SPLS vs. RULE

Last updated Jun 3, 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 correlation of 0.81 suggests significant overlap in exposure. 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: 0.10%
• 1M: 5.32%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

RULE

• 1D: 2.91%
• 1M: 20.61%
• YTD: 44.43%
• 6M: 45.11%
• 1Y: 51.95%
• 3Y*: 20.12%
• 5Y*: —
• 10Y*: —

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

SPLS vs. RULE - Yearly Performance Comparison

	2026 (YTD)
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	10.09%
RULE Adaptive Core ETF	33.88%

Correlation

The correlation between SPLS and RULE is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 20, 2026	0.81

Return for Risk

SPLS vs. RULE — Risk / Return Rank

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

RULE

RULE Risk / Return Rank: 78
RULE Sharpe Ratio Rank: 78
RULE Sortino Ratio Rank: 76
RULE Omega Ratio Rank: 75
RULE Calmar Ratio Rank: 79
RULE Martin Ratio Rank: 82

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.

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.

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

Sharpe Ratios by Period

	SPLS	RULE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.99	0.46	+1.53

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	—	-12.65%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.21%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.87%	-14.99%	+13.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.09%	—

Volatility

Volatility by Period

	SPLS	RULE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.65%	—
Volatility (6M) Calculated over the trailing 6-month period	—	17.55%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.05%	20.25%	-5.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.05%	14.83%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.05%	14.83%	+0.22%

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 0.21%, 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	0.21%	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 0.81, 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 0.21%, compared with 0.00% for RULE.

What is the main difference between SPLS and RULE?

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