SPLS vs. MUNI

Last updated Jun 5, 2026

SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) and MUNI (PIMCO Intermediate Municipal Bond Active ETF) are both exchange-traded funds - SPLS is a Diversified Portfolio fund actively managed by PIMCO, while MUNI is a Municipal Bonds fund actively managed by PIMCO. Both are actively managed. At a 0.42 correlation, their price movements are largely independent. SPLS charges 0.18%/yr vs 0.35%/yr for MUNI.

Performance

SPLS vs. MUNI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS) and PIMCO Intermediate Municipal Bond Active ETF (MUNI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPLS

• 1D: 0.35%
• 1M: 4.63%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUNI

• 1D: 0.08%
• 1M: 0.42%
• YTD: 1.32%
• 6M: 1.59%
• 1Y: 6.37%
• 3Y*: 3.94%
• 5Y*: 1.28%
• 10Y*: 2.19%

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

SPLS vs. MUNI - Yearly Performance Comparison

	2026 (YTD)
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	9.75%
MUNI PIMCO Intermediate Municipal Bond Active ETF	0.73%

Correlation

The correlation between SPLS and MUNI is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 20, 2026	0.42

Return for Risk

SPLS vs. MUNI — Risk / Return Rank

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

MUNI

MUNI Risk / Return Rank: 76
MUNI Sharpe Ratio Rank: 87
MUNI Sortino Ratio Rank: 91
MUNI Omega Ratio Rank: 93
MUNI Calmar Ratio Rank: 57
MUNI Martin Ratio Rank: 54

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.

SPLS vs. MUNI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS) and PIMCO Intermediate Municipal Bond Active ETF (MUNI). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPLS	MUNI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.84	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.39	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.88	0.78	+1.10

Drawdowns

SPLS vs. MUNI - Drawdown Comparison

The maximum SPLS drawdown since its inception was -9.24%, smaller than the maximum MUNI drawdown of -11.15%. Use the drawdown chart below to compare losses from any high point for SPLS and MUNI.

Drawdown Indicators

	SPLS	MUNI	Difference
Max Drawdown Largest peak-to-trough decline	-9.24%	-11.15%	+1.91%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.29%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-11.15%	—
Current Drawdown Current decline from peak	-0.31%	-0.71%	+0.40%
Average Drawdown Average peak-to-trough decline	-1.84%	-1.73%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.70%	—

Volatility

Volatility by Period

	SPLS	MUNI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.77%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.60%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.94%	2.27%	+12.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.94%	3.31%	+11.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.94%	3.85%	+11.09%

SPLS vs. MUNI - Expense Ratio Comparison

SPLS has a 0.18% expense ratio, which is lower than MUNI's 0.35% expense ratio.

Dividends

SPLS vs. MUNI - Dividend Comparison

SPLS's dividend yield for the trailing twelve months is around 0.22%, less than MUNI's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUNI PIMCO Intermediate Municipal Bond Active ETF	3.28%	3.26%	3.50%	3.09%	2.13%	1.62%	1.92%	2.44%	2.38%	2.37%	2.37%	2.20%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPLS and MUNI in my portfolio?

SPLS and MUNI have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPLS or MUNI?

On fees, SPLS is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPLS or MUNI?

SPLS is cheaper with a 0.18% expense ratio, compared with 0.35% for MUNI.

Which ETF pays a higher dividend yield, SPLS or MUNI?

MUNI has the higher dividend yield at 3.28%, compared with 0.22% for SPLS.

What is the main difference between SPLS and MUNI?

SPLS is categorized as Diversified Portfolio, while MUNI is Municipal Bonds. Their fees differ too: 0.18% for SPLS and 0.35% for MUNI.