SPLS vs. SPY

Last updated Jun 25, 2026

SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SPLS is a Diversified Portfolio fund actively managed by PIMCO, while SPY is a S&P 500 fund tracking the S&P 500 Index. SPLS is actively managed, while SPY is passively managed. With a 0.99 correlation, they move nearly in lockstep. SPLS charges 0.18%/yr vs 0.09%/yr for SPY.

Performance

SPLS vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPLS

• 1D: -0.24%
• 1M: -1.52%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.05%
• 1M: -1.41%
• YTD: 8.10%
• 6M: 6.77%
• 1Y: 22.18%
• 3Y*: 20.66%
• 5Y*: 12.96%
• 10Y*: 15.53%

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

SPLS vs. SPY - Yearly Performance Comparison

	2026 (YTD)
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	6.49%
SPY State Street SPDR S&P 500 ETF	6.49%

Correlation

The correlation between SPLS and SPY is 0.99 - 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 16, 2026	0.99

Return for Risk

SPLS vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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.

SPY

SPY Risk / Return Rank: 60
SPY Sharpe Ratio Rank: 59
SPY Sortino Ratio Rank: 57
SPY Omega Ratio Rank: 59
SPY Calmar Ratio Rank: 57
SPY Martin Ratio Rank: 67

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.79	—
Sortino ratio: Return per unit of downside risk	—	2.45	—
Omega ratio: Gain probability vs. loss probability	—	1.33	—
Calmar ratio: Return relative to maximum drawdown	—	2.51	—
Martin ratio: Return relative to average drawdown	—	11.15	—

Drawdowns

SPLS vs. SPY - Drawdown Comparison

The maximum SPLS drawdown since its inception was -9.24%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPLS and SPY.

Drawdown Indicators

	SPLS	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-9.24%	-55.19%	+45.95%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-3.29%	-3.22%	-0.07%
Average Drawdown Average peak-to-trough decline	-1.88%	-9.03%	+7.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.99%	—

Volatility

Volatility by Period

	SPLS	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.55%	12.47%	+3.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.55%	17.15%	-1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	17.95%	-2.40%

SPLS vs. SPY - Expense Ratio Comparison

SPLS has a 0.18% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPLS vs. SPY - Dividend Comparison

SPLS's dividend yield for the trailing twelve months is around 0.22%, less than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPLS and SPY in my portfolio?

With a correlation of 0.99, SPLS and SPY 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 SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPLS or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.18% for SPLS.

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

SPY has the higher dividend yield at 1.03%, compared with 0.22% for SPLS.

What is the main difference between SPLS and SPY?

SPLS is categorized as Diversified Portfolio, while SPY is S&P 500. They also come from different issuers: PIMCO and State Street. Their fees differ too: 0.18% for SPLS and 0.09% for SPY.