FLSPX vs. PWLIX

Last updated Jul 14, 2026

FLSPX (Meeder Spectrum Fund) and PWLIX (PIMCO RAE Worldwide Long/Short PLUS Fund) are both Long-Short funds. Over the past 10 years, FLSPX returned 10.62%/yr vs 4.20%/yr for PWLIX. At a 0.22 correlation, their price movements are largely independent. FLSPX charges 1.52%/yr vs 1.19%/yr for PWLIX.

Performance

FLSPX vs. PWLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Meeder Spectrum Fund (FLSPX) and PIMCO RAE Worldwide Long/Short PLUS Fund (PWLIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLSPX achieves a 10.88% return, which is significantly higher than PWLIX's 1.13% return. Over the past 10 years, FLSPX has outperformed PWLIX with an annualized return of 10.62%, while PWLIX has yielded a comparatively lower 4.20% annualized return.

FLSPX

• 1D: 0.24%
• 1M: 0.78%
• 6M: 8.37%
• YTD: 10.88%
• 1Y: 23.51%
• 3Y*: 20.19%
• 5Y*: 11.73%
• 10Y*: 10.62%

PWLIX

• 1D: 0.27%
• 1M: -1.35%
• 6M: 1.27%
• YTD: 1.13%
• 1Y: 1.90%
• 3Y*: 5.29%
• 5Y*: 4.75%
• 10Y*: 4.20%

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

FLSPX vs. PWLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLSPX Meeder Spectrum Fund	10.88%	16.15%	27.96%	14.00%	-11.49%	20.56%	-0.23%	13.03%	-3.96%	19.30%
PWLIX PIMCO RAE Worldwide Long/Short PLUS Fund	1.13%	4.64%	4.65%	4.04%	4.33%	15.15%	-12.66%	9.60%	0.49%	11.80%

Correlation

The correlation between FLSPX and PWLIX is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.24
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.00
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jan 6, 2015	0.22

The correlation between FLSPX and PWLIX shifts across timeframes, from -0.24 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FLSPX vs. PWLIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FLSPX

FLSPX Risk / Return Rank: 67
FLSPX Sharpe Ratio Rank: 67
FLSPX Sortino Ratio Rank: 62
FLSPX Omega Ratio Rank: 60
FLSPX Calmar Ratio Rank: 72
FLSPX Martin Ratio Rank: 76

PWLIX

PWLIX Risk / Return Rank: 4
PWLIX Sharpe Ratio Rank: 5
PWLIX Sortino Ratio Rank: 4
PWLIX Omega Ratio Rank: 4
PWLIX Calmar Ratio Rank: 4
PWLIX Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FLSPX vs. PWLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Meeder Spectrum Fund (FLSPX) and PIMCO RAE Worldwide Long/Short PLUS Fund (PWLIX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FLSPX	PWLIX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	0.16	+1.64
Sortino ratio: Return per unit of downside risk	2.47	0.30	+2.17
Omega ratio: Gain probability vs. loss probability	1.32	1.04	+0.28
Calmar ratio: Return relative to maximum drawdown	2.63	0.15	+2.48
Martin ratio: Return relative to average drawdown	10.85	0.36	+10.49

FLSPX vs. PWLIX - Sharpe Ratio Comparison

The current FLSPX Sharpe Ratio is 1.80, which is higher than the PWLIX Sharpe Ratio of 0.16. The chart below compares the historical Sharpe Ratios of FLSPX and PWLIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FLSPX vs. PWLIX - Drawdown Comparison

The maximum FLSPX drawdown since its inception was -27.07%, roughly equal to the maximum PWLIX drawdown of -26.92%. Use the drawdown chart below to compare losses from any high point for FLSPX and PWLIX.

Drawdown Indicators

	FLSPX	PWLIX	Difference
Max Drawdown Largest peak-to-trough decline	-27.07%	-26.92%	-0.15%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-10.30%	+1.57%
Max Drawdown (3Y) Largest decline over 3 years	-16.23%	-11.74%	-4.49%
Max Drawdown (5Y) Largest decline over 5 years	-20.01%	-11.74%	-8.27%
Max Drawdown (10Y) Largest decline over 10 years	-27.07%	-26.92%	-0.15%
Current Drawdown Current decline from peak	-0.83%	-7.65%	+6.82%
Average Drawdown Average peak-to-trough decline	-5.65%	-4.22%	-1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	4.18%	-2.07%

Volatility

FLSPX vs. PWLIX - Volatility Comparison

The current volatility for Meeder Spectrum Fund (FLSPX) is 4.17%, while PIMCO RAE Worldwide Long/Short PLUS Fund (PWLIX) has a volatility of 4.73%. This indicates that FLSPX experiences smaller price fluctuations and is considered to be less risky than PWLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLSPX	PWLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	4.73%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	10.02%	7.57%	+2.45%
Volatility (1Y) Calculated over the trailing 1-year period	12.72%	9.50%	+3.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.48%	9.16%	+4.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.59%	9.07%	+4.52%

FLSPX vs. PWLIX - Expense Ratio Comparison

FLSPX has a 1.52% expense ratio, which is higher than PWLIX's 1.19% expense ratio.

Dividends

FLSPX vs. PWLIX - Dividend Comparison

FLSPX's dividend yield for the trailing twelve months is around 4.09%, less than PWLIX's 4.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLSPX Meeder Spectrum Fund	4.09%	4.32%	17.39%	8.41%	2.81%	5.55%	0.09%	0.96%	1.26%	6.78%	2.52%	1.55%
PWLIX PIMCO RAE Worldwide Long/Short PLUS Fund	4.87%	6.65%	4.75%	5.51%	14.75%	11.99%	7.31%	6.79%	0.39%	10.82%	4.16%	3.61%

Frequently Asked Questions

Can I hold both FLSPX and PWLIX in my portfolio?

FLSPX and PWLIX have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLSPX or PWLIX?

PWLIX has higher volatility (4.73%) compared to FLSPX (4.17%). In terms of maximum drawdown, FLSPX dropped -27.07% vs PWLIX's -26.92%.

Which has better risk-adjusted returns?

FLSPX currently has the higher Sharpe Ratio (1.80 vs 0.16), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.