PDO vs SPY
PIMCO Dynamic Income Opportunities Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, PDO 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 | PDO | SPY |
|---|---|---|
| Expense Ratio | 5.22% | 0.09%Best |
| AUM | $1.9B | $814.4B |
| Dividend Yield | 12.02% | 1.01% |
| Holdings | 635 | 505 |
| YTD Return | -0.52% | +13.34%Best |
| 1Y Return | +2.74% | +19.97%Best |
| 3Y Return (annualized) | +12.07% | +21.20%Best |
| 5Y Return (annualized) | +2.14% | +12.81%Best |
| Volatility (annualized) | 17.2% | 15.1%Best |
| Max Drawdown | -36.8% | -24.5%Best |
| $10,000 over 5 years | $11,117 | $18,270Best |
| Fund Family | PIMCO (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Blend |
| Inception | Jan 29, 2021 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 27, 2021 to Sep 4, 2026 (5.6 years).
PDO 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 5.6 years both funds cover.
PDO vs SPY Performance
PIMCO Dynamic Income Opportunities Fund (PDO) 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 PDO returned +2.74% while SPY returned +19.97%. Year to date, PDO is down 0.52% versus a gain of 13.34% for SPY.
Over three years, PDO compounded at +12.07% per year against +21.20% for SPY; over five years the annualized figures are +2.14% and +12.81% respectively. Across the full 6-year window we track, SPY has the edge at +15.26% annualized vs +3.80%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PDO has been the more volatile fund, with annualized monthly volatility of 17.2% compared with 15.1% 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 -36.8% for PDO and -24.5% 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 0.64. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PDO charges 5.22% per year while SPY charges 0.09%. On a $10,000 position that is $522 vs $9 annually, a gap of $513 per year that compounds over a long holding period. On income, PDO currently yields 12.02% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 17 holdings in PDO and 504 in SPY, totalling 9.4% and 100.0% 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 308 days apart, PDO 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.
0 positions in common, counted across the 17 positions we hold weights for in PDO and 504 in SPY, against full books of 635 and 505.
You are not choosing between two funds in isolation.
Whichever of PDO 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, PDO or SPY?
PDO has an expense ratio of 5.22% while SPY charges 0.09%. SPY is the cheaper option, by $513 a year on a $10,000 investment.
Which performed better, PDO or SPY?
Over the past year PDO returned +2.74% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), PDO annualized +3.80% vs +15.26% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PDO or SPY?
PDO has been the more volatile fund at 17.2% annualized versus 15.1% for SPY. Worst drawdown: PDO -36.8% vs SPY -24.5%.
Should I hold both PDO and SPY?
PDO and SPY have a monthly-return correlation of 0.64, 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, PDO or SPY?
PDO yields 12.02% while SPY yields 1.01%, so PDO currently pays the higher dividend yield.
Is SPY better than PDO?
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.