PIMCO Short Term Municipal Bond Active… (SMMU) Performance
SMMU total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +1.6% since Dec 31, 2025
- 1 year
- +2.1% total return
- 5 years
- +2.2% a year
- 10 years
- +1.9% a year
- Since first price
- +1.6% a year since 2010
SMMU trailing returns vs AGG, TLT, SPY
| Period | SMMU total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.4% | +1.1% | +0.9% | +1.5% | −1.0% |
| 3 months | +0.7% | −0.0% | −0.4% | −1.0% | +3.2% |
| 6 months | +0.7% | −0.8% | −1.5% | −3.8% | +7.8% |
| YTD | +1.6% | −0.5% | −1.0% | −3.4% | +12.3% |
| 1 year | +2.1% | −0.8% | −1.1% | −6.9% | +14.4% |
| 3 years | +12.6%+4.0%/yr | +2.7% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +11.3%+2.2%/yr | −2.1% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +20.9%+1.9%/yr | −0.7% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +26.1%+1.6%/yr | −0.6% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionFeb 3, 2010 | +29.6%+1.6%/yr | +0.2% | — | — | — |
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: SMMU vs AGG
From Feb 3, 2010: SMMU grew to $12,962, AGG to $14,729.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SMMU returns by calendar year
13 of 15 full years positive. Best 2023 (+4.9%), worst 2022 (−2.4%). 2026 is year to date.
SMMU annual returns table
| Year | SMMU | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +1.6% | −1.9% | −1.0% | −3.4% | +12.3% |
| 2025 | +4.1% | −2.0% | +7.2% | +4.3% | +17.7% |
| 2024 | +2.7% | −1.0% | +1.3% | −8.1% | +24.9% |
| 2023 | +4.9% | −1.1% | +5.7% | +2.8% | +26.2% |
| 2022 | −2.4% | −4.4% | −13.0% | −31.2% | −18.2% |
| 2021 | +0.2% | −0.6% | −1.8% | −4.6% | +28.7% |
| 2020 | +2.9% | −5.1% | +7.5% | +18.2% | +18.3% |
| 2019 | +3.5% | −0.8% | +8.5% | +14.1% | +31.2% |
| 2018 | +1.7% | −0.9% | +0.1% | −1.6% | −4.6% |
| 2017 | +2.3% | −1.2% | +3.6% | +9.2% | +21.7% |
| 2016 | −0.7% | −3.5% | +2.4% | +1.2% | +12.0% |
| 2015 | +1.1% | −0.6% | +0.5% | −1.8% | +1.2% |
| 2014 | +0.6% | −0.7% | +6.0% | +27.3% | +13.5% |
| 2013 | +0.2% | −1.9% | −2.0% | −13.4% | +32.3% |
| 2012 | +1.0% | −0.6% | +3.8% | +2.6% | +16.0% |
| 2011 | +2.2% | −0.7% | +7.7% | +34.0% | +1.9% |
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.
SMMU largest drawdowns
At an all-time high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 9, 2020 | −5.1% | Mar 20, 2020 | Jun 4, 2020 | 11 days | 3 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
SMMU risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2010 |
|---|---|---|---|---|
| Annualized return | +3.4% | +1.8% | +1.8% | +1.5% |
| Volatility (annualized) | 2.1% | 2.4% | 2.1% | 1.7% |
| Sharpe ratio | -0.47 | -0.79 | -0.24 | 0.07 |
| Sortino ratio | -0.61 | -0.95 | -0.32 | 0.09 |
| Best month | +2.2% | +2.2% | +2.2% | +2.2% |
| Worst month | −1.5% | −1.5% | −1.9% | −1.9% |
| Best 12 months | +6.9% | +6.9% | +6.9% | +6.9% |
| Worst 12 months | +0.5% | −4.2% | −4.2% | −4.2% |
| Positive months | 72% | 63% | 66% | 64% |
| Beta vs S&P 500 | 0.09 | 0.09 | 0.05 | — |
| Correlation with S&P 500 | 0.54 | 0.60 | 0.37 | — |
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.
SMMU rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 189 | −4.2% | +1.4% | +6.9% | 89% |
| 3-year (a year) | 165 | −0.4% | +1.0% | +4.4% | 97% |
| 5-year (a year) | 141 | +0.4% | +1.3% | +2.1% | 100% |
| 10-year (a year) | 81 | +0.7% | +1.3% | +1.9% | 100% |
Every holding period starting at a month-end since 2010. Returns for 3 years and longer are annualized.
SMMU performance overview
PIMCO Short Term Municipal Bond Active… (SMMU) returned +2.1% over the past year and +1.9% a year over ten years, with distributions reinvested. Since its first recorded price in 2010 it has returned +1.6% a year, turning $10,000 into about $12,962. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −5.1%, from Mar 9, 2020 to Mar 20, 2020, and it took 2 months to get back to the old high. SMMU finished 13 of its 15 full calendar years with a gain; the best year was 2023 (+4.9%) and the worst 2022 (−2.4%). Volatility has been 1.7% a year.
Related: SMMU chart, SMMU dividends, SMMU bond profile. See the SMMU overview for the latest quote and fund facts.
SMMU performance FAQ
What is the SMMU return over the past year?
SMMU returned +2.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 0.8%.
What is the average annual return of SMMU?
SMMU has returned +2.2% a year over 5 years, +1.9% a year over 10 years, +1.6% a year since February 3, 2010 (total return, distributions reinvested).
How much would $10,000 invested in SMMU be worth?
$10,000 invested in SMMU at its first recorded close on February 3, 2010 would be worth about $12,962 on October 23, 2026 with distributions reinvested.
What was the worst year for SMMU?
The worst calendar year was 2022, with a total return of −2.4%. The best was 2023 at +4.9%.
What is the biggest drawdown of SMMU?
The largest peak-to-trough decline was −5.1% between March 9, 2020 and March 20, 2020. It recovered to the old high on June 4, 2020, 2 months after the bottom.
How volatile is SMMU?
Over the past 3 years SMMU had an annualized volatility of 2.1% and a Sharpe ratio of -0.47 (excess return over 1–3 month T-bills per unit of risk).