PCM vs SPY
PCM Fund Inc. vs State Street SPDR S&P 500 ETF Trust
Which is better, PCM or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY 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 | PCM | SPY |
|---|---|---|
| Expense Ratio | 1.63% | 0.09%Best |
| AUM | $69M | $804.7B |
| Dividend Yield | 13.99% | 0.98% |
| Holdings | 318 | 505 |
| YTD Return | -9.14% | +12.47%Best |
| 1Y Return | -11.50% | +17.51%Best |
| 3Y Return (annualized) | -8.40% | +21.18%Best |
| 5Y Return (annualized) | -4.79% | +12.88%Best |
| Volatility (annualized) | 16.2% | 15.3%Best |
| Max Drawdown | -73.2% | -56.5%Best |
| $10,000 over 5 years | $7,824 | $18,327Best |
| Fund Family | PIMCO (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Blend |
| Inception | Sep 2, 1993 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Sep 11, 2026 (30.7 years).
PCM vs SPY 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
PCM vs SPY Performance
PCM Fund Inc. (PCM) is an ETF from PIMCO (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year PCM returned -11.50% while SPY returned +17.51%. Year to date, PCM is down 9.14% versus a gain of 12.47% for SPY.
Over three years, PCM compounded at -8.40% per year against +21.18% for SPY; over five years the annualized figures are -4.79% and +12.88% respectively. Across the full 31-year window we track, SPY has the edge at +8.78% annualized vs -0.97%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PCM has been the more volatile fund, with annualized monthly volatility of 16.2% 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 -73.2% for PCM and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.39. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PCM charges 1.63% per year while SPY charges 0.09%. On a $10,000 position that is $163 vs $9 annually, a gap of $154 per year that compounds over a long holding period. On income, PCM currently yields 13.99% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 16 holdings in PCM and 504 in SPY, totalling 7.7% and 100.0% of the two funds. That is not enough of PCM to divide by, so no overlap percentage is shown here. Within what we can see, 1 positions appear in both.
The two holdings books were reported 308 days apart, PCM as of Sep 30, 2025 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
1 positions in common, counted across the 16 positions we hold weights for in PCM and 504 in SPY, against full books of 318 and 505.
Top Shared Holdings
| Stock | Weight in PCM | Weight in SPY | Difference |
|---|---|---|---|
| VICIVici Properties Inc | 0.60% | 0.04% | 0.56% |
You are not choosing between two funds in isolation.
Whichever of PCM and SPY 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, PCM or SPY?
PCM has an expense ratio of 1.63% while SPY charges 0.09%. SPY is the cheaper option, by $154 a year on a $10,000 investment.
Which performed better, PCM or SPY?
Over the past year PCM returned -11.50% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), PCM annualized -0.97% vs +8.78% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PCM or SPY?
PCM has been the more volatile fund at 16.2% annualized versus 15.3% for SPY. Worst drawdown: PCM -73.2% vs SPY -56.5%.
Should I hold both PCM and SPY?
PCM and SPY have a monthly-return correlation of 0.39, 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, PCM or SPY?
PCM yields 13.99% while SPY yields 0.98%, so PCM currently pays the higher dividend yield.
Is SPY better than PCM?
SPY has a lower expense ratio. SPY 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.