SPLS vs. AAAA

Last updated Jun 5, 2026

SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) and AAAA (Amplius Aggressive Asset Allocation ETF) are both Diversified Portfolio funds. Both are actively managed. With a 0.98 correlation, they move nearly in lockstep. SPLS charges 0.18%/yr vs 0.49%/yr for AAAA.

Performance

SPLS vs. AAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS) and Amplius Aggressive Asset Allocation ETF (AAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPLS

• 1D: 0.35%
• 1M: 4.63%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAAA

• 1D: 0.04%
• 1M: 4.12%
• YTD: 12.43%
• 6M: 12.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPLS vs. AAAA - Yearly Performance Comparison

	2026 (YTD)
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	9.75%
AAAA Amplius Aggressive Asset Allocation ETF	10.55%

Correlation

The correlation between SPLS and AAAA is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 20, 2026	0.98

Return for Risk

SPLS vs. AAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS) and Amplius Aggressive Asset Allocation ETF (AAAA). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPLS	AAAA	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.88	2.41	-0.53

Drawdowns

SPLS vs. AAAA - Drawdown Comparison

The maximum SPLS drawdown since its inception was -9.24%, which is greater than AAAA's maximum drawdown of -7.83%. Use the drawdown chart below to compare losses from any high point for SPLS and AAAA.

Drawdown Indicators

	SPLS	AAAA	Difference
Max Drawdown Largest peak-to-trough decline	-9.24%	-7.83%	-1.41%
Current Drawdown Current decline from peak	-0.31%	-0.52%	+0.21%
Average Drawdown Average peak-to-trough decline	-1.84%	-0.99%	-0.85%

Volatility

Volatility by Period

	SPLS	AAAA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	14.94%	11.22%	+3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.94%	11.22%	+3.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.94%	11.22%	+3.72%

SPLS vs. AAAA - Expense Ratio Comparison

SPLS has a 0.18% expense ratio, which is lower than AAAA's 0.49% expense ratio.

Dividends

SPLS vs. AAAA - Dividend Comparison

SPLS's dividend yield for the trailing twelve months is around 0.22%, less than AAAA's 0.79% yield.

Position	TTM	2025
AAAA Amplius Aggressive Asset Allocation ETF	0.79%	0.79%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.22%	0.00%

Frequently Asked Questions

Can I hold both SPLS and AAAA in my portfolio?

With a correlation of 0.98, SPLS and AAAA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SPLS or AAAA?

On fees, SPLS is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPLS or AAAA?

SPLS is cheaper with a 0.18% expense ratio, compared with 0.49% for AAAA.

Which ETF pays a higher dividend yield, SPLS or AAAA?

AAAA has the higher dividend yield at 0.79%, compared with 0.22% for SPLS.

What is the main difference between SPLS and AAAA?

They also come from different issuers: PIMCO and Amplius. Their fees differ too: 0.18% for SPLS and 0.49% for AAAA.