PQIPX vs. SPY

Last updated Jun 23, 2026

PQIPX (PIMCO Dividend and Income Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - PQIPX is a Global Allocation fund managed by PIMCO, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, PQIPX returned 8.14%/yr vs 15.70%/yr for SPY. A 0.80 correlation means they provide meaningful diversification when combined. PQIPX charges 0.81%/yr vs 0.09%/yr for SPY.

Performance

PQIPX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Dividend and Income Fund (PQIPX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PQIPX achieves a 8.06% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, PQIPX has underperformed SPY with an annualized return of 8.14%, while SPY has yielded a comparatively higher 15.70% annualized return.

PQIPX

• 1D: -0.13%
• 1M: 0.27%
• YTD: 8.06%
• 6M: 6.94%
• 1Y: 18.34%
• 3Y*: 12.76%
• 5Y*: 8.08%
• 10Y*: 8.14%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

PQIPX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQIPX PIMCO Dividend and Income Fund	8.06%	17.26%	7.08%	11.93%	-6.37%	18.45%	-1.54%	15.53%	-8.78%	16.08%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between PQIPX and SPY is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Dec 15, 2011	0.80

The correlation between PQIPX and SPY shifts across timeframes, from 0.65 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PQIPX vs. SPY — Risk / Return Rank

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

PQIPX

PQIPX Risk / Return Rank: 87
PQIPX Sharpe Ratio Rank: 91
PQIPX Sortino Ratio Rank: 87
PQIPX Omega Ratio Rank: 86
PQIPX Calmar Ratio Rank: 83
PQIPX Martin Ratio Rank: 86

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

PQIPX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Dividend and Income Fund (PQIPX) and State Street SPDR S&P 500 ETF (SPY). 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.

	PQIPX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.80	2.16	+0.65
Sortino ratio: Return per unit of downside risk	3.89	2.91	+0.98
Omega ratio: Gain probability vs. loss probability	1.55	1.39	+0.16
Calmar ratio: Return relative to maximum drawdown	3.62	3.01	+0.61
Martin ratio: Return relative to average drawdown	14.97	13.54	+1.44

PQIPX vs. SPY - Sharpe Ratio Comparison

The current PQIPX Sharpe Ratio is 2.80, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of PQIPX and SPY, 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

PQIPX vs. SPY - Drawdown Comparison

The maximum PQIPX drawdown since its inception was -33.13%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PQIPX and SPY.

Drawdown Indicators

	PQIPX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-33.13%	-55.19%	+22.06%
Max Drawdown (1Y) Largest decline over 1 year	-5.06%	-8.88%	+3.82%
Max Drawdown (3Y) Largest decline over 3 years	-7.69%	-18.76%	+11.07%
Max Drawdown (5Y) Largest decline over 5 years	-15.81%	-24.50%	+8.69%
Max Drawdown (10Y) Largest decline over 10 years	-33.13%	-33.72%	+0.59%
Current Drawdown Current decline from peak	-0.91%	-1.75%	+0.84%
Average Drawdown Average peak-to-trough decline	-4.88%	-9.04%	+4.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	1.97%	-0.75%

Volatility

PQIPX vs. SPY - Volatility Comparison

The current volatility for PIMCO Dividend and Income Fund (PQIPX) is 2.01%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that PQIPX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQIPX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.01%	4.64%	-2.63%
Volatility (6M) Calculated over the trailing 6-month period	5.40%	9.75%	-4.35%
Volatility (1Y) Calculated over the trailing 1-year period	6.54%	12.43%	-5.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.56%	17.14%	-8.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.12%	17.99%	-5.87%

PQIPX vs. SPY - Expense Ratio Comparison

PQIPX has a 0.81% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

PQIPX vs. SPY - Dividend Comparison

PQIPX's dividend yield for the trailing twelve months is around 2.82%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PQIPX PIMCO Dividend and Income Fund	2.82%	2.05%	3.02%	4.35%	5.51%	3.96%	2.69%	3.79%	3.73%	2.69%	3.46%	11.08%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both PQIPX and SPY in my portfolio?

PQIPX and SPY have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PQIPX or SPY?

SPY has higher volatility (4.64%) compared to PQIPX (2.01%). In terms of maximum drawdown, PQIPX dropped -33.13% vs SPY's -55.19%.

Which has better risk-adjusted returns?

PQIPX currently has the higher Sharpe Ratio (2.80 vs 2.16), 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.