PDX vs SPY
PIMCO Dynamic Income Strategy Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, PDX or SPY?
Short Term High Quality against Large Cap Blend.
SPY has a lower expense ratio. PDX led over 5Y, SPY over 1Y, 3Y 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 | PDX | SPY |
|---|---|---|
| Expense Ratio | 3.29% | 0.09%Best |
| AUM | $1.0B | $804.7B |
| Dividend Yield | 19.22% | 0.98% |
| Holdings | 442 | 505 |
| YTD Return | +13.97%Best | +13.51% |
| 1Y Return | +3.14% | +18.19%Best |
| 3Y Return (annualized) | +17.92% | +23.29%Best |
| 5Y Return (annualized) | +21.82%Best | +13.21% |
| Volatility (annualized) | 39.4% | 16.3%Best |
| Max Drawdown | -83.0% | -34.1%Best |
| $10,000 over 5 years | $26,828Best | $18,596 |
| Fund Family | PIMCO (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | Short Term High Quality | Large Cap Blend |
| Inception | Feb 1, 2019 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 30, 2019 to Sep 25, 2026 (7.7 years).
PDX 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 7.7 years both funds cover.
PDX vs SPY Performance
PIMCO Dynamic Income Strategy Fund (PDX) 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 PDX returned +3.14% while SPY returned +18.19%. Year to date, PDX is up 13.97% versus a gain of 13.51% for SPY.
Over three years, PDX compounded at +17.92% per year against +23.29% for SPY; over five years the annualized figures are +21.82% and +13.21% respectively. Across the full 8-year window we track, SPY has the edge at +15.96% annualized vs +7.04%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PDX has been the more volatile fund, with annualized monthly volatility of 39.4% compared with 16.3% 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 -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 0.61. They move together some of the time, and apart the rest.
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 19.22% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 7 holdings in PDX and 504 in SPY, totalling 20.8% 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 336 days apart, PDX as of Sep 30, 2025 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 7 positions we hold weights for in PDX and 504 in SPY, against full books of 442 and 505.
You are not choosing between two funds in isolation.
Whichever of PDX 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, PDX or SPY?
PDX has an expense ratio of 3.29% while SPY charges 0.09%. SPY is the cheaper option, by $320 a year on a $10,000 investment.
Which performed better, PDX or SPY?
Over the past year PDX returned +3.14% vs +18.19% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (8 years), PDX annualized +7.04% vs +15.96% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PDX or SPY?
PDX has been the more volatile fund at 39.4% annualized versus 16.3% for SPY. Worst drawdown: PDX -83.0% vs SPY -34.1%.
Should I hold both PDX and SPY?
PDX and SPY have a monthly-return correlation of 0.61, 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, PDX or SPY?
PDX yields 19.22% while SPY yields 0.98%, so PDX currently pays the higher dividend yield.
Is SPY better than PDX?
SPY has a lower expense ratio. PDX led over 5Y, SPY over 1Y, 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.