PNI vs VTI
PIMCO New York Municipal Income Fund II vs Vanguard Morningstar Total Stock Market ETF
Quick Verdict
VTI has a lower expense ratio. VTI delivered stronger 1-year returns. VTI offers more diversification with 3,543 holdings.
Side-by-Side Comparison
| Metric | PNI | VTI | Winner |
|---|---|---|---|
| Expense Ratio | 1.31% | 0.03% | |
| AUM | $190M | $666.9B | |
| Dividend Yield | 4.63% | 1.07% | |
| Holdings | 148 | 3,543 | |
| YTD Return | +2.22% | +13.14% | |
| 1Y Return | +9.52% | +22.35% | |
| 3Y Return (annualized) | +3.03% | +21.83% | |
| 5Y Return (annualized) | -6.05% | +12.01% | |
| Volatility (annualized) | 17.8% | 15.3% | |
| Max Drawdown | -64.2% | -56.6% | |
| Fund Family | PIMCO (US) | Vanguard (US) | |
| Category | Tax Preferred | Equity | |
| Inception | Jun 28, 2002 | May 24, 2001 |
PNI vs VTI Performance
PIMCO New York Municipal Income Fund II (PNI) is a ETF from PIMCO (US) and Vanguard Morningstar Total Stock Market ETF (VTI) is a ETF from Vanguard (US). Over the past year PNI returned +9.52% while VTI returned +22.35%. Year to date, PNI is up 2.22% versus a gain of 13.14% for VTI.
Over three years, PNI compounded at +3.03% per year against +21.83% for VTI; over five years the annualized figures are -6.05% and +12.01% respectively. Across the full 24-year window we track, VTI has the edge at +8.09% 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 VTI. 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 -56.6% for VTI. 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 0.27. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PNI charges 1.31% per year while VTI charges 0.03%. On a $10,000 position that is $131 vs $3 annually, a gap of $128 per year that compounds over a long holding period. On income, PNI currently yields 4.63% against 1.07% for VTI.
Holdings Overlap
PNI and VTI share 0 holdings out of 2844 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 VTI?
PNI has an expense ratio of 1.31% while VTI charges 0.03%. VTI is the cheaper option. On a $10,000 investment, that is $128 per year of difference.
Which performed better, PNI or VTI?
Over the past year PNI returned +9.52% vs +22.35% for VTI, so VTI leads on 1-year performance. Over the longest common window we track (24 years), PNI annualized -2.12% vs +8.09% for VTI. Past performance does not guarantee future results.
Which is riskier, PNI or VTI?
PNI has been the more volatile fund at 17.8% annualized versus 15.3% for VTI. Worst drawdown: PNI -64.2% vs VTI -56.6%.
Should I hold both PNI and VTI?
PNI and VTI have a monthly-return correlation of 0.27, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PNI and VTI?
PNI and VTI share 0 common holdings with a 0.0% weight overlap. Combined, they hold 2844 unique securities.
Which pays a higher dividend, PNI or VTI?
PNI yields 4.63% while VTI yields 1.07%, so PNI currently pays the higher dividend yield.
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