IYLD vs. SPLS

Last updated Jun 5, 2026

IYLD (iShares Morningstar Multi-Asset Income ETF) and SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) are both Diversified Portfolio funds. IYLD is passively managed, while SPLS is actively managed. A 0.77 correlation means they provide meaningful diversification when combined. IYLD charges 0.60%/yr vs 0.18%/yr for SPLS.

Performance

IYLD vs. SPLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Multi-Asset Income ETF (IYLD) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IYLD

• 1D: 0.18%
• 1M: 0.76%
• YTD: 5.14%
• 6M: 5.31%
• 1Y: 14.05%
• 3Y*: 10.71%
• 5Y*: 3.40%
• 10Y*: 3.98%

SPLS

• 1D: 0.35%
• 1M: 4.63%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IYLD vs. SPLS - Yearly Performance Comparison

	2026 (YTD)
IYLD iShares Morningstar Multi-Asset Income ETF	3.40%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	9.75%

Correlation

The correlation between IYLD and SPLS is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 20, 2026	0.77

Return for Risk

IYLD vs. SPLS — Risk / Return Rank

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

IYLD

IYLD Risk / Return Rank: 74
IYLD Sharpe Ratio Rank: 77
IYLD Sortino Ratio Rank: 83
IYLD Omega Ratio Rank: 80
IYLD Calmar Ratio Rank: 62
IYLD Martin Ratio Rank: 65

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.

IYLD vs. SPLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Multi-Asset Income ETF (IYLD) 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.

	IYLD	SPLS	Difference
Sharpe ratio: Return per unit of total volatility	2.46	—	—
Sortino ratio: Return per unit of downside risk	3.66	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	3.04	—	—
Martin ratio: Return relative to average drawdown	11.82	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	IYLD	SPLS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	1.88	-1.38

Drawdowns

IYLD vs. SPLS - Drawdown Comparison

The maximum IYLD drawdown since its inception was -30.23%, which is greater than SPLS's maximum drawdown of -9.24%. Use the drawdown chart below to compare losses from any high point for IYLD and SPLS.

Drawdown Indicators

	IYLD	SPLS	Difference
Max Drawdown Largest peak-to-trough decline	-30.23%	-9.24%	-20.99%
Max Drawdown (1Y) Largest decline over 1 year	-4.63%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.20%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.57%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.23%	—	—
Current Drawdown Current decline from peak	-0.37%	-0.31%	-0.06%
Average Drawdown Average peak-to-trough decline	-4.53%	-1.84%	-2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	—	—

Volatility

Volatility by Period

	IYLD	SPLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.69%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.73%	14.94%	-9.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.86%	14.94%	-7.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.57%	14.94%	-5.37%

IYLD vs. SPLS - Expense Ratio Comparison

IYLD has a 0.60% expense ratio, which is higher than SPLS's 0.18% expense ratio.

Dividends

IYLD vs. SPLS - Dividend Comparison

IYLD's dividend yield for the trailing twelve months is around 4.60%, more than SPLS's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IYLD iShares Morningstar Multi-Asset Income ETF	4.60%	4.72%	5.32%	5.76%	5.45%	3.47%	4.38%	5.25%	5.78%	4.22%	4.84%	5.26%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IYLD and SPLS in my portfolio?

IYLD and SPLS have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IYLD 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, IYLD or SPLS?

SPLS is cheaper with a 0.18% expense ratio, compared with 0.60% for IYLD.

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

IYLD has the higher dividend yield at 4.60%, compared with 0.22% for SPLS.

What is the main difference between IYLD and SPLS?

They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.60% for IYLD and 0.18% for SPLS.