IVV vs PCQ
iShares Core S&P 500 ETF vs PIMCO California Municipal Income Fund
Which is better, IVV or PCQ?
Large Cap Blend against Municipal California.
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IVV | PCQ |
|---|---|---|
| Expense Ratio | 0.03%Best | 1.20% |
| AUM | $876.4B | $566M |
| Dividend Yield | 1.06% | 4.51% |
| Holdings | 508 | 263 |
| YTD Return | +14.14%Best | -3.37% |
| 1Y Return | +17.30%Best | -1.84% |
| 3Y Return (annualized) | +23.04%Best | +3.38% |
| 5Y Return (annualized) | +13.63%Best | -11.47% |
| Volatility (annualized) | 14.9%Best | 15.6% |
| Max Drawdown | -56.5%Best | -60.6% |
| $10,000 over 5 years | $18,944Best | $5,438 |
| Fund Family | iShares by BlackRock (US) | PIMCO (US) |
| Category | Equity | Tax Preferred |
| Style | Large Cap Blend | Municipal California |
| Inception | May 15, 2000 | Jun 29, 2001 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 27, 2001 to Sep 22, 2026 (25.2 years).
IVV vs PCQ growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 25.2 years both funds cover.
IVV vs PCQ Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and PIMCO California Municipal Income Fund (PCQ) is an ETF from PIMCO (US). Over the past year IVV returned +17.30% while PCQ returned -1.84%. Year to date, IVV is up 14.14% versus a loss of 3.37% for PCQ.
Over three years, IVV compounded at +23.04% per year against +3.38% for PCQ; over five years the annualized figures are +13.63% and -11.47% respectively. Across the full 25-year window we track, IVV has the edge at +7.98% annualized vs -1.38%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PCQ has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 14.9% for IVV. 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 -56.5% for IVV and -60.6% for PCQ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.28. They move largely independently of each other.
Fees and Cost Over Time
IVV charges 0.03% per year while PCQ charges 1.20%. On a $10,000 position that is $3 vs $120 annually, a gap of $117 per year that compounds over a long holding period. On income, IVV currently yields 1.06% against 4.51% for PCQ.
Holdings Overlap
We hold position weights for 490 holdings in IVV and 84 in PCQ, totalling 99.3% and 60.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 153 days apart, IVV as of Aug 31, 2026 and PCQ as of Mar 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 490 positions we hold weights for in IVV and 84 in PCQ, against full books of 508 and 263.
You are not choosing between two funds in isolation.
Whichever of IVV and PCQ you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IVV or PCQ?
IVV has an expense ratio of 0.03% while PCQ charges 1.20%. IVV is the cheaper option, by $117 a year on a $10,000 investment.
Which performed better, IVV or PCQ?
Over the past year IVV returned +17.30% vs -1.84% for PCQ, so IVV leads on 1-year performance. Over the longest common window we track (25 years), IVV annualized +7.98% vs -1.38% for PCQ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or PCQ?
PCQ has been the more volatile fund at 15.6% annualized versus 14.9% for IVV. Worst drawdown: IVV -56.5% vs PCQ -60.6%.
Should I hold both IVV and PCQ?
IVV and PCQ have a monthly-return correlation of 0.28, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, IVV or PCQ?
IVV yields 1.06% while PCQ yields 4.51%, so PCQ currently pays the higher dividend yield.
Is PCQ better than IVV?
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.