PCLO vs SPY
Virtus Seix AAA Private Credit CLO ETF 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 | PCLO | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.29% | 0.09% | |
| AUM | $20M | $821.1B | |
| Dividend Yield | 5.19% | 1.01% | |
| Holdings | 24 | 505 | |
| YTD Return | +2.45% | +12.22% | |
| 1Y Return | +4.65% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 0.8% | 15.3% | |
| Max Drawdown | -0.8% | -56.5% | |
| Fund Family | Virtus Investment Partners | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Nov 27, 2024 | Jan 22, 1993 |
PCLO vs SPY Performance
Virtus Seix AAA Private Credit CLO ETF (PCLO) is a ETF from Virtus Investment Partners and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PCLO returned +4.65% while SPY returned +20.83%. Year to date, PCLO is up 2.45% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 0.8% for PCLO. 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 -0.8% for PCLO 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 0.63. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PCLO charges 0.29% per year while SPY charges 0.09%. On a $10,000 position that is $29 vs $9 annually, a gap of $20 per year that compounds over a long holding period. On income, PCLO currently yields 5.19% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, PCLO or SPY?
PCLO has an expense ratio of 0.29% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $20 per year of difference.
Which performed better, PCLO or SPY?
Over the past year PCLO returned +4.65% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), PCLO annualized +4.94% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, PCLO or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 0.8% for PCLO. Worst drawdown: PCLO -0.8% vs SPY -56.5%.
Should I hold both PCLO and SPY?
PCLO and SPY have a monthly-return correlation of 0.63, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, PCLO or SPY?
PCLO yields 5.19% while SPY yields 1.01%, so PCLO currently pays the higher dividend yield.
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