PWLIX vs. FLSPX

Last updated Jun 5, 2026

PWLIX (PIMCO RAE Worldwide Long/Short PLUS Fund) and FLSPX (Meeder Spectrum Fund) are both Long-Short funds. Over the past 10 years, PWLIX returned 4.59%/yr vs 10.86%/yr for FLSPX. At a 0.23 correlation, their price movements are largely independent. PWLIX charges 1.19%/yr vs 1.52%/yr for FLSPX.

Performance

PWLIX vs. FLSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAE Worldwide Long/Short PLUS Fund (PWLIX) and Meeder Spectrum Fund (FLSPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWLIX achieves a -0.54% return, which is significantly lower than FLSPX's 11.01% return. Over the past 10 years, PWLIX has underperformed FLSPX with an annualized return of 4.59%, while FLSPX has yielded a comparatively higher 10.86% annualized return.

PWLIX

• 1D: -0.14%
• 1M: -2.79%
• YTD: -0.54%
• 6M: -1.48%
• 1Y: -0.06%
• 3Y*: 4.62%
• 5Y*: 4.29%
• 10Y*: 4.59%

FLSPX

• 1D: -0.71%
• 1M: 3.27%
• YTD: 11.01%
• 6M: 11.51%
• 1Y: 28.84%
• 3Y*: 21.25%
• 5Y*: 12.17%
• 10Y*: 10.86%

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

PWLIX vs. FLSPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PWLIX PIMCO RAE Worldwide Long/Short PLUS Fund	-0.54%	4.64%	4.65%	4.04%	4.33%	15.15%	-12.66%	9.60%	0.49%	11.80%
FLSPX Meeder Spectrum Fund	11.01%	16.15%	27.96%	14.00%	-11.49%	20.56%	-0.23%	13.03%	-3.96%	19.30%

Correlation

The correlation between PWLIX and FLSPX is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jan 7, 2015	0.23

The correlation between PWLIX and FLSPX shifts across timeframes, from -0.14 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PWLIX vs. FLSPX — Risk / Return Rank

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

PWLIX

PWLIX Risk / Return Rank: 3
PWLIX Sharpe Ratio Rank: 3
PWLIX Sortino Ratio Rank: 3
PWLIX Omega Ratio Rank: 3
PWLIX Calmar Ratio Rank: 3
PWLIX Martin Ratio Rank: 3

FLSPX

FLSPX Risk / Return Rank: 68
FLSPX Sharpe Ratio Rank: 68
FLSPX Sortino Ratio Rank: 62
FLSPX Omega Ratio Rank: 59
FLSPX Calmar Ratio Rank: 74
FLSPX Martin Ratio Rank: 77

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.

PWLIX vs. FLSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAE Worldwide Long/Short PLUS Fund (PWLIX) and Meeder Spectrum Fund (FLSPX). 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.

	PWLIX	FLSPX	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	2.39	-2.43
Sortino ratio: Return per unit of downside risk	0.01	3.28	-3.28
Omega ratio: Gain probability vs. loss probability	1.00	1.42	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.03	3.30	-3.33
Martin ratio: Return relative to average drawdown	-0.10	14.21	-14.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PWLIX vs. FLSPX - Sharpe Ratio Comparison

The current PWLIX Sharpe Ratio is -0.04, which is lower than the FLSPX Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of PWLIX and FLSPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PWLIX	FLSPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.04	2.39	-2.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.92	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.80	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.72	-0.29

Drawdowns

PWLIX vs. FLSPX - Drawdown Comparison

The maximum PWLIX drawdown since its inception was -26.92%, roughly equal to the maximum FLSPX drawdown of -27.07%. Use the drawdown chart below to compare losses from any high point for PWLIX and FLSPX.

Drawdown Indicators

	PWLIX	FLSPX	Difference
Max Drawdown Largest peak-to-trough decline	-26.92%	-27.07%	+0.15%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-8.73%	-0.70%
Max Drawdown (3Y) Largest decline over 3 years	-11.74%	-16.23%	+4.49%
Max Drawdown (5Y) Largest decline over 5 years	-11.74%	-20.01%	+8.27%
Max Drawdown (10Y) Largest decline over 10 years	-26.92%	-27.07%	+0.15%
Current Drawdown Current decline from peak	-9.18%	-0.71%	-8.47%
Average Drawdown Average peak-to-trough decline	-4.18%	-5.69%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	2.02%	+1.25%

Volatility

PWLIX vs. FLSPX - Volatility Comparison

The current volatility for PIMCO RAE Worldwide Long/Short PLUS Fund (PWLIX) is 2.36%, while Meeder Spectrum Fund (FLSPX) has a volatility of 3.35%. This indicates that PWLIX experiences smaller price fluctuations and is considered to be less risky than FLSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWLIX	FLSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.36%	3.35%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	6.55%	9.07%	-2.52%
Volatility (1Y) Calculated over the trailing 1-year period	8.43%	12.03%	-3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.95%	13.37%	-4.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.00%	13.63%	-4.63%

PWLIX vs. FLSPX - Expense Ratio Comparison

PWLIX has a 1.19% expense ratio, which is lower than FLSPX's 1.52% expense ratio.

Dividends

PWLIX vs. FLSPX - Dividend Comparison

PWLIX's dividend yield for the trailing twelve months is around 6.68%, more than FLSPX's 4.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLSPX Meeder Spectrum Fund	4.08%	4.32%	17.39%	8.41%	2.81%	5.55%	0.09%	0.96%	1.26%	6.78%	2.52%	1.55%
PWLIX PIMCO RAE Worldwide Long/Short PLUS Fund	6.68%	6.65%	4.75%	5.51%	14.75%	11.99%	7.31%	6.79%	0.39%	10.82%	4.16%	3.61%

Frequently Asked Questions

Can I hold both PWLIX and FLSPX in my portfolio?

PWLIX and FLSPX have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PWLIX or FLSPX?

FLSPX has higher volatility (3.35%) compared to PWLIX (2.36%). In terms of maximum drawdown, PWLIX dropped -26.92% vs FLSPX's -27.07%.

Which has better risk-adjusted returns?

FLSPX currently has the higher Sharpe Ratio (2.39 vs -0.04), 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.