PCMM vs SPY
BondBloxx 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 | PCMM | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.68% | 0.09% | |
| AUM | $200M | $821.1B | |
| Dividend Yield | 6.47% | 1.01% | |
| Holdings | 82 | 505 | |
| YTD Return | +3.01% | +12.22% | |
| 1Y Return | +4.63% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 2.5% | 15.3% | |
| Max Drawdown | -4.0% | -56.5% | |
| Fund Family | BondBloxx | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Dec 2, 2024 | Jan 22, 1993 |
PCMM vs SPY Performance
BondBloxx Private Credit CLO ETF (PCMM) is a ETF from BondBloxx and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PCMM returned +4.63% while SPY returned +20.83%. Year to date, PCMM is up 3.01% 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 2.5% for PCMM. 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 -4.0% for PCMM 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 0.37. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PCMM charges 0.68% per year while SPY charges 0.09%. On a $10,000 position that is $68 vs $9 annually, a gap of $59 per year that compounds over a long holding period. On income, PCMM currently yields 6.47% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, PCMM or SPY?
PCMM has an expense ratio of 0.68% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $59 per year of difference.
Which performed better, PCMM or SPY?
Over the past year PCMM returned +4.63% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), PCMM annualized +7.14% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, PCMM or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 2.5% for PCMM. Worst drawdown: PCMM -4.0% vs SPY -56.5%.
Should I hold both PCMM and SPY?
PCMM and SPY have a monthly-return correlation of 0.37, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, PCMM or SPY?
PCMM yields 6.47% while SPY yields 1.01%, so PCMM currently pays the higher dividend yield.
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