PMIO vs SPY
PMIO vs SPY
PGIM Municipal Income Opportunities ETF 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 | PMIO | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.25% | 0.09% | |
| AUM | $50M | $789.1B | |
| Dividend Yield | 4.56% | 1.01% | |
| Holdings | 78 | 505 | |
| YTD Return | +1.10% | +13.79% | |
| 1Y Return | +4.98% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 3.5% | 15.3% | |
| Max Drawdown | -3.4% | -56.5% | |
| Fund Family | PGIM Investments | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Jun 14, 2024 | Jan 22, 1993 |
PMIO vs SPY Performance
PGIM Municipal Income Opportunities ETF (PMIO) is a ETF from PGIM Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PMIO returned +4.98% while SPY returned +23.66%. Year to date, PMIO is up 1.10% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 3.5% for PMIO. 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 -3.4% for PMIO 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 0.59. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PMIO charges 0.25% per year while SPY charges 0.09%. On a $10,000 position that is $25 vs $9 annually, a gap of $16 per year that compounds over a long holding period. On income, PMIO currently yields 4.56% against 1.01% for SPY.
Holdings Overlap
PMIO and SPY share 0 holdings out of 523 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, PMIO or SPY?
PMIO has an expense ratio of 0.25% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $16 per year of difference.
Which performed better, PMIO or SPY?
Over the past year PMIO returned +4.98% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), PMIO annualized +4.22% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PMIO or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 3.5% for PMIO. Worst drawdown: PMIO -3.4% vs SPY -56.5%.
Should I hold both PMIO and SPY?
PMIO and SPY have a monthly-return correlation of 0.59, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PMIO and SPY?
PMIO and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 523 unique securities.
Which pays a higher dividend, PMIO or SPY?
PMIO yields 4.56% while SPY yields 1.01%, so PMIO currently pays the higher dividend yield.
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