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PIPNX vs. SPGM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PIPNX vs. SPGM

Last updated Jun 24, 2026

PIPNX (PIMCO Income Fund Class I-3) and SPGM (SPDR Portfolio MSCI Global Stock Market ETF) are both funds - PIPNX is a Multisector Bonds fund managed by PIMCO, while SPGM is a Global Equities fund tracking the MSCI ACWI IMI Index. Over the past 5 years, PIPNX returned 3.14%/yr vs 11.06%/yr for SPGM. At a 0.37 correlation, their price movements are largely independent. PIPNX charges 0.77%/yr vs 0.09%/yr for SPGM.

Performance

PIPNX vs. SPGM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Income Fund Class I-3 (PIPNX) and SPDR Portfolio MSCI Global Stock Market ETF (SPGM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PIPNX achieves a 0.66% return, which is significantly lower than SPGM's 10.79% return.

PIPNX

1D
-0.28%
1M
0.90%
YTD
0.66%
6M
1.24%
1Y
7.12%
3Y*
7.26%
5Y*
3.14%
10Y*
—

SPGM

1D
-1.85%
1M
-0.09%
YTD
10.79%
6M
9.88%
1Y
28.37%
3Y*
20.39%
5Y*
11.06%
10Y*
13.23%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PIPNX vs. SPGM - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
PIPNX
PIMCO Income Fund Class I-3		0.66%10.91%5.32%8.08%-9.14%2.50%5.68%7.92%1.22%
SPGM
SPDR Portfolio MSCI Global Stock Market ETF		10.79%23.62%16.75%21.34%-17.53%21.13%15.28%26.58%-10.19%

Correlation

The correlation between PIPNX and SPGM is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.44

Correlation (3Y)
Calculated over the trailing 3-year period

0.36

Correlation (5Y)
Calculated over the trailing 5-year period

0.41

Correlation (All Time)
Calculated using the full available price history since Apr 30, 2018

0.37

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

PIMCO Income Fund Class I-3

SPDR Portfolio MSCI Global Stock Market ETF

Often compared with PIPNX:
PIPNX vs. PIMIXPIPNX vs. PISIXPIPNX vs. PYLDPIPNX vs. PONAXPIPNX vs. PRFRXPIPNX vs. HYSPIPNX vs. SPY
Often compared with SPGM:
SPGM vs. VTSPGM vs. VOOSPGM vs. VXUSSPGM vs. CWISPGM vs. QWLDSPGM vs. SWRD.ASSPGM vs. SPGP

Return for Risk

PIPNX vs. SPGM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PIPNX
PIPNX Risk / Return Rank: 4040
Overall Rank
PIPNX Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
PIPNX Sortino Ratio Rank: 4747
Sortino Ratio Rank
PIPNX Omega Ratio Rank: 4747
Omega Ratio Rank
PIPNX Calmar Ratio Rank: 3232
Calmar Ratio Rank
PIPNX Martin Ratio Rank: 3232
Martin Ratio Rank
SPGM
SPGM Risk / Return Rank: 6666
Overall Rank
SPGM Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
SPGM Sortino Ratio Rank: 6464
Sortino Ratio Rank
SPGM Omega Ratio Rank: 6666
Omega Ratio Rank
SPGM Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPGM Martin Ratio Rank: 7373
Martin Ratio Rank
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.

PIPNX vs. SPGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Fund Class I-3 (PIPNX) and SPDR Portfolio MSCI Global Stock Market ETF (SPGM). 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.

PIPNXSPGMDifference
Sharpe ratioReturn per unit of total volatility
1.80
2.08

-0.28

Sortino ratioReturn per unit of downside risk
2.68
2.82

-0.14

Omega ratioGain probability vs. loss probability

1.34

1.38

-0.03

Calmar ratioReturn relative to maximum drawdown

2.03

3.00

-0.97

Martin ratioReturn relative to average drawdown

6.78

13.18

-6.40

PIPNX vs. SPGM - Sharpe Ratio Comparison

The current PIPNX Sharpe Ratio is 1.80, which is comparable to the SPGM Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of PIPNX and SPGM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PIPNX vs. SPGM - Drawdown Comparison

The maximum PIPNX drawdown since its inception was -13.42%, smaller than the maximum SPGM drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for PIPNX and SPGM.

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Drawdown Indicators

PIPNXSPGMDifference

Max Drawdown

Largest peak-to-trough decline

-13.42%

-33.97%

+20.55%

Max Drawdown (1Y)

Largest decline over 1 year

-3.69%

-9.50%

+5.81%

Max Drawdown (3Y)

Largest decline over 3 years

-3.95%

-16.90%

+12.95%

Max Drawdown (5Y)

Largest decline over 5 years

-13.42%

-25.93%

+12.51%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.97%

—

Current Drawdown

Current decline from peak

-1.24%

-2.70%

+1.46%

Average Drawdown

Average peak-to-trough decline

-2.39%

-4.79%

+2.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.10%

2.16%

-1.06%

Volatility

PIPNX vs. SPGM - Volatility Comparison

The current volatility for PIMCO Income Fund Class I-3 (PIPNX) is 1.34%, while SPDR Portfolio MSCI Global Stock Market ETF (SPGM) has a volatility of 5.64%. This indicates that PIPNX experiences smaller price fluctuations and is considered to be less risky than SPGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PIPNXSPGMDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.34%

5.64%

-4.30%

Volatility (6M)

Calculated over the trailing 6-month period

3.39%

11.44%

-8.05%

Volatility (1Y)

Calculated over the trailing 1-year period

4.17%

13.74%

-9.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.85%

16.16%

-11.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.56%

17.50%

-12.94%

PIPNX vs. SPGM - Expense Ratio Comparison

PIPNX has a 0.77% expense ratio, which is higher than SPGM's 0.09% expense ratio.

Dividends

PIPNX vs. SPGM - Dividend Comparison

PIPNX's dividend yield for the trailing twelve months is around 5.69%, more than SPGM's 1.83% yield.

PositionTTM20252024202320222021202020192018201720162015
PIPNX
PIMCO Income Fund Class I-3		5.69%5.86%6.15%5.08%4.89%3.91%4.73%5.66%3.66%0.00%0.00%0.00%
SPGM
SPDR Portfolio MSCI Global Stock Market ETF		1.83%1.89%1.98%2.09%2.37%1.94%1.45%2.46%1.89%2.29%1.87%3.70%

Frequently Asked Questions

PIPNX and SPGM have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPGM has higher volatility (5.64%) compared to PIPNX (1.34%). In terms of maximum drawdown, PIPNX dropped -13.42% vs SPGM's -33.97%.

SPGM currently has the higher Sharpe Ratio (2.08 vs 1.80), 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.

Portfolio Optimizer

Find the right allocation for PIPNX and SPGM

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