PAXS vs SPY
PIMCO Access Income Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | PAXS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.09% | 0.09% | |
| AUM | $694M | $821.1B | |
| Dividend Yield | 12.25% | 1.01% | |
| Holdings | 443 | 505 | |
| YTD Return | -0.80% | +12.22% | |
| 1Y Return | +1.57% | +20.83% | |
| 3Y Return (annualized) | +11.59% | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 16.1% | 15.3% | |
| Max Drawdown | -22.3% | -56.5% | |
| Fund Family | PIMCO (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jan 31, 2022 | Jan 22, 1993 |
PAXS vs SPY Performance
PIMCO Access Income Fund (PAXS) 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 PAXS returned +1.57% while SPY returned +20.83%. Year to date, PAXS is down 0.80% versus a gain of 12.22% for SPY.
Over three years, PAXS compounded at +11.59% per year against +21.70% for SPY. Across the full 5-year window we track, SPY has the edge at +8.79% annualized vs +3.95%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PAXS has been the more volatile fund, with annualized monthly volatility of 16.1% compared with 15.3% for SPY. 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 -22.3% for PAXS 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 0.61. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PAXS charges 2.09% per year while SPY charges 0.09%. On a $10,000 position that is $209 vs $9 annually, a gap of $200 per year that compounds over a long holding period. On income, PAXS currently yields 12.25% against 1.01% for SPY.
Holdings Overlap
PAXS and SPY share 0 holdings out of 513 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, PAXS or SPY?
PAXS has an expense ratio of 2.09% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $200 per year of difference.
Which performed better, PAXS or SPY?
Over the past year PAXS returned +1.57% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (5 years), PAXS annualized +3.95% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, PAXS or SPY?
PAXS has been the more volatile fund at 16.1% annualized versus 15.3% for SPY. Worst drawdown: PAXS -22.3% vs SPY -56.5%.
Should I hold both PAXS and SPY?
PAXS and SPY have a monthly-return correlation of 0.61, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PAXS and SPY?
PAXS and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 513 unique securities.
Which pays a higher dividend, PAXS or SPY?
PAXS yields 12.25% while SPY yields 1.01%, so PAXS currently pays the higher dividend yield.
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