PML vs SPY
PIMCO Municipal Income Fund II vs State Street SPDR S&P 500 ETF Trust
Which is better, PML or SPY?
Municipal Bond against Large Cap Blend.
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 | PML | SPY |
|---|---|---|
| Expense Ratio | 4.81% | 0.09%Best |
| AUM | $1.0B | $804.7B |
| Dividend Yield | 6.15% | 0.98% |
| Holdings | 364 | 505 |
| YTD Return | -3.17% | +11.52%Best |
| 1Y Return | -0.39% | +17.48%Best |
| 3Y Return (annualized) | -0.12% | +20.62%Best |
| 5Y Return (annualized) | -8.86% | +12.73%Best |
| Volatility (annualized) | 15.5% | 14.8%Best |
| Max Drawdown | -67.4% | -56.5%Best |
| $10,000 over 5 years | $6,288 | $18,205Best |
| Fund Family | PIMCO (US) | State Street Investment Management |
| Category | Tax Preferred | Equity |
| Style | Municipal Bond | Large Cap Blend |
| Inception | Jun 28, 2002 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 26, 2002 to Sep 10, 2026 (24.2 years).
PML 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.
PML vs SPY Performance
PIMCO Municipal Income Fund II (PML) 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 PML returned -0.39% while SPY returned +17.48%. Year to date, PML is down 3.17% versus a gain of 11.52% for SPY.
Over three years, PML compounded at -0.12% per year against +20.62% for SPY; over five years the annualized figures are -8.86% and +12.73% respectively. Across the full 24-year window we track, SPY has the edge at +9.16% annualized vs -1.80%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PML has been the more volatile fund, with annualized monthly volatility of 15.5% compared with 14.8% 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 -67.4% for PML 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 0.31. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PML charges 4.81% per year while SPY charges 0.09%. On a $10,000 position that is $481 vs $9 annually, a gap of $472 per year that compounds over a long holding period. On income, PML currently yields 6.15% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 148 holdings in PML and 504 in SPY, totalling 72.8% and 100.0% 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 126 days apart, PML as of Mar 31, 2026 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.
0 positions in common, counted across the 148 positions we hold weights for in PML and 504 in SPY, against full books of 364 and 505.
You are not choosing between two funds in isolation.
Whichever of PML 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, PML or SPY?
PML has an expense ratio of 4.81% while SPY charges 0.09%. SPY is the cheaper option, by $472 a year on a $10,000 investment.
Which performed better, PML or SPY?
Over the past year PML returned -0.39% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (24 years), PML annualized -1.80% vs +9.16% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PML or SPY?
PML has been the more volatile fund at 15.5% annualized versus 14.8% for SPY. Worst drawdown: PML -67.4% vs SPY -56.5%.
Should I hold both PML and SPY?
PML and SPY have a monthly-return correlation of 0.31, 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, PML or SPY?
PML yields 6.15% while SPY yields 0.98%, so PML currently pays the higher dividend yield.
Is SPY better than PML?
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.