SLYV vs. PONPX

Last updated Jun 14, 2026

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

Performance

SLYV vs. PONPX - Performance Comparison

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

Returns By Period

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

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%

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%

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

SLYV vs. PONPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Correlation

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

Return for Risk

SLYV vs. PONPX — Risk / Return Rank

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

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

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

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.

SLYV vs. PONPX - Risk-Adjusted Trends Comparison

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

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

SLYV vs. PONPX - Sharpe Ratio Comparison

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

SLYV vs. PONPX - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

SLYV vs. PONPX - Volatility Comparison

SPDR S&P 600 Small Cap Value ETF (SLYV) has a higher volatility of 4.81% compared to PIMCO Income Fund Class I-2 (PONPX) at 1.67%. This indicates that SLYV's price experiences larger fluctuations and is considered to be riskier than PONPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

SLYV vs. PONPX - Expense Ratio Comparison

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

Dividends

SLYV vs. PONPX - Dividend Comparison

SLYV's dividend yield for the trailing twelve months is around 1.75%, less than PONPX's 5.73% 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 SLYV and PONPX in my portfolio?

SLYV and PONPX 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, SLYV or PONPX?

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

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.