PIMCO Intermediate Municipal Bond Active… (MUNI) Performance
MUNI total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −0.5% since Dec 31, 2025
- 1 year
- −0.1% total return
- 5 years
- +1.2% a year
- 10 years
- +2.0% a year
- Since first price
- +2.6% a year since 2009
MUNI trailing returns vs AGG, TLT, SPY
| Period | MUNI total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.6% | +1.3% | +0.9% | +1.5% | −1.0% |
| 3 months | −0.5% | −1.4% | −0.4% | −1.0% | +3.2% |
| 6 months | −1.6% | −3.2% | −1.5% | −3.8% | +7.8% |
| YTD | −0.5% | −2.9% | −1.0% | −3.4% | +12.3% |
| 1 year | −0.1% | −3.4% | −1.1% | −6.9% | +14.4% |
| 3 years | +14.2%+4.5%/yr | +2.8% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +5.9%+1.2%/yr | −9.3% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +22.3%+2.0%/yr | −6.3% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +42.9%+2.4%/yr | −2.0% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionDec 2, 2009 | +54.5%+2.6%/yr | +1.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: MUNI vs AGG
From Dec 2, 2009: MUNI grew to $15,445, AGG to $14,690.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MUNI returns by calendar year
13 of 16 full years positive. Best 2011 (+8.0%), worst 2022 (−6.6%). 2026 is year to date.
MUNI annual returns table
| Year | MUNI | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −0.5% | −5.5% | −1.0% | −3.4% | +12.3% |
| 2025 | +4.7% | −3.7% | +7.2% | +4.3% | +17.7% |
| 2024 | +1.4% | −2.3% | +1.3% | −8.1% | +24.9% |
| 2023 | +6.6% | −4.4% | +5.7% | +2.8% | +26.2% |
| 2022 | −6.6% | −10.5% | −13.0% | −31.2% | −18.2% |
| 2021 | +0.7% | −1.7% | −1.8% | −4.6% | +28.7% |
| 2020 | +4.8% | −10.8% | +7.5% | +18.2% | +18.3% |
| 2019 | +7.1% | −1.5% | +8.5% | +14.1% | +31.2% |
| 2018 | +1.0% | −1.6% | +0.1% | −1.6% | −4.6% |
| 2017 | +4.9% | −1.1% | +3.6% | +9.2% | +21.7% |
| 2016 | −0.7% | −5.1% | +2.4% | +1.2% | +12.0% |
| 2015 | +2.8% | −2.7% | +0.5% | −1.8% | +1.2% |
| 2014 | +5.7% | −1.3% | +6.0% | +27.3% | +13.5% |
| 2013 | −2.6% | −6.3% | −2.0% | −13.4% | +32.3% |
| 2012 | +4.7% | −2.0% | +3.8% | +2.6% | +16.0% |
| 2011 | +8.0% | −2.3% | +7.7% | +34.0% | +1.9% |
| 2010 | +3.7% | −3.7% | +6.4% | +9.0% | +15.1% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
MUNI largest drawdowns
Now 2.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 19, 2021 | −11.1% | Oct 25, 2022 | Aug 2, 2024 | 1.3 years | 3.0 years |
| Mar 9, 2020 | −10.8% | Mar 23, 2020 | Jul 16, 2020 | 14 days | 4 months |
| May 2, 2013 | −6.3% | Sep 4, 2013 | Aug 11, 2014 | 4 months | 1.3 years |
| Feb 27, 2026 | −5.5% | Sep 29, 2026 | not yet | 7 months | 8 months so far |
| Aug 23, 2016 | −5.1% | Dec 1, 2016 | Aug 14, 2017 | 3 months | 12 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
MUNI risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2009 |
|---|---|---|---|---|
| Annualized return | +3.4% | +0.6% | +1.7% | +2.5% |
| Volatility (annualized) | 4.9% | 5.4% | 4.5% | 4.0% |
| Sharpe ratio | -0.18 | -0.54 | -0.11 | 0.31 |
| Sortino ratio | -0.26 | -0.71 | -0.15 | 0.44 |
| Best month | +4.6% | +4.6% | +4.6% | +4.6% |
| Worst month | −3.2% | −3.2% | −3.3% | −3.3% |
| Best 12 months | +10.1% | +10.1% | +10.1% | +10.1% |
| Worst 12 months | −1.5% | −9.8% | −9.8% | −9.8% |
| Positive months | 61% | 52% | 59% | 60% |
| Beta vs S&P 500 | 0.24 | 0.21 | 0.13 | — |
| Correlation with S&P 500 | 0.60 | 0.62 | 0.44 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
MUNI rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 191 | −9.8% | +3.3% | +10.1% | 82% |
| 3-year (a year) | 167 | −1.9% | +2.5% | +5.5% | 88% |
| 5-year (a year) | 143 | +0.5% | +2.2% | +4.1% | 100% |
| 10-year (a year) | 83 | +1.2% | +2.3% | +3.6% | 100% |
Every holding period starting at a month-end since 2009. Returns for 3 years and longer are annualized.
MUNI performance overview
PIMCO Intermediate Municipal Bond Active… (MUNI) returned −0.1% over the past year and +2.0% a year over ten years, with distributions reinvested. Since its first recorded price in 2009 it has returned +2.6% a year, turning $10,000 into about $15,445. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −11.1%, from Jul 19, 2021 to Oct 25, 2022, and it took 1.8 years to get back to the old high. MUNI finished 13 of its 16 full calendar years with a gain; the best year was 2011 (+8.0%) and the worst 2022 (−6.6%). Volatility has been 4.0% a year.
Related: MUNI chart, MUNI dividends, MUNI bond profile. See the MUNI overview for the latest quote and fund facts.
MUNI performance FAQ
What is the MUNI return over the past year?
MUNI returned −0.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 3.4%.
What is the average annual return of MUNI?
MUNI has returned +1.2% a year over 5 years, +2.0% a year over 10 years, +2.6% a year since December 2, 2009 (total return, distributions reinvested).
How much would $10,000 invested in MUNI be worth?
$10,000 invested in MUNI at its first recorded close on December 2, 2009 would be worth about $15,445 on October 23, 2026 with distributions reinvested.
What was the worst year for MUNI?
The worst calendar year was 2022, with a total return of −6.6%. The best was 2011 at +8.0%.
What is the biggest drawdown of MUNI?
The largest peak-to-trough decline was −11.1% between July 19, 2021 and October 25, 2022. It recovered to the old high on August 2, 2024, 1.8 years after the bottom.
How volatile is MUNI?
Over the past 3 years MUNI had an annualized volatility of 4.9% and a Sharpe ratio of -0.18 (excess return over 1–3 month T-bills per unit of risk).