SPLS vs. RULE

Last updated Aug 1, 2026

SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) and RULE (Adaptive Core ETF) are both Diversified Portfolio funds. Both are actively managed. Their 0.75 correlation means they have sometimes moved together and sometimes differently. SPLS charges 0.18%/yr vs 1.10%/yr for RULE.

Performance

SPLS vs. RULE - 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 Adaptive Core ETF (RULE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPLS

• 1D: 0.90%
• 1M: 0.64%
• 6M: 9.21%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

RULE

• 1D: 0.68%
• 1M: -6.27%
• 6M: 16.83%
• YTD: 28.07%
• 1Y: 31.15%
• 3Y*: 14.33%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.81%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RULE Adaptive Core ETF	$50.92K	$51.15K	$52.38K
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	$87.41K	$186.29K	$302.92K

SPLS vs. RULE - Yearly Performance Comparison

	2026 (YTD)
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	9.06%
RULE Adaptive Core ETF	19.19%

Correlation

The correlation between SPLS and RULE is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 16, 2026	0.75

Return for Risk

SPLS vs. RULE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPLS

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

RULE

RULE Risk / Return Rank: 45
RULE Sharpe Ratio Rank: 44
RULE Sortino Ratio Rank: 43
RULE Omega Ratio Rank: 44
RULE Calmar Ratio Rank: 43
RULE Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPLS vs. RULE - 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 Adaptive Core ETF (RULE). 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.

	SPLS	RULE	Difference
Sharpe ratio: Return per unit of total volatility	—	1.09	—
Sortino ratio: Return per unit of downside risk	—	1.57	—
Omega ratio: Gain probability vs. loss probability	—	1.21	—
Calmar ratio: Return relative to maximum drawdown	—	1.52	—
Martin ratio: Return relative to average drawdown	—	6.20	—

Drawdowns

SPLS vs. RULE - Drawdown Comparison

The maximum SPLS drawdown since its inception was -9.24%, smaller than the maximum RULE drawdown of -30.48%. Use the drawdown chart below to compare losses from any high point for SPLS and RULE.

Drawdown Indicators

	SPLS	RULE	Difference
Max Drawdown Largest peak-to-trough decline	-9.24%	-30.48%	+21.24%
Max Drawdown (1Y) Largest decline over 1 year	—	-19.49%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.21%	—
Current Drawdown Current decline from peak	-0.95%	-14.67%	+13.72%
Average Drawdown Average peak-to-trough decline	-1.83%	-14.72%	+12.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.76%	—

Volatility

Volatility by Period

	SPLS	RULE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.03%	—
Volatility (6M) Calculated over the trailing 6-month period	—	24.87%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.02%	27.28%	-12.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.02%	16.87%	-1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.02%	16.87%	-1.85%

SPLS vs. RULE - Expense Ratio Comparison

SPLS has a 0.18% expense ratio, which is lower than RULE's 1.10% expense ratio.

Dividends

SPLS vs. RULE - Dividend Comparison

SPLS's dividend yield for the trailing twelve months is around 0.55%, while RULE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
RULE Adaptive Core ETF	0.00%	0.00%	0.00%	2.01%	0.01%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.55%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPLS and RULE in my portfolio?

SPLS and RULE have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPLS or RULE?

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 RULE?

SPLS is cheaper with a 0.18% expense ratio, compared with 1.10% for RULE.

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

SPLS has the higher dividend yield at 0.55%, compared with 0.00% for RULE.

What is the main difference between SPLS and RULE?

They also come from different issuers: PIMCO and Mohr. Their fees differ too: 0.18% for SPLS and 1.10% for RULE.