PML vs SPY
PIMCO Municipal Income Fund II 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 | PML | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 4.81% | 0.09% | |
| AUM | $1.0B | $789.1B | |
| Dividend Yield | 5.83% | 1.01% | |
| Holdings | 364 | 505 | |
| YTD Return | +0.83% | +13.75% | |
| 1Y Return | +8.63% | +22.91% | |
| 3Y Return (annualized) | -0.91% | +21.67% | |
| 5Y Return (annualized) | -8.24% | +13.32% | |
| Volatility (annualized) | 15.5% | 15.3% | |
| Max Drawdown | -67.4% | -56.5% | |
| Fund Family | PIMCO (US) | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Jun 28, 2002 | Jan 22, 1993 |
PML vs SPY Performance
PIMCO Municipal Income Fund II (PML) 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 PML returned +8.63% while SPY returned +22.91%. Year to date, PML is up 0.83% versus a gain of 13.75% for SPY.
Over three years, PML compounded at -0.91% per year against +21.67% for SPY; over five years the annualized figures are -8.24% and +13.32% respectively. Across the full 24-year window we track, SPY has the edge at +8.85% annualized vs -1.64%. 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 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 -67.4% for PML 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 0.31. They move independently enough that combining them can meaningfully diversify a portfolio.
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 5.83% against 1.01% for SPY.
Holdings Overlap
PML and SPY share 0 holdings out of 651 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, PML or SPY?
PML has an expense ratio of 4.81% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $472 per year of difference.
Which performed better, PML or SPY?
Over the past year PML returned +8.63% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (24 years), PML annualized -1.64% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PML or SPY?
PML has been the more volatile fund at 15.5% annualized versus 15.3% 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 combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PML and SPY?
PML and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 651 unique securities.
Which pays a higher dividend, PML or SPY?
PML yields 5.83% while SPY yields 1.01%, so PML currently pays the higher dividend yield.
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