PDX vs SPY
PIMCO Dynamic Income Strategy Fund 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 | PDX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 3.29% | 0.09% | |
| AUM | $1.0B | $821.1B | |
| Dividend Yield | 19.41% | 1.01% | |
| Holdings | 442 | 505 | |
| YTD Return | +21.22% | +13.17% | |
| 1Y Return | +12.94% | +21.53% | |
| 3Y Return (annualized) | +22.33% | +22.06% | |
| 5Y Return (annualized) | +25.76% | +13.35% | |
| Volatility (annualized) | 39.5% | 15.3% | |
| Max Drawdown | -83.0% | -56.5% | |
| Fund Family | PIMCO (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Feb 1, 2019 | Jan 22, 1993 |
PDX vs SPY Performance
PIMCO Dynamic Income Strategy Fund (PDX) is a ETF from PIMCO (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PDX returned +12.94% while SPY returned +21.53%. Year to date, PDX is up 21.22% versus a gain of 13.17% for SPY.
Over three years, PDX compounded at +22.33% per year against +22.06% for SPY; over five years the annualized figures are +25.76% and +13.35% respectively. Across the full 8-year window we track, SPY has the edge at +8.82% annualized vs +8.01%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PDX has been the more volatile fund, with annualized monthly volatility of 39.5% 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 -83.0% for PDX 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 0.61. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PDX charges 3.29% per year while SPY charges 0.09%. On a $10,000 position that is $329 vs $9 annually, a gap of $320 per year that compounds over a long holding period. On income, PDX currently yields 19.41% against 1.01% for SPY.
Holdings Overlap
PDX and SPY share 0 holdings out of 511 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PDX or SPY?
PDX has an expense ratio of 3.29% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $320 per year of difference.
Which performed better, PDX or SPY?
Over the past year PDX returned +12.94% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (8 years), PDX annualized +8.01% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, PDX or SPY?
PDX has been the more volatile fund at 39.5% annualized versus 15.3% for SPY. Worst drawdown: PDX -83.0% vs SPY -56.5%.
Should I hold both PDX and SPY?
PDX and SPY have a monthly-return correlation of 0.61, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PDX and SPY?
PDX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 511 unique securities.
Which pays a higher dividend, PDX or SPY?
PDX yields 19.41% while SPY yields 1.01%, so PDX currently pays the higher dividend yield.
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