PGP vs SPY
PIMCO Global StockPlus & Income 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 503 holdings.
Side-by-Side Comparison
| Metric | PGP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.64% | 0.09% | |
| AUM | $103M | $789.1B | |
| Dividend Yield | 9.11% | 1.01% | |
| Holdings | 417 | 505 | |
| YTD Return | -0.13% | +13.75% | |
| 1Y Return | +13.09% | +22.91% | |
| 3Y Return (annualized) | +17.38% | +21.67% | |
| 5Y Return (annualized) | +5.00% | +13.32% | |
| Volatility (annualized) | 26.3% | 15.3% | |
| Max Drawdown | -81.3% | -56.5% | |
| Fund Family | PIMCO (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 31, 2005 | Jan 22, 1993 |
PGP vs SPY Performance
PIMCO Global StockPlus & Income Fund (PGP) 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 PGP returned +13.09% while SPY returned +22.91%. Year to date, PGP is down 0.13% versus a gain of 13.75% for SPY.
Over three years, PGP compounded at +17.38% per year against +21.67% for SPY; over five years the annualized figures are +5.00% and +13.32% respectively. Across the full 21-year window we track, SPY has the edge at +8.85% annualized vs -2.36%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PGP has been the more volatile fund, with annualized monthly volatility of 26.3% 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 -81.3% for PGP 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 0.64. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PGP charges 2.64% per year while SPY charges 0.09%. On a $10,000 position that is $264 vs $9 annually, a gap of $255 per year that compounds over a long holding period. On income, PGP currently yields 9.11% against 1.01% for SPY.
Holdings Overlap
PGP and SPY share 0 holdings out of 528 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, PGP or SPY?
PGP has an expense ratio of 2.64% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $255 per year of difference.
Which performed better, PGP or SPY?
Over the past year PGP returned +13.09% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), PGP annualized -2.36% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PGP or SPY?
PGP has been the more volatile fund at 26.3% annualized versus 15.3% for SPY. Worst drawdown: PGP -81.3% vs SPY -56.5%.
Should I hold both PGP and SPY?
PGP and SPY have a monthly-return correlation of 0.64, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PGP and SPY?
PGP and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 528 unique securities.
Which pays a higher dividend, PGP or SPY?
PGP yields 9.11% while SPY yields 1.01%, so PGP currently pays the higher dividend yield.
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