SPMFX vs. SPGBX
SPMFX (Symmetry Panoramic Municipal Fixed Income Fund) and SPGBX (Symmetry Panoramic Global Fixed Income Fund) are both mutual funds - SPMFX is a Municipal Bonds fund managed by Symmetry Partners, while SPGBX is a Global Bonds fund managed by Symmetry Partners. Over the past 5 years, SPMFX returned 1.06%/yr vs -0.31%/yr for SPGBX. Their 0.53 correlation means they have sometimes moved together and sometimes differently. SPMFX charges 0.41%/yr vs 0.43%/yr for SPGBX.
Performance
SPMFX vs. SPGBX - Performance Comparison
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Returns By Period
In the year-to-date period, SPMFX achieves a 0.46% return, which is significantly higher than SPGBX's 0.22% return.
SPMFX
- 1D
- -0.10%
- 1M
- -1.29%
- 6M
- -0.21%
- YTD
- 0.46%
- 1Y
- 3.24%
- 3Y*
- 2.52%
- 5Y*
- 1.06%
- 10Y*
- —
- ALL TIME*
- 1.31%
SPGBX
- 1D
- 0.00%
- 1M
- -0.87%
- 6M
- -0.11%
- YTD
- 0.22%
- 1Y
- 2.05%
- 3Y*
- 3.79%
- 5Y*
- -0.31%
- 10Y*
- —
- ALL TIME*
- 1.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
SPMFX vs. SPGBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPMFX Symmetry Panoramic Municipal Fixed Income Fund | 0.46% | 3.23% | 1.81% | 3.41% | -3.04% | -0.31% | 1.47% | 2.31% | 0.88% |
SPGBX Symmetry Panoramic Global Fixed Income Fund | 0.22% | 4.42% | 1.26% | 8.39% | -12.91% | -2.25% | 5.42% | 6.33% | 2.84% |
Correlation
The correlation between SPMFX and SPGBX is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.60 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.60 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2018 | 0.53 |
The correlation between SPMFX and SPGBX shifts across timeframes, from 0.53 (all time) to 0.65 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPMFX vs. SPGBX — Risk / Return Rank
SPMFX
SPGBX
SPMFX vs. SPGBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Symmetry Panoramic Municipal Fixed Income Fund (SPMFX) and Symmetry Panoramic Global Fixed Income Fund (SPGBX). 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.
| SPMFX | SPGBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.17 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 1.05 | +0.63 |
| Martin ratioReturn relative to average drawdown | 5.71 | 2.79 | +2.91 |
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Drawdowns
SPMFX vs. SPGBX - Drawdown Comparison
The maximum SPMFX drawdown since its inception was -5.39%, smaller than the maximum SPGBX drawdown of -17.02%. Use the drawdown chart below to compare losses from any high point for SPMFX and SPGBX.
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Drawdown Indicators
| SPMFX | SPGBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.39% | -17.02% | +11.63% |
Max Drawdown (1Y)Largest decline over 1 year | -2.26% | -2.38% | +0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -2.86% | -3.96% | +1.10% |
Max Drawdown (5Y)Largest decline over 5 years | -5.39% | -16.67% | +11.28% |
Current DrawdownCurrent decline from peak | -1.29% | -2.22% | +0.93% |
Average DrawdownAverage peak-to-trough decline | -1.00% | -5.26% | +4.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.89% | -0.23% |
Volatility
SPMFX vs. SPGBX - Volatility Comparison
Symmetry Panoramic Municipal Fixed Income Fund (SPMFX) has a higher volatility of 0.76% compared to Symmetry Panoramic Global Fixed Income Fund (SPGBX) at 0.68%. This indicates that SPMFX's price experiences larger fluctuations and is considered to be riskier than SPGBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMFX | SPGBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.68% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 1.95% | 2.24% | -0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.31% | 2.72% | -0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.99% | 4.77% | -2.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.93% | 4.28% | -2.35% |
SPMFX vs. SPGBX - Expense Ratio Comparison
SPMFX has a 0.41% expense ratio, which is lower than SPGBX's 0.43% expense ratio.
Dividends
SPMFX vs. SPGBX - Dividend Comparison
SPMFX's dividend yield for the trailing twelve months is around 2.50%, less than SPGBX's 3.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPGBX Symmetry Panoramic Global Fixed Income Fund | 3.72% | 4.18% | 4.86% | 3.30% | 1.59% | 2.05% | 1.35% | 2.75% | 1.20% |
SPMFX Symmetry Panoramic Municipal Fixed Income Fund | 2.50% | 2.05% | 2.50% | 1.52% | 0.59% | 0.27% | 0.68% | 1.00% | 0.08% |
Frequently Asked Questions
SPMFX and SPGBX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMFX has higher volatility (0.76%) compared to SPGBX (0.68%). In terms of maximum drawdown, SPMFX dropped -5.39% vs SPGBX's -17.02%.
SPMFX currently has the higher Sharpe Ratio (1.65 vs 0.92), 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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