SPDG vs. PYLD

Last updated Jun 24, 2026

SPDG (SPDR Portfolio S&P Sector Neutral Dividend ETF) and PYLD (PIMCO Multisector Bond Active Exchange-Traded Fund) are both exchange-traded funds - SPDG is a Dividend fund tracking the S&P Sector-Neutral High Yield Dividend Aristocrats Index, while PYLD is a Multisector Bonds fund actively managed by PIMCO. SPDG is passively managed, while PYLD is actively managed. Over the past year, SPDG returned 24.68% vs 6.83% for PYLD. At a 0.30 correlation, their price movements are largely independent. SPDG charges 0.05%/yr vs 0.55%/yr for PYLD.

Performance

SPDG vs. PYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG) and PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPDG achieves a 14.47% return, which is significantly higher than PYLD's 1.41% return.

SPDG

• 1D: -0.52%
• 1M: -0.52%
• YTD: 14.47%
• 6M: 13.49%
• 1Y: 24.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PYLD

• 1D: 0.23%
• 1M: 0.93%
• YTD: 1.41%
• 6M: 1.60%
• 1Y: 6.83%
• 3Y*: 8.06%
• 5Y*: —
• 10Y*: —

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

SPDG vs. PYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPDG SPDR Portfolio S&P Sector Neutral Dividend ETF	14.47%	11.66%	20.22%	8.09%
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund	1.41%	9.57%	7.69%	5.73%

Correlation

The correlation between SPDG and PYLD 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 (All Time) Calculated using the full available price history since Sep 12, 2023	0.30

Return for Risk

SPDG vs. PYLD — Risk / Return Rank

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

SPDG

SPDG Risk / Return Rank: 63
SPDG Sharpe Ratio Rank: 64
SPDG Sortino Ratio Rank: 66
SPDG Omega Ratio Rank: 62
SPDG Calmar Ratio Rank: 63
SPDG Martin Ratio Rank: 59

PYLD

PYLD Risk / Return Rank: 65
PYLD Sharpe Ratio Rank: 72
PYLD Sortino Ratio Rank: 77
PYLD Omega Ratio Rank: 78
PYLD Calmar Ratio Rank: 44
PYLD Martin Ratio Rank: 57

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.

SPDG vs. PYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG) and PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD). 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.

	SPDG	PYLD	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.23	-0.23
Sortino ratio: Return per unit of downside risk	2.87	3.26	-0.39
Omega ratio: Gain probability vs. loss probability	1.35	1.44	-0.08
Calmar ratio: Return relative to maximum drawdown	2.97	2.11	+0.86
Martin ratio: Return relative to average drawdown	9.82	9.56	+0.26

SPDG vs. PYLD - Sharpe Ratio Comparison

The current SPDG Sharpe Ratio is 2.00, which is comparable to the PYLD Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of SPDG and PYLD, 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

SPDG vs. PYLD - Drawdown Comparison

The maximum SPDG drawdown since its inception was -15.67%, which is greater than PYLD's maximum drawdown of -4.52%. Use the drawdown chart below to compare losses from any high point for SPDG and PYLD.

Drawdown Indicators

	SPDG	PYLD	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-4.52%	-11.15%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-3.25%	-5.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.52%	—
Current Drawdown Current decline from peak	-2.56%	-0.30%	-2.26%
Average Drawdown Average peak-to-trough decline	-2.19%	-0.64%	-1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	0.72%	+1.80%

Volatility

SPDG vs. PYLD - Volatility Comparison

SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG) has a higher volatility of 4.69% compared to PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) at 1.07%. This indicates that SPDG's price experiences larger fluctuations and is considered to be riskier than PYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDG	PYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	1.07%	+3.62%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	2.62%	+7.03%
Volatility (1Y) Calculated over the trailing 1-year period	12.43%	3.08%	+9.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.21%	3.99%	+10.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.21%	3.99%	+10.22%

SPDG vs. PYLD - Expense Ratio Comparison

SPDG has a 0.05% expense ratio, which is lower than PYLD's 0.55% expense ratio.

Dividends

SPDG vs. PYLD - Dividend Comparison

SPDG's dividend yield for the trailing twelve months is around 2.72%, less than PYLD's 6.27% yield.

Position	TTM	2025	2024	2023
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund	6.27%	6.21%	6.40%	2.72%
SPDG SPDR Portfolio S&P Sector Neutral Dividend ETF	2.72%	2.87%	2.61%	0.90%

Frequently Asked Questions

Can I hold both SPDG and PYLD in my portfolio?

SPDG and PYLD 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, SPDG or PYLD?

SPDG has higher volatility (4.69%) compared to PYLD (1.07%). In terms of maximum drawdown, SPDG dropped -15.67% vs PYLD's -4.52%.

Which ETF is better, SPDG or PYLD?

On 1-year performance, SPDG leads with 24.68% vs 6.83% for PYLD. On fees, SPDG is cheaper at 0.05% per year. On volatility, PYLD has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDG or PYLD?

Over the 1-year period, SPDG has performed better with a 24.68% return vs 6.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDG or PYLD?

SPDG is cheaper with a 0.05% expense ratio, compared with 0.55% for PYLD.

Which ETF pays a higher dividend yield, SPDG or PYLD?

PYLD has the higher dividend yield at 6.27%, compared with 2.72% for SPDG.

What is the main difference between SPDG and PYLD?

SPDG is categorized as Dividend, while PYLD is Multisector Bonds. They also come from different issuers: State Street and PIMCO. Their fees differ too: 0.05% for SPDG and 0.55% for PYLD.

Which has better risk-adjusted returns?

PYLD currently has the higher Sharpe Ratio (2.23 vs 2.00), 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.