PYLD vs SPY
PYLD vs SPY
PIMCO Multisector Bond Active Exchange-Traded Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. PYLD offers more diversification with 666 holdings.
Side-by-Side Comparison
| Metric | PYLD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.64% | 0.09% | |
| AUM | $15.0B | $789.1B | |
| Dividend Yield | 6.26% | 1.01% | |
| Holdings | 1,576 | 505 | |
| YTD Return | +0.33% | +11.49% | |
| 1Y Return | +4.22% | +21.37% | |
| 3Y Return (annualized) | +7.74% | +20.76% | |
| 5Y Return (annualized) | - | +12.94% | |
| Volatility (annualized) | 4.8% | 15.3% | |
| Max Drawdown | -4.5% | -56.5% | |
| Fund Family | PIMCO (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jun 21, 2023 | Jan 22, 1993 |
PYLD vs SPY Performance
PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) is a ETF from PIMCO (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PYLD returned +4.22% while SPY returned +21.37%. Year to date, PYLD is up 0.33% versus a gain of 11.49% for SPY.
Over three years, PYLD compounded at +7.74% per year against +20.76% for SPY. Across the full 3-year window we track, SPY has the edge at +8.78% annualized vs +7.47%. 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 4.8% for PYLD. 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 -4.5% for PYLD 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 0.68. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PYLD charges 0.64% per year while SPY charges 0.09%. On a $10,000 position that is $64 vs $9 annually, a gap of $55 per year that compounds over a long holding period. On income, PYLD currently yields 6.26% against 1.01% for SPY.
Holdings Overlap
PYLD and SPY share 0 holdings out of 1169 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, PYLD or SPY?
PYLD has an expense ratio of 0.64% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $55 per year of difference.
Which performed better, PYLD or SPY?
Over the past year PYLD returned +4.22% vs +21.37% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), PYLD annualized +7.47% vs +8.78% for SPY. Past performance does not guarantee future results.
Which is riskier, PYLD or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 4.8% for PYLD. Worst drawdown: PYLD -4.5% vs SPY -56.5%.
Should I hold both PYLD and SPY?
PYLD and SPY have a monthly-return correlation of 0.68, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PYLD and SPY?
PYLD and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1169 unique securities.
Which pays a higher dividend, PYLD or SPY?
PYLD yields 6.26% while SPY yields 1.01%, so PYLD currently pays the higher dividend yield.
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