SMARX vs. PTY

Last updated Jun 4, 2026

SMARX (Brandes Separately Managed Account Reserve Trust) and PTY (PIMCO Corporate & Income Opportunity Fund) are both Corporate Bonds funds. Over the past 10 years, SMARX returned 3.02%/yr vs 8.25%/yr for PTY. At a 0.17 correlation, their price movements are largely independent. SMARX charges 0.00%/yr vs 1.19%/yr for PTY.

Performance

SMARX vs. PTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brandes Separately Managed Account Reserve Trust (SMARX) and PIMCO Corporate & Income Opportunity Fund (PTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMARX achieves a 0.74% return, which is significantly higher than PTY's -3.77% return. Over the past 10 years, SMARX has underperformed PTY with an annualized return of 3.02%, while PTY has yielded a comparatively higher 8.25% annualized return.

SMARX

• 1D: 0.13%
• 1M: 0.69%
• YTD: 0.74%
• 6M: 0.67%
• 1Y: 5.39%
• 3Y*: 5.59%
• 5Y*: 1.95%
• 10Y*: 3.02%

PTY

• 1D: -0.42%
• 1M: -2.48%
• YTD: -3.77%
• 6M: -5.18%
• 1Y: -4.95%
• 3Y*: 7.52%
• 5Y*: -0.40%
• 10Y*: 8.25%

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

SMARX vs. PTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMARX Brandes Separately Managed Account Reserve Trust	0.74%	6.91%	3.73%	9.76%	-11.77%	0.76%	6.55%	7.77%	-1.13%	4.75%
PTY PIMCO Corporate & Income Opportunity Fund	-3.77%	-0.51%	19.87%	22.56%	-18.71%	0.40%	3.24%	35.36%	2.49%	26.63%

Correlation

The correlation between SMARX and PTY is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Oct 6, 2005	0.17

The correlation between SMARX and PTY shifts across timeframes, from 0.17 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SMARX vs. PTY — Risk / Return Rank

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

SMARX

SMARX Risk / Return Rank: 28
SMARX Sharpe Ratio Rank: 26
SMARX Sortino Ratio Rank: 27
SMARX Omega Ratio Rank: 25
SMARX Calmar Ratio Rank: 31
SMARX Martin Ratio Rank: 32

PTY

PTY Risk / Return Rank: 1
PTY Sharpe Ratio Rank: 1
PTY Sortino Ratio Rank: 1
PTY Omega Ratio Rank: 1
PTY Calmar Ratio Rank: 1
PTY Martin Ratio Rank: 1

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.

SMARX vs. PTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brandes Separately Managed Account Reserve Trust (SMARX) and PIMCO Corporate & Income Opportunity Fund (PTY). 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.

	SMARX	PTY	Difference
Sharpe ratio: Return per unit of total volatility	1.44	-0.46	+1.90
Sortino ratio: Return per unit of downside risk	2.18	-0.55	+2.73
Omega ratio: Gain probability vs. loss probability	1.26	0.92	+0.34
Calmar ratio: Return relative to maximum drawdown	2.08	-0.32	+2.40
Martin ratio: Return relative to average drawdown	7.20	-0.65	+7.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMARX vs. PTY - Sharpe Ratio Comparison

The current SMARX Sharpe Ratio is 1.44, which is higher than the PTY Sharpe Ratio of -0.46. The chart below compares the historical Sharpe Ratios of SMARX and PTY, 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

	SMARX	PTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	-0.46	+1.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	-0.02	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.39	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.46	-0.05

Drawdowns

SMARX vs. PTY - Drawdown Comparison

The maximum SMARX drawdown since its inception was -47.07%, smaller than the maximum PTY drawdown of -60.86%. Use the drawdown chart below to compare losses from any high point for SMARX and PTY.

Drawdown Indicators

	SMARX	PTY	Difference
Max Drawdown Largest peak-to-trough decline	-47.07%	-60.86%	+13.79%
Max Drawdown (1Y) Largest decline over 1 year	-2.61%	-15.44%	+12.83%
Max Drawdown (3Y) Largest decline over 3 years	-5.19%	-16.04%	+10.85%
Max Drawdown (5Y) Largest decline over 5 years	-16.20%	-41.38%	+25.18%
Max Drawdown (10Y) Largest decline over 10 years	-16.20%	-46.55%	+30.35%
Current Drawdown Current decline from peak	-0.57%	-12.67%	+12.10%
Average Drawdown Average peak-to-trough decline	-6.97%	-8.61%	+1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	7.60%	-6.85%

Volatility

SMARX vs. PTY - Volatility Comparison

The current volatility for Brandes Separately Managed Account Reserve Trust (SMARX) is 1.35%, while PIMCO Corporate & Income Opportunity Fund (PTY) has a volatility of 2.82%. This indicates that SMARX experiences smaller price fluctuations and is considered to be less risky than PTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMARX	PTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	2.82%	-1.47%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	7.52%	-4.68%
Volatility (1Y) Calculated over the trailing 1-year period	3.75%	10.82%	-7.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.16%	17.40%	-12.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.39%	21.20%	-16.81%

SMARX vs. PTY - Expense Ratio Comparison

SMARX has a 0.00% expense ratio, which is lower than PTY's 1.19% expense ratio.

Dividends

SMARX vs. PTY - Dividend Comparison

SMARX's dividend yield for the trailing twelve months is around 4.77%, less than PTY's 12.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PTY PIMCO Corporate & Income Opportunity Fund	12.04%	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	4.77%	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

Can I hold both SMARX and PTY in my portfolio?

SMARX and PTY have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMARX or PTY?

PTY has higher volatility (2.82%) compared to SMARX (1.35%). In terms of maximum drawdown, SMARX dropped -47.07% vs PTY's -60.86%.

Which has better risk-adjusted returns?

SMARX currently has the higher Sharpe Ratio (1.44 vs -0.46), 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.