SMMU vs. LTPZ
SMMU (PIMCO Short Term Municipal Bond Active ETF) and LTPZ (PIMCO 15+ Year US TIPS Index ETF) are both exchange-traded funds - SMMU is a Municipal Bonds fund actively managed by PIMCO, while LTPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (15+ Y). SMMU is actively managed, while LTPZ is passively managed. Over the past 10 years, SMMU returned 1.82%/yr vs 0.75%/yr for LTPZ. At a 0.27 correlation, their price movements are largely independent. SMMU charges 0.35%/yr vs 0.20%/yr for LTPZ.
Performance
SMMU vs. LTPZ - 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 LTPZ's 0.41% return. Over the past 10 years, SMMU has outperformed LTPZ with an annualized return of 1.82%, while LTPZ has yielded a comparatively lower 0.75% 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%
LTPZ
- 1D
- -0.49%
- 1M
- 1.02%
- YTD
- 0.41%
- 6M
- -1.15%
- 1Y
- 4.72%
- 3Y*
- -0.79%
- 5Y*
- -5.24%
- 10Y*
- 0.75%
SMMU vs. LTPZ - 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% |
LTPZ PIMCO 15+ Year US TIPS Index ETF | 0.41% | 4.00% | -4.80% | 0.96% | -31.71% | 7.02% | 24.89% | 17.47% | -7.22% | 9.07% |
Correlation
The correlation between SMMU and LTPZ is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2010 | 0.27 |
The correlation between SMMU and LTPZ shifts across timeframes, from 0.27 (all time) to 0.50 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SMMU vs. LTPZ — Risk / Return Rank
SMMU
LTPZ
SMMU vs. LTPZ - 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 15+ Year US TIPS Index ETF (LTPZ). 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 | LTPZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.33 | ||
| Sortino ratioReturn per unit of downside risk | +5.04 | ||
| Omega ratioGain probability vs. loss probability | 1.90 | 1.09 | +0.81 |
| Calmar ratioReturn relative to maximum drawdown | 5.10 | 0.68 | +4.43 |
| Martin ratioReturn relative to average drawdown | 18.24 | 1.48 | +16.76 |
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 | LTPZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.84 | 0.51 | +3.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.14 | -0.33 | +1.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.05 | +0.62 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.21 | +0.39 |
Drawdowns
SMMU vs. LTPZ - Drawdown Comparison
The maximum SMMU drawdown since its inception was -5.09%, smaller than the maximum LTPZ drawdown of -40.99%. Use the drawdown chart below to compare losses from any high point for SMMU and LTPZ.
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Drawdown Indicators
| SMMU | LTPZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.09% | -40.99% | +35.90% |
Max Drawdown (1Y)Largest decline over 1 year | -0.77% | -7.00% | +6.23% |
Max Drawdown (3Y)Largest decline over 3 years | -1.95% | -16.27% | +14.32% |
Max Drawdown (5Y)Largest decline over 5 years | -4.76% | -40.99% | +36.23% |
Max Drawdown (10Y)Largest decline over 10 years | -5.09% | -40.99% | +35.90% |
Current DrawdownCurrent decline from peak | -0.03% | -32.74% | +32.71% |
Average DrawdownAverage peak-to-trough decline | -0.55% | -12.41% | +11.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 3.20% | -2.98% |
Volatility
SMMU vs. LTPZ - Volatility Comparison
The current volatility for PIMCO Short Term Municipal Bond Active ETF (SMMU) is 0.31%, while PIMCO 15+ Year US TIPS Index ETF (LTPZ) has a volatility of 2.32%. This indicates that SMMU experiences smaller price fluctuations and is considered to be less risky than LTPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMMU | LTPZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.31% | 2.32% | -2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.79% | 6.41% | -5.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.02% | 9.26% | -8.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.67% | 15.89% | -14.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.73% | 15.07% | -12.34% |
SMMU vs. LTPZ - Expense Ratio Comparison
SMMU has a 0.35% expense ratio, which is higher than LTPZ's 0.20% expense ratio.
Dividends
SMMU vs. LTPZ - Dividend Comparison
SMMU's dividend yield for the trailing twelve months is around 2.84%, less than LTPZ's 5.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LTPZ PIMCO 15+ Year US TIPS Index ETF | 5.23% | 4.64% | 3.71% | 3.71% | 8.38% | 3.56% | 1.42% | 1.74% | 3.05% | 2.25% | 2.32% | 0.71% |
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 LTPZ have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LTPZ has higher volatility (2.32%) compared to SMMU (0.31%). In terms of maximum drawdown, SMMU dropped -5.09% vs LTPZ's -40.99%.
On 10-year performance, SMMU leads with 1.82% vs 0.75% for LTPZ. On fees, LTPZ is cheaper at 0.20% 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, SMMU has performed better with a 1.82% return vs 0.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LTPZ is cheaper with a 0.20% expense ratio, compared with 0.35% for SMMU.
LTPZ has the higher dividend yield at 5.23%, compared with 2.84% for SMMU.
SMMU is categorized as Municipal Bonds, while LTPZ is Inflation-Protected Bonds. Their fees differ too: 0.35% for SMMU and 0.20% for LTPZ.
SMMU currently has the higher Sharpe Ratio (3.84 vs 0.51), 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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