PCQ vs SPY
PIMCO California Municipal Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, PCQ or SPY?
Municipal California against Large Cap Blend.
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 | PCQ | SPY |
|---|---|---|
| Expense Ratio | 1.20% | 0.09%Best |
| AUM | $566M | $804.7B |
| Dividend Yield | 4.51% | 0.98% |
| Holdings | 263 | 505 |
| YTD Return | -4.44% | +12.99%Best |
| 1Y Return | -3.04% | +16.73%Best |
| 3Y Return (annualized) | +3.00% | +22.52%Best |
| 5Y Return (annualized) | -11.66% | +13.07%Best |
| Volatility (annualized) | 15.6% | 14.9%Best |
| Max Drawdown | -60.6% | -56.5%Best |
| $10,000 over 5 years | $5,380 | $18,481Best |
| Fund Family | PIMCO (US) | State Street Investment Management |
| Category | Tax Preferred | Equity |
| Style | Municipal California | Large Cap Blend |
| Inception | Jun 29, 2001 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 27, 2001 to Sep 23, 2026 (25.2 years).
PCQ 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 covers the 25.2 years both funds cover.
PCQ vs SPY Performance
PIMCO California Municipal Income Fund (PCQ) 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 PCQ returned -3.04% while SPY returned +16.73%. Year to date, PCQ is down 4.44% versus a gain of 12.99% for SPY.
Over three years, PCQ compounded at +3.00% per year against +22.52% for SPY; over five years the annualized figures are -11.66% and +13.07% respectively. Across the full 25-year window we track, SPY has the edge at +7.89% annualized vs -1.43%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PCQ has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 14.9% 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 -60.6% for PCQ 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 0.28. They move largely independently of each other.
Fees and Cost Over Time
PCQ charges 1.20% per year while SPY charges 0.09%. On a $10,000 position that is $120 vs $9 annually, a gap of $111 per year that compounds over a long holding period. On income, PCQ currently yields 4.51% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 84 holdings in PCQ and 504 in SPY, totalling 60.0% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 154 days apart, PCQ as of Mar 31, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 84 positions we hold weights for in PCQ and 504 in SPY, against full books of 263 and 505.
You are not choosing between two funds in isolation.
Whichever of PCQ 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, PCQ or SPY?
PCQ has an expense ratio of 1.20% while SPY charges 0.09%. SPY is the cheaper option, by $111 a year on a $10,000 investment.
Which performed better, PCQ or SPY?
Over the past year PCQ returned -3.04% vs +16.73% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (25 years), PCQ annualized -1.43% vs +7.89% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PCQ or SPY?
PCQ has been the more volatile fund at 15.6% annualized versus 14.9% for SPY. Worst drawdown: PCQ -60.6% vs SPY -56.5%.
Should I hold both PCQ and SPY?
PCQ and SPY have a monthly-return correlation of 0.28, 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, PCQ or SPY?
PCQ yields 4.51% while SPY yields 0.98%, so PCQ currently pays the higher dividend yield.
Is SPY better than PCQ?
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.