PHK vs SPY
PIMCO High Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, PHK 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 | PHK | SPY |
|---|---|---|
| Expense Ratio | 2.92% | 0.09%Best |
| AUM | $848M | $814.4B |
| Dividend Yield | 12.86% | 1.01% |
| Holdings | 468 | 505 |
| YTD Return | +0.05% | +13.34%Best |
| 1Y Return | +1.76% | +19.97%Best |
| 3Y Return (annualized) | +9.04% | +21.20%Best |
| 5Y Return (annualized) | +3.98% | +12.81%Best |
| Volatility (annualized) | 26.3% | 14.5%Best |
| Max Drawdown | -80.9% | -56.5%Best |
| $10,000 over 5 years | $12,155 | $18,270Best |
| Fund Family | PIMCO (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Blend |
| Inception | Apr 30, 2003 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 25, 2003 to Sep 4, 2026 (23.4 years).
PHK 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.
PHK vs SPY Performance
PIMCO High Income Fund (PHK) 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 PHK returned +1.76% while SPY returned +19.97%. Year to date, PHK is up 0.05% versus a gain of 13.34% for SPY.
Over three years, PHK compounded at +9.04% per year against +21.20% for SPY; over five years the annualized figures are +3.98% and +12.81% respectively. Across the full 23-year window we track, SPY has the edge at +9.96% annualized vs -2.46%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PHK has been the more volatile fund, with annualized monthly volatility of 26.3% compared with 14.5% 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 -80.9% for PHK and -56.5% 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 0.48. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PHK charges 2.92% per year while SPY charges 0.09%. On a $10,000 position that is $292 vs $9 annually, a gap of $283 per year that compounds over a long holding period. On income, PHK currently yields 12.86% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 22 holdings in PHK and 503 in SPY, totalling 8.4% and 100.0% of the two funds. That is not enough of PHK 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, PHK 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 22 positions we hold weights for in PHK and 503 in SPY, against full books of 468 and 505.
Top Shared Holdings
| Stock | Weight in PHK | Weight in SPY | Difference |
|---|---|---|---|
| VICIVici Properties Inc | 0.37% | 0.04% | 0.33% |
You are not choosing between two funds in isolation.
Whichever of PHK 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, PHK or SPY?
PHK has an expense ratio of 2.92% while SPY charges 0.09%. SPY is the cheaper option, by $283 a year on a $10,000 investment.
Which performed better, PHK or SPY?
Over the past year PHK returned +1.76% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (23 years), PHK annualized -2.46% vs +9.96% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PHK or SPY?
PHK has been the more volatile fund at 26.3% annualized versus 14.5% for SPY. Worst drawdown: PHK -80.9% vs SPY -56.5%.
Should I hold both PHK and SPY?
PHK and SPY have a monthly-return correlation of 0.48, 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, PHK or SPY?
PHK yields 12.86% while SPY yields 1.01%, so PHK currently pays the higher dividend yield.
Is SPY better than PHK?
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.