PZRMX vs. PPRMX

Last updated Jun 23, 2026

PZRMX (PIMCO Inflation Response Multi-Asset Fund) and PPRMX (PIMCO Inflation Response Multi-Asset Fund) are both Diversified Portfolio funds from PIMCO. Over the past 10 years, PZRMX returned 7.03%/yr vs 7.40%/yr for PPRMX. With a 0.98 correlation, they move nearly in lockstep. PZRMX charges 1.18%/yr vs 0.76%/yr for PPRMX.

Performance

PZRMX vs. PPRMX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with PZRMX having a 5.12% return and PPRMX slightly higher at 5.27%. Over the past 10 years, PZRMX has underperformed PPRMX with an annualized return of 7.03%, while PPRMX has yielded a comparatively higher 7.40% annualized return.

PZRMX

• 1D: -0.34%
• 1M: -1.72%
• YTD: 5.12%
• 6M: 5.11%
• 1Y: 13.65%
• 3Y*: 12.77%
• 5Y*: 7.94%
• 10Y*: 7.03%

PPRMX

• 1D: -0.33%
• 1M: -1.64%
• YTD: 5.27%
• 6M: 5.34%
• 1Y: 14.04%
• 3Y*: 13.01%
• 5Y*: 8.24%
• 10Y*: 7.40%

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

PZRMX vs. PPRMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZRMX PIMCO Inflation Response Multi-Asset Fund	5.12%	16.18%	12.47%	5.95%	-5.42%	13.22%	8.92%	10.42%	-4.05%	7.96%
PPRMX PIMCO Inflation Response Multi-Asset Fund	5.27%	16.58%	12.47%	6.37%	-5.22%	13.72%	9.32%	11.25%	-3.76%	8.38%

Correlation

The correlation between PZRMX and PPRMX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.98

The correlation between PZRMX and PPRMX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

PZRMX vs. PPRMX — Risk / Return Rank

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

PZRMX

PZRMX Risk / Return Rank: 76
PZRMX Sharpe Ratio Rank: 71
PZRMX Sortino Ratio Rank: 66
PZRMX Omega Ratio Rank: 69
PZRMX Calmar Ratio Rank: 88
PZRMX Martin Ratio Rank: 85

PPRMX

PPRMX Risk / Return Rank: 80
PPRMX Sharpe Ratio Rank: 77
PPRMX Sortino Ratio Rank: 73
PPRMX Omega Ratio Rank: 74
PPRMX Calmar Ratio Rank: 90
PPRMX Martin Ratio Rank: 87

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. PPRMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Inflation Response Multi-Asset Fund (PZRMX) and PIMCO Inflation Response Multi-Asset Fund (PPRMX). 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.

	PZRMX	PPRMX	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.35	-0.09
Sortino ratio: Return per unit of downside risk	3.09	3.23	-0.14
Omega ratio: Gain probability vs. loss probability	1.42	1.44	-0.02
Calmar ratio: Return relative to maximum drawdown	4.07	4.29	-0.22
Martin ratio: Return relative to average drawdown	14.68	15.50	-0.82

PZRMX vs. PPRMX - Sharpe Ratio Comparison

The current PZRMX Sharpe Ratio is 2.26, which is comparable to the PPRMX Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of PZRMX and PPRMX, 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

PZRMX vs. PPRMX - Drawdown Comparison

The maximum PZRMX drawdown since its inception was -19.71%, which is greater than PPRMX's maximum drawdown of -18.70%. Use the drawdown chart below to compare losses from any high point for PZRMX and PPRMX.

Drawdown Indicators

	PZRMX	PPRMX	Difference
Max Drawdown Largest peak-to-trough decline	-19.71%	-18.70%	-1.01%
Max Drawdown (1Y) Largest decline over 1 year	-3.35%	-3.27%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-4.96%	-4.97%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-14.57%	-14.36%	-0.21%
Max Drawdown (10Y) Largest decline over 10 years	-18.18%	-18.20%	+0.02%
Current Drawdown Current decline from peak	-2.73%	-2.62%	-0.11%
Average Drawdown Average peak-to-trough decline	-4.58%	-4.17%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.90%	+0.03%

Volatility

PZRMX vs. PPRMX - Volatility Comparison

PIMCO Inflation Response Multi-Asset Fund (PZRMX) has a higher volatility of 1.64% compared to PIMCO Inflation Response Multi-Asset Fund (PPRMX) at 1.56%. This indicates that PZRMX's price experiences larger fluctuations and is considered to be riskier than PPRMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZRMX	PPRMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	1.56%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	4.80%	4.80%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	6.04%	5.97%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.35%	8.32%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.55%	7.52%	+0.03%

PZRMX vs. PPRMX - Expense Ratio Comparison

PZRMX has a 1.18% expense ratio, which is higher than PPRMX's 0.76% expense ratio.

Dividends

PZRMX vs. PPRMX - Dividend Comparison

PZRMX's dividend yield for the trailing twelve months is around 8.34%, which matches PPRMX's 8.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PPRMX PIMCO Inflation Response Multi-Asset Fund	8.33%	2.52%	9.77%	0.00%	14.01%	11.20%	0.76%	3.11%	11.35%	6.36%	0.45%	3.01%
PZRMX PIMCO Inflation Response Multi-Asset Fund	8.34%	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 PPRMX in my portfolio?

With a correlation of 0.98, PZRMX and PPRMX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PZRMX or PPRMX?

PZRMX has higher volatility (1.64%) compared to PPRMX (1.56%). In terms of maximum drawdown, PZRMX dropped -19.71% vs PPRMX's -18.70%.

Which has better risk-adjusted returns?

PPRMX currently has the higher Sharpe Ratio (2.35 vs 2.26), 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.