CORP vs SPY
Pimco Investment Grade Corporate Bond Index Exchange-Traded Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. CORP offers more diversification with 1,470 holdings.
Side-by-Side Comparison
| Metric | CORP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.41% | 0.09% | |
| AUM | $1.6B | $821.1B | |
| Dividend Yield | 4.48% | 1.01% | |
| Holdings | 1,470 | 505 | |
| YTD Return | -0.26% | +12.93% | |
| 1Y Return | +2.42% | +20.62% | |
| 3Y Return (annualized) | +5.90% | +22.00% | |
| 5Y Return (annualized) | +0.31% | +13.33% | |
| Volatility (annualized) | 6.1% | 15.3% | |
| Max Drawdown | -21.5% | -56.5% | |
| Fund Family | PIMCO (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Sep 20, 2010 | Jan 22, 1993 |
CORP vs SPY Performance
Pimco Investment Grade Corporate Bond Index Exchange-Traded Fund (CORP) is a ETF from PIMCO (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CORP returned +2.42% while SPY returned +20.62%. Year to date, CORP is down 0.26% versus a gain of 12.93% for SPY.
Over three years, CORP compounded at +5.90% per year against +22.00% for SPY; over five years the annualized figures are +0.31% and +13.33% respectively. Across the full 16-year window we track, SPY has the edge at +8.82% annualized vs +1.05%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 6.1% for CORP. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -21.5% for CORP and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.50. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CORP charges 0.41% per year while SPY charges 0.09%. On a $10,000 position that is $41 vs $9 annually, a gap of $32 per year that compounds over a long holding period. On income, CORP currently yields 4.48% against 1.01% for SPY.
Holdings Overlap
CORP and SPY share 0 holdings out of 1688 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CORP or SPY?
CORP has an expense ratio of 0.41% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $32 per year of difference.
Which performed better, CORP or SPY?
Over the past year CORP returned +2.42% vs +20.62% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (16 years), CORP annualized +1.05% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, CORP or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 6.1% for CORP. Worst drawdown: CORP -21.5% vs SPY -56.5%.
Should I hold both CORP and SPY?
CORP and SPY have a monthly-return correlation of 0.50, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CORP and SPY?
CORP and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1688 unique securities.
Which pays a higher dividend, CORP or SPY?
CORP yields 4.48% while SPY yields 1.01%, so CORP currently pays the higher dividend yield.
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