PDI vs SPY
PIMCO Dynamic Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, PDI or SPY?
Diversified Sectoral Bond 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 | PDI | SPY |
|---|---|---|
| Expense Ratio | 5.12% | 0.09%Best |
| AUM | $7.5B | $804.7B |
| Dividend Yield | 16.96% | 0.98% |
| Holdings | 1,822 | 505 |
| YTD Return | -7.00% | +11.52%Best |
| 1Y Return | -12.72% | +17.48%Best |
| 3Y Return (annualized) | +8.94% | +20.62%Best |
| 5Y Return (annualized) | +2.08% | +12.73%Best |
| Volatility (annualized) | 14.6% | 14.0%Best |
| Max Drawdown | -48.0% | -34.1%Best |
| $10,000 over 5 years | $11,084 | $18,205Best |
| Fund Family | PIMCO (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | Diversified Sectoral Bond | Large Cap Blend |
| Inception | May 25, 2012 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: May 25, 2012 to Sep 10, 2026 (14.3 years).
PDI 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.
PDI vs SPY Performance
PIMCO Dynamic Income Fund (PDI) 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 PDI returned -12.72% while SPY returned +17.48%. Year to date, PDI is down 7.00% versus a gain of 11.52% for SPY.
Over three years, PDI compounded at +8.94% per year against +20.62% for SPY; over five years the annualized figures are +2.08% and +12.73% respectively. Across the full 14-year window we track, SPY has the edge at +13.59% annualized vs +1.78%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PDI has been the more volatile fund, with annualized monthly volatility of 14.6% compared with 14.0% 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 -48.0% for PDI and -34.1% 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 0.60. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PDI charges 5.12% per year while SPY charges 0.09%. On a $10,000 position that is $512 vs $9 annually, a gap of $503 per year that compounds over a long holding period. On income, PDI currently yields 16.96% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 25 holdings in PDI and 504 in SPY, totalling 6.4% and 100.0% of the two funds. That is not enough of PDI 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, PDI 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 25 positions we hold weights for in PDI and 504 in SPY, against full books of 1,822 and 505.
Top Shared Holdings
| Stock | Weight in PDI | Weight in SPY | Difference |
|---|---|---|---|
| VICIVici Properties Inc | 0.33% | 0.04% | 0.29% |
You are not choosing between two funds in isolation.
Whichever of PDI 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, PDI or SPY?
PDI has an expense ratio of 5.12% while SPY charges 0.09%. SPY is the cheaper option, by $503 a year on a $10,000 investment.
Which performed better, PDI or SPY?
Over the past year PDI returned -12.72% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (14 years), PDI annualized +1.78% vs +13.59% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PDI or SPY?
PDI has been the more volatile fund at 14.6% annualized versus 14.0% for SPY. Worst drawdown: PDI -48.0% vs SPY -34.1%.
Should I hold both PDI and SPY?
PDI and SPY have a monthly-return correlation of 0.60, 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, PDI or SPY?
PDI yields 16.96% while SPY yields 0.98%, so PDI currently pays the higher dividend yield.
Is SPY better than PDI?
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.