SWCAX vs. GCMFX
Compare and contrast key facts about Schwab California Tax-Free Bond Fund™ (SWCAX) and PIMCO California Municipal Opportunistic Value Fund (GCMFX).
SWCAX is managed by Charles Schwab. It was launched on Feb 23, 1992. GCMFX is managed by Gurtin. It was launched on Nov 2, 2014.
Performance
SWCAX vs. GCMFX - Performance Comparison
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SWCAX vs. GCMFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SWCAX Schwab California Tax-Free Bond Fund™ | -0.74% | 3.95% | 1.51% | 4.73% | -8.10% | 0.36% | 3.93% | 6.02% | 1.16% | 4.37% |
GCMFX PIMCO California Municipal Opportunistic Value Fund | -0.46% | 2.76% | 2.24% | 5.22% | -3.47% | 1.76% | 2.69% | 5.06% | 1.83% | 2.96% |
Returns By Period
In the year-to-date period, SWCAX achieves a -0.74% return, which is significantly lower than GCMFX's -0.46% return. Over the past 10 years, SWCAX has underperformed GCMFX with an annualized return of 1.42%, while GCMFX has yielded a comparatively higher 1.83% annualized return.
SWCAX
- 1D
- 0.09%
- 1M
- -2.66%
- YTD
- -0.74%
- 6M
- 0.80%
- 1Y
- 3.41%
- 3Y*
- 2.45%
- 5Y*
- 0.39%
- 10Y*
- 1.42%
GCMFX
- 1D
- 0.21%
- 1M
- -2.03%
- YTD
- -0.46%
- 6M
- 1.12%
- 1Y
- 2.79%
- 3Y*
- 2.53%
- 5Y*
- 1.46%
- 10Y*
- 1.83%
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SWCAX vs. GCMFX - Expense Ratio Comparison
SWCAX has a 0.48% expense ratio, which is lower than GCMFX's 0.63% expense ratio.
Return for Risk
SWCAX vs. GCMFX — Risk / Return Rank
SWCAX
GCMFX
SWCAX vs. GCMFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab California Tax-Free Bond Fund™ (SWCAX) and PIMCO California Municipal Opportunistic Value Fund (GCMFX). 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.
| SWCAX | GCMFX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.03 | 0.77 | +0.26 |
Sortino ratioReturn per unit of downside risk | 1.39 | 1.07 | +0.33 |
Omega ratioGain probability vs. loss probability | 1.29 | 1.21 | +0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.01 | 0.78 | +0.23 |
Martin ratioReturn relative to average drawdown | 3.34 | 2.02 | +1.32 |
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
| SWCAX | GCMFX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.03 | 0.77 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | 0.46 | -0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | 0.67 | -0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.17 | 0.69 | +0.48 |
Correlation
The correlation between SWCAX and GCMFX is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SWCAX vs. GCMFX - Dividend Comparison
SWCAX's dividend yield for the trailing twelve months is around 2.99%, less than GCMFX's 3.16% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SWCAX Schwab California Tax-Free Bond Fund™ | 2.99% | 3.46% | 2.67% | 2.23% | 1.57% | 1.68% | 2.45% | 2.54% | 2.50% | 2.22% | 3.10% | 2.79% |
GCMFX PIMCO California Municipal Opportunistic Value Fund | 3.16% | 3.39% | 3.34% | 2.59% | 1.91% | 2.34% | 2.65% | 2.56% | 2.40% | 1.51% | 0.17% | 0.00% |
Drawdowns
SWCAX vs. GCMFX - Drawdown Comparison
The maximum SWCAX drawdown since its inception was -13.51%, which is greater than GCMFX's maximum drawdown of -7.08%. Use the drawdown chart below to compare losses from any high point for SWCAX and GCMFX.
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Drawdown Indicators
| SWCAX | GCMFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.51% | -7.08% | -6.43% |
Max Drawdown (1Y)Largest decline over 1 year | -3.99% | -4.19% | +0.20% |
Max Drawdown (5Y)Largest decline over 5 years | -12.30% | -7.08% | -5.22% |
Max Drawdown (10Y)Largest decline over 10 years | -12.30% | -7.08% | -5.22% |
Current DrawdownCurrent decline from peak | -2.66% | -2.03% | -0.63% |
Average DrawdownAverage peak-to-trough decline | -1.88% | -1.04% | -0.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.63% | -0.42% |
Volatility
SWCAX vs. GCMFX - Volatility Comparison
Schwab California Tax-Free Bond Fund™ (SWCAX) and PIMCO California Municipal Opportunistic Value Fund (GCMFX) have volatilities of 0.90% and 0.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SWCAX | GCMFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 0.86% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 1.50% | 1.51% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.03% | 4.28% | -0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.07% | 3.15% | -0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.35% | 2.74% | +0.61% |