SPGM vs. PIPNX

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and PIMCO Income Fund Class I-3 (PIPNX).

SPGM is a passively managed fund by State Street that tracks the performance of the MSCI AC World IMI. It was launched on Feb 27, 2012. PIPNX is managed by PIMCO. It was launched on Apr 30, 2018.

Performance

SPGM vs. PIPNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and PIMCO Income Fund Class I-3 (PIPNX). The values are adjusted to include any dividend payments, if applicable.

SPGM vs. PIPNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPGM SPDR Portfolio MSCI Global Stock Market ETF	-1.30%	23.62%	16.75%	21.34%	-17.53%	21.13%	15.28%	26.58%	-9.73%
PIPNX PIMCO Income Fund Class I-3	-1.38%	10.91%	5.32%	8.08%	-9.14%	2.50%	5.68%	7.92%	1.22%

Returns By Period

In the year-to-date period, SPGM achieves a -1.30% return, which is significantly higher than PIPNX's -1.38% return.

SPGM

• 1D: 3.20%
• 1M: -6.16%
• YTD: -1.30%
• 6M: 2.27%
• 1Y: 23.79%
• 3Y*: 17.35%
• 5Y*: 9.70%
• 10Y*: 11.73%

PIPNX

• 1D: 0.47%
• 1M: -3.24%
• YTD: -1.38%
• 6M: 1.09%
• 1Y: 5.92%
• 3Y*: 6.68%
• 5Y*: 3.04%
• 10Y*: —

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

SPGM vs. PIPNX - Expense Ratio Comparison

SPGM has a 0.09% expense ratio, which is lower than PIPNX's 0.77% expense ratio.

PIPNX

PIMCO Income Fund Class I-3

SPGM

SPDR Portfolio MSCI Global Stock Market ETF

Return for Risk

SPGM vs. PIPNX — Risk / Return Rank

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

SPGM

SPGM Risk / Return Rank: 80
SPGM Sharpe Ratio Rank: 77
SPGM Sortino Ratio Rank: 80
SPGM Omega Ratio Rank: 80
SPGM Calmar Ratio Rank: 78
SPGM Martin Ratio Rank: 85

PIPNX

PIPNX Risk / Return Rank: 80
PIPNX Sharpe Ratio Rank: 82
PIPNX Sortino Ratio Rank: 84
PIPNX Omega Ratio Rank: 76
PIPNX Calmar Ratio Rank: 78
PIPNX 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.

SPGM vs. PIPNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and PIMCO Income Fund Class I-3 (PIPNX). 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.

	SPGM	PIPNX	Difference
Sharpe ratio Return per unit of total volatility	1.37	1.53	-0.16
Sortino ratio Return per unit of downside risk	1.98	2.19	-0.22
Omega ratio Gain probability vs. loss probability	1.30	1.29	+0.01
Calmar ratio Return relative to maximum drawdown	1.99	1.83	+0.16
Martin ratio Return relative to average drawdown	9.40	7.37	+2.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPGM vs. PIPNX - Sharpe Ratio Comparison

The current SPGM Sharpe Ratio is 1.37, which is comparable to the PIPNX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of SPGM and PIPNX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPGM	PIPNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	1.53	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.65	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.83	-0.22

Correlation

The correlation between SPGM and PIPNX is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SPGM vs. PIPNX - Dividend Comparison

SPGM's dividend yield for the trailing twelve months is around 1.91%, less than PIPNX's 5.43% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPGM SPDR Portfolio MSCI Global Stock Market ETF	1.91%	1.89%	1.98%	2.09%	2.37%	1.94%	1.45%	2.46%	1.89%	2.29%	1.87%	3.70%
PIPNX PIMCO Income Fund Class I-3	5.43%	5.86%	6.15%	5.08%	4.89%	3.91%	4.73%	5.66%	3.66%	0.00%	0.00%	0.00%

Drawdowns

SPGM vs. PIPNX - Drawdown Comparison

The maximum SPGM drawdown since its inception was -33.97%, which is greater than PIPNX's maximum drawdown of -13.42%. Use the drawdown chart below to compare losses from any high point for SPGM and PIPNX.

Drawdown Indicators

	SPGM	PIPNX	Difference
Max Drawdown Largest peak-to-trough decline	-33.97%	-13.42%	-20.55%
Max Drawdown (1Y) Largest decline over 1 year	-11.96%	-3.69%	-8.27%
Max Drawdown (5Y) Largest decline over 5 years	-25.93%	-13.42%	-12.51%
Max Drawdown (10Y) Largest decline over 10 years	-33.97%	—	—
Current Drawdown Current decline from peak	-6.60%	-3.24%	-3.36%
Average Drawdown Average peak-to-trough decline	-4.85%	-2.42%	-2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	0.92%	+1.61%

Volatility

SPGM vs. PIPNX - Volatility Comparison

SPDR Portfolio MSCI Global Stock Market ETF (SPGM) has a higher volatility of 6.58% compared to PIMCO Income Fund Class I-3 (PIPNX) at 1.88%. This indicates that SPGM's price experiences larger fluctuations and is considered to be riskier than PIPNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPGM	PIPNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.58%	1.88%	+4.70%
Volatility (6M) Calculated over the trailing 6-month period	10.18%	2.63%	+7.55%
Volatility (1Y) Calculated over the trailing 1-year period	17.47%	4.27%	+13.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	4.74%	+11.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.56%	4.54%	+13.02%