PONPX vs. SLYV

Last updated Jun 13, 2026

PONPX (PIMCO Income Fund Class I-2) and SLYV (SPDR S&P 600 Small Cap Value ETF) are both funds - PONPX is a Total Bond Market fund managed by PIMCO, while SLYV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index. Over the past 10 years, PONPX returned 4.60%/yr vs 10.65%/yr for SLYV. At a 0.16 correlation, their price movements are largely independent. PONPX charges 0.72%/yr vs 0.15%/yr for SLYV.

Performance

PONPX vs. SLYV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Income Fund Class I-2 (PONPX) and SPDR S&P 600 Small Cap Value ETF (SLYV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PONPX achieves a 0.86% return, which is significantly lower than SLYV's 19.47% return. Over the past 10 years, PONPX has underperformed SLYV with an annualized return of 4.60%, while SLYV has yielded a comparatively higher 10.65% annualized return.

PONPX

• 1D: 0.56%
• 1M: 0.90%
• YTD: 0.86%
• 6M: 1.73%
• 1Y: 7.78%
• 3Y*: 7.58%
• 5Y*: 3.34%
• 10Y*: 4.60%

SLYV

• 1D: 1.09%
• 1M: 6.39%
• YTD: 19.47%
• 6M: 16.63%
• 1Y: 41.92%
• 3Y*: 14.32%
• 5Y*: 6.28%
• 10Y*: 10.65%

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

PONPX vs. SLYV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PONPX PIMCO Income Fund Class I-2	0.86%	10.96%	5.33%	9.24%	-9.14%	2.51%	5.73%	7.99%	0.53%	8.52%
SLYV SPDR S&P 600 Small Cap Value ETF	19.47%	6.54%	7.28%	14.82%	-11.08%	30.57%	2.68%	24.26%	-12.77%	11.74%

Correlation

The correlation between PONPX and SLYV is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jan 2, 2009	0.16

The correlation between PONPX and SLYV shifts across timeframes, from 0.16 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PONPX vs. SLYV — Risk / Return Rank

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

PONPX

PONPX Risk / Return Rank: 58
PONPX Sharpe Ratio Rank: 65
PONPX Sortino Ratio Rank: 71
PONPX Omega Ratio Rank: 69
PONPX Calmar Ratio Rank: 45
PONPX Martin Ratio Rank: 40

SLYV

SLYV Risk / Return Rank: 79
SLYV Sharpe Ratio Rank: 78
SLYV Sortino Ratio Rank: 79
SLYV Omega Ratio Rank: 72
SLYV Calmar Ratio Rank: 86
SLYV Martin Ratio Rank: 81

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.

PONPX vs. SLYV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Fund Class I-2 (PONPX) and SPDR S&P 600 Small Cap Value ETF (SLYV). 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.

	PONPX	SLYV	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.15	-0.28
Sortino ratio: Return per unit of downside risk	2.79	3.06	-0.27
Omega ratio: Gain probability vs. loss probability	1.36	1.37	0.00
Calmar ratio: Return relative to maximum drawdown	2.10	4.20	-2.10
Martin ratio: Return relative to average drawdown	7.08	13.96	-6.87

PONPX vs. SLYV - Sharpe Ratio Comparison

The current PONPX Sharpe Ratio is 1.86, which is comparable to the SLYV Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of PONPX and SLYV, 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

PONPX vs. SLYV - Drawdown Comparison

The maximum PONPX drawdown since its inception was -13.41%, smaller than the maximum SLYV drawdown of -61.15%. Use the drawdown chart below to compare losses from any high point for PONPX and SLYV.

Drawdown Indicators

	PONPX	SLYV	Difference
Max Drawdown Largest peak-to-trough decline	-13.41%	-61.15%	+47.74%
Max Drawdown (1Y) Largest decline over 1 year	-3.69%	-9.36%	+5.67%
Max Drawdown (3Y) Largest decline over 3 years	-3.86%	-28.68%	+24.82%
Max Drawdown (5Y) Largest decline over 5 years	-13.41%	-28.68%	+15.27%
Max Drawdown (10Y) Largest decline over 10 years	-13.41%	-47.73%	+34.32%
Current Drawdown Current decline from peak	-1.05%	0.00%	-1.05%
Average Drawdown Average peak-to-trough decline	-1.45%	-8.93%	+7.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	2.82%	-1.73%

Volatility

PONPX vs. SLYV - Volatility Comparison

The current volatility for PIMCO Income Fund Class I-2 (PONPX) is 1.67%, while SPDR S&P 600 Small Cap Value ETF (SLYV) has a volatility of 4.81%. This indicates that PONPX experiences smaller price fluctuations and is considered to be less risky than SLYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PONPX	SLYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.67%	4.81%	-3.14%
Volatility (6M) Calculated over the trailing 6-month period	3.36%	11.59%	-8.23%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	18.31%	-14.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.85%	21.97%	-17.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.25%	23.96%	-19.71%

PONPX vs. SLYV - Expense Ratio Comparison

PONPX has a 0.72% expense ratio, which is higher than SLYV's 0.15% expense ratio.

Dividends

PONPX vs. SLYV - Dividend Comparison

PONPX's dividend yield for the trailing twelve months is around 5.73%, more than SLYV's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PONPX PIMCO Income Fund Class I-2	5.73%	5.91%	6.16%	6.11%	4.89%	3.92%	4.78%	5.73%	5.56%	5.27%	5.42%	7.77%
SLYV SPDR S&P 600 Small Cap Value ETF	1.75%	2.02%	2.30%	2.11%	1.47%	1.94%	1.40%	1.67%	2.14%	5.53%	2.18%	6.55%

Frequently Asked Questions

Can I hold both PONPX and SLYV in my portfolio?

PONPX and SLYV have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PONPX or SLYV?

SLYV has higher volatility (4.81%) compared to PONPX (1.67%). In terms of maximum drawdown, PONPX dropped -13.41% vs SLYV's -61.15%.

Which has better risk-adjusted returns?

SLYV currently has the higher Sharpe Ratio (2.15 vs 1.86), 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.