MPRO vs. SPLS

Last updated Aug 4, 2026

MPRO (Monarch ProCap ETF) and SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) are both Diversified Portfolio funds. MPRO is passively managed, while SPLS is actively managed. Their 0.59 correlation means they have sometimes moved together and sometimes differently. MPRO charges 1.17%/yr vs 0.18%/yr for SPLS.

Performance

MPRO vs. SPLS - Performance Comparison

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

Returns By Period

MPRO

• 1D: 0.32%
• 1M: -0.86%
• 6M: 4.51%
• YTD: 6.89%
• 1Y: 11.87%
• 3Y*: 9.96%
• 5Y*: 5.64%
• 10Y*: —
• ALL TIME*: 6.55%

SPLS

• 1D: 1.14%
• 1M: 1.79%
• 6M: 9.83%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MPRO Monarch ProCap ETF	$485.34K	$936.98K	$785.78K
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	$85.96K	$179.83K	$282.15K

MPRO vs. SPLS - Yearly Performance Comparison

	2026 (YTD)
MPRO Monarch ProCap ETF	4.27%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	10.30%

Correlation

The correlation between MPRO and SPLS is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 16, 2026	0.59

Return for Risk

MPRO vs. SPLS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MPRO

MPRO Risk / Return Rank: 67
MPRO Sharpe Ratio Rank: 71
MPRO Sortino Ratio Rank: 74
MPRO Omega Ratio Rank: 70
MPRO Calmar Ratio Rank: 55
MPRO Martin Ratio Rank: 64

SPLS

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MPRO vs. SPLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch ProCap ETF (MPRO) 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.

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.

	MPRO	SPLS	Difference
Sharpe ratio: Return per unit of total volatility	1.78	—	—
Sortino ratio: Return per unit of downside risk	2.62	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.10	—	—
Martin ratio: Return relative to average drawdown	8.22	—	—

Drawdowns

MPRO vs. SPLS - Drawdown Comparison

The maximum MPRO drawdown since its inception was -14.51%, which is greater than SPLS's maximum drawdown of -9.24%. Use the drawdown chart below to compare losses from any high point for MPRO and SPLS.

Drawdown Indicators

	MPRO	SPLS	Difference
Max Drawdown Largest peak-to-trough decline	-14.51%	-9.24%	-5.27%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-9.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.51%	—	—
Current Drawdown Current decline from peak	-0.99%	0.00%	-0.99%
Average Drawdown Average peak-to-trough decline	-3.37%	-1.81%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	—	—

Volatility

Volatility by Period

	MPRO	SPLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.14%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.71%	15.03%	-8.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.30%	15.03%	-5.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.16%	15.03%	-5.87%

MPRO vs. SPLS - Expense Ratio Comparison

MPRO has a 1.17% expense ratio, which is higher than SPLS's 0.18% expense ratio.

Dividends

MPRO vs. SPLS - Dividend Comparison

MPRO's dividend yield for the trailing twelve months is around 1.95%, more than SPLS's 0.54% yield.

Position	TTM	2025	2024	2023	2022	2021
MPRO Monarch ProCap ETF	1.95%	1.93%	1.64%	1.40%	1.09%	0.95%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MPRO and SPLS in my portfolio?

MPRO and SPLS have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MPRO 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, MPRO or SPLS?

SPLS is cheaper with a 0.18% expense ratio, compared with 1.17% for MPRO.

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

MPRO has the higher dividend yield at 1.95%, compared with 0.54% for SPLS.

What is the main difference between MPRO and SPLS?

They also come from different issuers: Monarch and PIMCO. Their fees differ too: 1.17% for MPRO and 0.18% for SPLS.