SPSM vs. PONPX

Last updated Jun 14, 2026

SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) and PONPX (PIMCO Income Fund Class I-2) are both funds - SPSM is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while PONPX is a Total Bond Market fund managed by PIMCO. Over the past 10 years, SPSM returned 11.30%/yr vs 4.60%/yr for PONPX. At a 0.29 correlation, their price movements are largely independent. SPSM charges 0.03%/yr vs 0.72%/yr for PONPX.

Performance

SPSM vs. PONPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and PIMCO Income Fund Class I-2 (PONPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPSM achieves a 19.73% return, which is significantly higher than PONPX's 0.86% return. Over the past 10 years, SPSM has outperformed PONPX with an annualized return of 11.30%, while PONPX has yielded a comparatively lower 4.60% annualized return.

SPSM

• 1D: 0.99%
• 1M: 5.61%
• YTD: 19.73%
• 6M: 16.52%
• 1Y: 37.11%
• 3Y*: 14.81%
• 5Y*: 6.32%
• 10Y*: 11.30%

PONPX

• 1D: 0.56%
• 1M: 0.90%
• YTD: 0.86%
• 6M: 1.73%
• 1Y: 7.78%
• 3Y*: 7.58%
• 5Y*: 3.34%
• 10Y*: 4.60%

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

SPSM vs. PONPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	19.73%	6.11%	8.55%	16.11%	-16.12%	26.67%	11.69%	25.85%	-11.17%	15.44%
PONPX PIMCO Income Fund Class I-2	0.86%	10.96%	5.33%	9.24%	-9.14%	2.51%	5.73%	7.99%	0.53%	8.52%

Correlation

The correlation between SPSM and PONPX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jul 9, 2013	0.29

The correlation between SPSM and PONPX shifts across timeframes, from 0.28 (10 years) to 0.38 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPSM vs. PONPX — Risk / Return Rank

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

SPSM

SPSM Risk / Return Rank: 74
SPSM Sharpe Ratio Rank: 69
SPSM Sortino Ratio Rank: 72
SPSM Omega Ratio Rank: 64
SPSM Calmar Ratio Rank: 84
SPSM Martin Ratio Rank: 79

PONPX

PONPX Risk / Return Rank: 58
PONPX Sharpe Ratio Rank: 65
PONPX Sortino Ratio Rank: 71
PONPX Omega Ratio Rank: 69
PONPX Calmar Ratio Rank: 45
PONPX Martin Ratio Rank: 40

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.

SPSM vs. PONPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and PIMCO Income Fund Class I-2 (PONPX). 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.

	SPSM	PONPX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.86	+0.09
Sortino ratio: Return per unit of downside risk	2.80	2.79	+0.01
Omega ratio: Gain probability vs. loss probability	1.33	1.36	-0.03
Calmar ratio: Return relative to maximum drawdown	3.96	2.10	+1.87
Martin ratio: Return relative to average drawdown	13.39	7.08	+6.30

SPSM vs. PONPX - Sharpe Ratio Comparison

The current SPSM Sharpe Ratio is 1.95, which is comparable to the PONPX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of SPSM and PONPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPSM vs. PONPX - Drawdown Comparison

The maximum SPSM drawdown since its inception was -42.89%, which is greater than PONPX's maximum drawdown of -13.41%. Use the drawdown chart below to compare losses from any high point for SPSM and PONPX.

Drawdown Indicators

	SPSM	PONPX	Difference
Max Drawdown Largest peak-to-trough decline	-42.89%	-13.41%	-29.48%
Max Drawdown (1Y) Largest decline over 1 year	-8.72%	-3.69%	-5.03%
Max Drawdown (3Y) Largest decline over 3 years	-27.94%	-3.86%	-24.08%
Max Drawdown (5Y) Largest decline over 5 years	-27.94%	-13.41%	-14.53%
Max Drawdown (10Y) Largest decline over 10 years	-42.89%	-13.41%	-29.48%
Current Drawdown Current decline from peak	0.00%	-1.05%	+1.05%
Average Drawdown Average peak-to-trough decline	-7.91%	-1.45%	-6.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	1.09%	+1.50%

Volatility

SPSM vs. PONPX - Volatility Comparison

State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) has a higher volatility of 5.14% compared to PIMCO Income Fund Class I-2 (PONPX) at 1.67%. This indicates that SPSM's price experiences larger fluctuations and is considered to be riskier than PONPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPSM	PONPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	1.67%	+3.47%
Volatility (6M) Calculated over the trailing 6-month period	11.96%	3.36%	+8.60%
Volatility (1Y) Calculated over the trailing 1-year period	17.69%	4.16%	+13.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.45%	4.85%	+16.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.00%	4.25%	+18.75%

SPSM vs. PONPX - Expense Ratio Comparison

SPSM has a 0.03% expense ratio, which is lower than PONPX's 0.72% expense ratio.

Dividends

SPSM vs. PONPX - Dividend Comparison

SPSM's dividend yield for the trailing twelve months is around 1.37%, less than PONPX's 5.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PONPX PIMCO Income Fund Class I-2	5.73%	5.91%	6.16%	6.11%	4.89%	3.92%	4.78%	5.73%	5.56%	5.27%	5.42%	7.77%
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	1.37%	1.62%	1.85%	1.61%	1.38%	1.40%	1.34%	1.58%	1.82%	1.51%	1.49%	2.37%

Frequently Asked Questions

Can I hold both SPSM and PONPX in my portfolio?

SPSM and PONPX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPSM or PONPX?

SPSM has higher volatility (5.14%) compared to PONPX (1.67%). In terms of maximum drawdown, SPSM dropped -42.89% vs PONPX's -13.41%.

Which has better risk-adjusted returns?

SPSM currently has the higher Sharpe Ratio (1.95 vs 1.86), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.