi-Asset Fund (PZRMX) and iShares Core High Dividend ETF (HDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PZRMX achieves a 7.08% return, which is significantly lower than HDV's 12.28% return. Over the past 10 years, PZRMX has underperformed HDV with an annualized return of 7.33%, while HDV has yielded a comparatively higher 9.22% annualized return.

PZRMX

• 1D: -0.10%
• 1M: 0.00%
• YTD: 7.08%
• 6M: 7.54%
• 1Y: 17.20%
• 3Y*: 14.07%
• 5Y*: 7.87%
• 10Y*: 7.33%

HDV

• 1D: 0.85%
• 1M: -0.73%
• YTD: 12.28%
• 6M: 12.66%
• 1Y: 19.90%
• 3Y*: 14.80%
• 5Y*: 10.35%
• 10Y*: 9.22%

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

PZRMX vs. HDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZRMX PIMCO Inflation Response Multi-Asset Fund	7.08%	16.18%	12.47%	5.95%	-5.42%	13.22%	8.92%	10.42%	-4.05%	7.96%
HDV iShares Core High Dividend ETF	12.28%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%

Correlation

The correlation between PZRMX and HDV is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012	0.39

The correlation between PZRMX and HDV shifts across timeframes, from 0.32 (1 year) to 0.45 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PZRMX vs. HDV — Risk / Return Rank

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

PZRMX

PZRMX Risk / Return Rank: 91
PZRMX Sharpe Ratio Rank: 92
PZRMX Sortino Ratio Rank: 88
PZRMX Omega Ratio Rank: 86
PZRMX Calmar Ratio Rank: 94
PZRMX Martin Ratio Rank: 95

HDV

HDV Risk / Return Rank: 64
HDV Sharpe Ratio Rank: 61
HDV Sortino Ratio Rank: 65
HDV Omega Ratio Rank: 57
HDV Calmar Ratio Rank: 77
HDV Martin Ratio Rank: 61

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.

PZRMX vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Inflation Response Multi-Asset Fund (PZRMX) and iShares Core High Dividend ETF (HDV). 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.

	PZRMX	HDV	Difference
Sharpe ratio Return per unit of total volatility	3.07	2.06	+1.01
Sortino ratio Return per unit of downside risk	4.22	3.05	+1.17
Omega ratio Gain probability vs. loss probability	1.59	1.35	+0.24
Calmar ratio Return relative to maximum drawdown	5.42	3.96	+1.47
Martin ratio Return relative to average drawdown	22.29	11.09	+11.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PZRMX vs. HDV - Sharpe Ratio Comparison

The current PZRMX Sharpe Ratio is 3.07, which is higher than the HDV Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of PZRMX and HDV, 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

	PZRMX	HDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.07	2.06	+1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	0.81	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	0.59	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.72	-0.03

Drawdowns

PZRMX vs. HDV - Drawdown Comparison

The maximum PZRMX drawdown since its inception was -19.71%, smaller than the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for PZRMX and HDV.

Drawdown Indicators

	PZRMX	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-19.71%	-37.04%	+17.33%
Max Drawdown (1Y) Largest decline over 1 year	-3.35%	-5.18%	+1.83%
Max Drawdown (3Y) Largest decline over 3 years	-4.96%	-10.49%	+5.53%
Max Drawdown (5Y) Largest decline over 5 years	-14.57%	-15.42%	+0.85%
Max Drawdown (10Y) Largest decline over 10 years	-18.18%	-37.04%	+18.86%
Current Drawdown Current decline from peak	-0.92%	-2.90%	+1.98%
Average Drawdown Average peak-to-trough decline	-4.59%	-3.09%	-1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	1.85%	-1.03%

Volatility

PZRMX vs. HDV - Volatility Comparison

The current volatility for PIMCO Inflation Response Multi-Asset Fund (PZRMX) is 1.59%, while iShares Core High Dividend ETF (HDV) has a volatility of 3.23%. This indicates that PZRMX experiences smaller price fluctuations and is considered to be less risky than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZRMX	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.59%	3.23%	-1.64%
Volatility (6M) Calculated over the trailing 6-month period	4.66%	7.59%	-2.93%
Volatility (1Y) Calculated over the trailing 1-year period	5.90%	9.73%	-3.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.37%	12.82%	-4.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.55%	15.73%	-8.18%

PZRMX vs. HDV - Expense Ratio Comparison

PZRMX has a 1.18% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

PZRMX vs. HDV - Dividend Comparison

PZRMX's dividend yield for the trailing twelve months is around 2.19%, less than HDV's 2.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDV iShares Core High Dividend ETF	2.92%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%
PZRMX PIMCO Inflation Response Multi-Asset Fund	2.19%	2.35%	9.84%	0.00%	13.86%	11.20%	0.54%	2.56%	11.15%	6.06%	0.16%	2.73%

Frequently Asked Questions

Can I hold both PZRMX and HDV in my portfolio?

PZRMX and HDV have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PZRMX or HDV?

HDV has higher volatility (3.23%) compared to PZRMX (1.59%). In terms of maximum drawdown, PZRMX dropped -19.71% vs HDV's -37.04%.

Which has better risk-adjusted returns?

PZRMX currently has the higher Sharpe Ratio (3.07 vs 2.06), 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.