PNI vs SPY
PIMCO New York 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 505 holdings.
Side-by-Side Comparison
| Metric | PNI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.31% | 0.09% | |
| AUM | $190M | $821.1B | |
| Dividend Yield | 4.63% | 1.01% | |
| Holdings | 148 | 505 | |
| YTD Return | +2.22% | +12.68% | |
| 1Y Return | +9.52% | +21.82% | |
| 3Y Return (annualized) | +3.03% | +21.98% | |
| 5Y Return (annualized) | -6.05% | +12.89% | |
| Volatility (annualized) | 17.8% | 15.3% | |
| Max Drawdown | -64.2% | -56.5% | |
| Fund Family | PIMCO (US) | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Jun 28, 2002 | Jan 22, 1993 |
PNI vs SPY Performance
PIMCO New York Municipal Income Fund II (PNI) 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 PNI returned +9.52% while SPY returned +21.82%. Year to date, PNI is up 2.22% versus a gain of 12.68% for SPY.
Over three years, PNI compounded at +3.03% per year against +21.98% for SPY; over five years the annualized figures are -6.05% and +12.89% respectively. Across the full 24-year window we track, SPY has the edge at +8.81% annualized vs -2.12%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PNI has been the more volatile fund, with annualized monthly volatility of 17.8% 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 -64.2% for PNI 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 0.26. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PNI charges 1.31% per year while SPY charges 0.09%. On a $10,000 position that is $131 vs $9 annually, a gap of $122 per year that compounds over a long holding period. On income, PNI currently yields 4.63% against 1.01% for SPY.
Holdings Overlap
PNI and SPY share 0 holdings out of 561 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, PNI or SPY?
PNI has an expense ratio of 1.31% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $122 per year of difference.
Which performed better, PNI or SPY?
Over the past year PNI returned +9.52% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (24 years), PNI annualized -2.12% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, PNI or SPY?
PNI has been the more volatile fund at 17.8% annualized versus 15.3% for SPY. Worst drawdown: PNI -64.2% vs SPY -56.5%.
Should I hold both PNI and SPY?
PNI and SPY have a monthly-return correlation of 0.26, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PNI and SPY?
PNI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 561 unique securities.
Which pays a higher dividend, PNI or SPY?
PNI yields 4.63% while SPY yields 1.01%, so PNI currently pays the higher dividend yield.
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