SMMU vs. BOND
SMMU (PIMCO Short Term Municipal Bond Active ETF) and BOND (PIMCO Active Bond ETF) are both exchange-traded funds - SMMU is a Municipal Bonds fund actively managed by PIMCO, while BOND is a Intermediate Core-Plus Bond fund actively managed by PIMCO. Both are actively managed. Over the past 10 years, SMMU returned 1.82%/yr vs 2.16%/yr for BOND. At a 0.33 correlation, their price movements are largely independent. SMMU charges 0.35%/yr vs 0.54%/yr for BOND.
Performance
SMMU vs. BOND - Performance Comparison
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Returns By Period
In the year-to-date period, SMMU achieves a 1.10% return, which is significantly higher than BOND's 0.48% return. Over the past 10 years, SMMU has underperformed BOND with an annualized return of 1.82%, while BOND has yielded a comparatively higher 2.16% annualized return.
SMMU
- 1D
- 0.07%
- 1M
- 0.31%
- YTD
- 1.10%
- 6M
- 1.36%
- 1Y
- 3.92%
- 3Y*
- 3.67%
- 5Y*
- 1.90%
- 10Y*
- 1.82%
BOND
- 1D
- -0.24%
- 1M
- 0.30%
- YTD
- 0.48%
- 6M
- 0.46%
- 1Y
- 6.71%
- 3Y*
- 4.99%
- 5Y*
- 0.51%
- 10Y*
- 2.16%
SMMU vs. BOND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMMU PIMCO Short Term Municipal Bond Active ETF | 1.10% | 4.06% | 2.68% | 4.39% | -2.45% | 0.17% | 2.87% | 3.47% | 1.51% | 2.34% |
BOND PIMCO Active Bond ETF | 0.48% | 8.39% | 2.77% | 6.48% | -14.57% | -0.77% | 7.80% | 8.54% | 0.08% | 4.76% |
Correlation
The correlation between SMMU and BOND is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2012 | 0.33 |
The correlation between SMMU and BOND shifts across timeframes, from 0.33 (all time) to 0.56 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SMMU vs. BOND — Risk / Return Rank
SMMU
BOND
SMMU vs. BOND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Short Term Municipal Bond Active ETF (SMMU) and PIMCO Active Bond ETF (BOND). 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.
| SMMU | BOND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.14 | ||
| Sortino ratioReturn per unit of downside risk | +3.32 | ||
| Omega ratioGain probability vs. loss probability | 1.90 | 1.31 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 5.10 | 2.23 | +2.87 |
| Martin ratioReturn relative to average drawdown | 18.24 | 7.13 | +11.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMMU | BOND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.84 | 1.70 | +2.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.14 | 0.09 | +1.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.43 | +0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.63 | -0.03 |
Drawdowns
SMMU vs. BOND - Drawdown Comparison
The maximum SMMU drawdown since its inception was -5.09%, smaller than the maximum BOND drawdown of -19.71%. Use the drawdown chart below to compare losses from any high point for SMMU and BOND.
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Drawdown Indicators
| SMMU | BOND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.09% | -19.71% | +14.62% |
Max Drawdown (1Y)Largest decline over 1 year | -0.77% | -3.01% | +2.24% |
Max Drawdown (3Y)Largest decline over 3 years | -1.95% | -6.12% | +4.17% |
Max Drawdown (5Y)Largest decline over 5 years | -4.76% | -19.71% | +14.95% |
Max Drawdown (10Y)Largest decline over 10 years | -5.09% | -19.71% | +14.62% |
Current DrawdownCurrent decline from peak | -0.03% | -1.57% | +1.54% |
Average DrawdownAverage peak-to-trough decline | -0.55% | -3.50% | +2.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 0.94% | -0.72% |
Volatility
SMMU vs. BOND - Volatility Comparison
The current volatility for PIMCO Short Term Municipal Bond Active ETF (SMMU) is 0.31%, while PIMCO Active Bond ETF (BOND) has a volatility of 1.40%. This indicates that SMMU experiences smaller price fluctuations and is considered to be less risky than BOND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMMU | BOND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.31% | 1.40% | -1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 0.79% | 2.88% | -2.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.02% | 3.97% | -2.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.67% | 5.76% | -4.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.73% | 5.09% | -2.36% |
SMMU vs. BOND - Expense Ratio Comparison
SMMU has a 0.35% expense ratio, which is lower than BOND's 0.54% expense ratio.
Dividends
SMMU vs. BOND - Dividend Comparison
SMMU's dividend yield for the trailing twelve months is around 2.84%, less than BOND's 5.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BOND PIMCO Active Bond ETF | 5.19% | 5.11% | 5.02% | 4.06% | 3.44% | 2.58% | 2.66% | 3.38% | 3.18% | 2.87% | 2.85% | 4.14% |
SMMU PIMCO Short Term Municipal Bond Active ETF | 2.84% | 2.80% | 3.03% | 2.79% | 1.37% | 0.60% | 1.19% | 1.82% | 1.57% | 1.41% | 1.03% | 0.89% |
Frequently Asked Questions
SMMU and BOND have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOND has higher volatility (1.40%) compared to SMMU (0.31%). In terms of maximum drawdown, SMMU dropped -5.09% vs BOND's -19.71%.
On 10-year performance, BOND leads with 2.16% vs 1.82% for SMMU. On fees, SMMU is cheaper at 0.35% per year. On volatility, SMMU has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BOND has performed better with a 2.16% return vs 1.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMMU is cheaper with a 0.35% expense ratio, compared with 0.54% for BOND.
BOND has the higher dividend yield at 5.19%, compared with 2.84% for SMMU.
SMMU is categorized as Municipal Bonds, while BOND is Intermediate Core-Plus Bond. Their fees differ too: 0.35% for SMMU and 0.54% for BOND.
SMMU currently has the higher Sharpe Ratio (3.84 vs 1.70), 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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