IVV vs PNI
iShares Core S&P 500 ETF vs PIMCO New York Municipal Income Fund II
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | IVV | PNI | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 1.31% | |
| AUM | $907.0B | $190M | |
| Dividend Yield | 1.10% | 4.63% | |
| Holdings | 508 | 148 | |
| YTD Return | +12.71% | +2.22% | |
| 1Y Return | +21.89% | +9.52% | |
| 3Y Return (annualized) | +22.08% | +3.03% | |
| 5Y Return (annualized) | +12.96% | -6.05% | |
| Volatility (annualized) | 15.1% | 17.8% | |
| Max Drawdown | -56.5% | -64.2% | |
| Fund Family | iShares by BlackRock (US) | PIMCO (US) | |
| Category | Equity | Tax Preferred | |
| Inception | May 15, 2000 | Jun 28, 2002 |
IVV vs PNI Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and PIMCO New York Municipal Income Fund II (PNI) is a ETF from PIMCO (US). Over the past year IVV returned +21.89% while PNI returned +9.52%. Year to date, IVV is up 12.71% versus a gain of 2.22% for PNI.
Over three years, IVV compounded at +22.08% per year against +3.03% for PNI; over five years the annualized figures are +12.96% and -6.05% respectively. Across the full 24-year window we track, IVV has the edge at +7.00% annualized vs -2.12%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PNI has been the more volatile fund, with annualized monthly volatility of 17.8% compared with 15.1% 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 -64.2% for PNI. 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 0.26. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while PNI charges 1.31%. On a $10,000 position that is $3 vs $131 annually, a gap of $128 per year that compounds over a long holding period. On income, IVV currently yields 1.10% against 4.63% for PNI.
Holdings Overlap
IVV and PNI share 0 holdings out of 562 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, IVV or PNI?
IVV has an expense ratio of 0.03% while PNI charges 1.31%. IVV is the cheaper option. On a $10,000 investment, that is $128 per year of difference.
Which performed better, IVV or PNI?
Over the past year IVV returned +21.89% vs +9.52% for PNI, so IVV leads on 1-year performance. Over the longest common window we track (24 years), IVV annualized +7.00% vs -2.12% for PNI. Past performance does not guarantee future results.
Which is riskier, IVV or PNI?
PNI has been the more volatile fund at 17.8% annualized versus 15.1% for IVV. Worst drawdown: IVV -56.5% vs PNI -64.2%.
Should I hold both IVV and PNI?
IVV and PNI have a monthly-return correlation of 0.26, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and PNI?
IVV and PNI share 0 common holdings with a 0.0% weight overlap. Combined, they hold 562 unique securities.
Which pays a higher dividend, IVV or PNI?
IVV yields 1.10% while PNI yields 4.63%, so PNI currently pays the higher dividend yield.
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