PIM vs SPY
PIM vs SPY
Putnam Master Intermediate Income Trust vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PIM | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.01% | 0.09% | |
| AUM | $1,493.58 | $789.1B | |
| Dividend Yield | 7.79% | 1.01% | |
| Holdings | 775 | 505 | |
| YTD Return | -1.56% | +9.93% | |
| 1Y Return | +1.56% | +19.50% | |
| 3Y Return (annualized) | +7.58% | +19.33% | |
| 5Y Return (annualized) | +2.18% | +12.82% | |
| Volatility (annualized) | 10.7% | 15.3% | |
| Max Drawdown | -59.0% | -56.5% | |
| Fund Family | Putnam Investments | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Apr 29, 1988 | Jan 22, 1993 |
PIM vs SPY Performance
Putnam Master Intermediate Income Trust (PIM) is a ETF from Putnam Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PIM returned +1.56% while SPY returned +19.50%. Year to date, PIM is down 1.56% versus a gain of 9.93% for SPY.
Over three years, PIM compounded at +7.58% per year against +19.33% for SPY; over five years the annualized figures are +2.18% and +12.82% respectively. Across the full 31-year window we track, SPY has the edge at +8.74% annualized vs -1.48%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 10.7% for PIM. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -59.0% for PIM and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.39. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PIM charges 1.01% per year while SPY charges 0.09%. On a $10,000 position that is $101 vs $9 annually, a gap of $92 per year that compounds over a long holding period. On income, PIM currently yields 7.79% against 1.01% for SPY.
Holdings Overlap
PIM and SPY share 0 holdings out of 506 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PIM or SPY?
PIM has an expense ratio of 1.01% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $92 per year of difference.
Which performed better, PIM or SPY?
Over the past year PIM returned +1.56% vs +19.50% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), PIM annualized -1.48% vs +8.74% for SPY. Past performance does not guarantee future results.
Which is riskier, PIM or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 10.7% for PIM. Worst drawdown: PIM -59.0% vs SPY -56.5%.
Should I hold both PIM and SPY?
PIM and SPY have a monthly-return correlation of 0.39, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PIM and SPY?
PIM and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, PIM or SPY?
PIM yields 7.79% while SPY yields 1.01%, so PIM currently pays the higher dividend yield.
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