PHK vs SPY
PIMCO High 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 | PHK | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.92% | 0.09% | |
| AUM | $845M | $789.1B | |
| Dividend Yield | 12.72% | 1.01% | |
| Holdings | 468 | 505 | |
| YTD Return | +3.65% | +13.75% | |
| 1Y Return | +8.24% | +22.91% | |
| 3Y Return (annualized) | +10.04% | +21.67% | |
| 5Y Return (annualized) | +3.51% | +13.32% | |
| Volatility (annualized) | 26.4% | 15.3% | |
| Max Drawdown | -80.9% | -56.5% | |
| Fund Family | PIMCO (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Apr 30, 2003 | Jan 22, 1993 |
PHK vs SPY Performance
PIMCO High Income Fund (PHK) 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 PHK returned +8.24% while SPY returned +22.91%. Year to date, PHK is up 3.65% versus a gain of 13.75% for SPY.
Over three years, PHK compounded at +10.04% per year against +21.67% for SPY; over five years the annualized figures are +3.51% and +13.32% respectively. Across the full 23-year window we track, SPY has the edge at +8.85% annualized vs -2.32%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PHK has been the more volatile fund, with annualized monthly volatility of 26.4% 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 -80.9% for PHK 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 0.48. They move independently enough that combining them can meaningfully diversify a portfolio.
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 12.72% against 1.01% for SPY.
Holdings Overlap
PHK and SPY share 1 holdings out of 524 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in PHK | Weight in SPY | Difference |
|---|---|---|---|
| VICI | 0.37% | 0.04% | 0.33% |
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. On a $10,000 investment, that is $283 per year of difference.
Which performed better, PHK or SPY?
Over the past year PHK returned +8.24% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (23 years), PHK annualized -2.32% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PHK or SPY?
PHK has been the more volatile fund at 26.4% annualized versus 15.3% 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 combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PHK and SPY?
PHK and SPY share 1 common holdings with a 0.0% weight overlap. Combined, they hold 524 unique securities.
Which pays a higher dividend, PHK or SPY?
PHK yields 12.72% while SPY yields 1.01%, so PHK currently pays the higher dividend yield.
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