AAAA vs. SPLS

Last updated Jun 4, 2026

AAAA (Amplius Aggressive Asset Allocation ETF) and SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) are both Diversified Portfolio funds. Both are actively managed. With a 0.98 correlation, they move nearly in lockstep. AAAA charges 0.49%/yr vs 0.18%/yr for SPLS.

Performance

AAAA vs. SPLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplius Aggressive Asset Allocation ETF (AAAA) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AAAA

• 1D: -0.56%
• 1M: 5.11%
• YTD: 12.38%
• 6M: 12.67%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPLS

• 1D: -0.65%
• 1M: 5.18%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAAA vs. SPLS - Yearly Performance Comparison

	2026 (YTD)
AAAA Amplius Aggressive Asset Allocation ETF	10.50%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	9.37%

Correlation

The correlation between AAAA and SPLS is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 20, 2026	0.98

Return for Risk

AAAA vs. SPLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplius Aggressive Asset Allocation ETF (AAAA) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	AAAA	SPLS	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.41	1.82	+0.59

Drawdowns

AAAA vs. SPLS - Drawdown Comparison

The maximum AAAA drawdown since its inception was -7.83%, smaller than the maximum SPLS drawdown of -9.24%. Use the drawdown chart below to compare losses from any high point for AAAA and SPLS.

Drawdown Indicators

	AAAA	SPLS	Difference
Max Drawdown Largest peak-to-trough decline	-7.83%	-9.24%	+1.41%
Current Drawdown Current decline from peak	-0.56%	-0.65%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.99%	-1.85%	+0.86%

Volatility

Volatility by Period

	AAAA	SPLS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	15.02%	-3.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.25%	15.02%	-3.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.25%	15.02%	-3.77%

AAAA vs. SPLS - Expense Ratio Comparison

AAAA has a 0.49% expense ratio, which is higher than SPLS's 0.18% expense ratio.

Dividends

AAAA vs. SPLS - Dividend Comparison

AAAA's dividend yield for the trailing twelve months is around 0.79%, more than SPLS's 0.22% yield.

Position	TTM	2025
AAAA Amplius Aggressive Asset Allocation ETF	0.79%	0.79%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.22%	0.00%

Frequently Asked Questions

Can I hold both AAAA and SPLS in my portfolio?

With a correlation of 0.98, AAAA and SPLS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, AAAA or SPLS?

On fees, SPLS is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AAAA or SPLS?

SPLS is cheaper with a 0.18% expense ratio, compared with 0.49% for AAAA.

Which ETF pays a higher dividend yield, AAAA or SPLS?

AAAA has the higher dividend yield at 0.79%, compared with 0.22% for SPLS.

What is the main difference between AAAA and SPLS?

They also come from different issuers: Amplius and PIMCO. Their fees differ too: 0.49% for AAAA and 0.18% for SPLS.