PNI vs VYM
PIMCO New York Municipal Income Fund II vs Vanguard High Dividend Yield ETF
Quick Verdict
VYM has a lower expense ratio. VYM delivered stronger 1-year returns. VYM offers more diversification with 616 holdings.
Side-by-Side Comparison
| Metric | PNI | VYM | Winner |
|---|---|---|---|
| Expense Ratio | 1.31% | 0.04% | |
| AUM | $190M | $81.6B | |
| Dividend Yield | 4.63% | 2.24% | |
| Holdings | 148 | 616 | |
| YTD Return | +2.07% | +14.66% | |
| 1Y Return | +8.70% | +22.16% | |
| 3Y Return (annualized) | +2.99% | +18.72% | |
| 5Y Return (annualized) | -6.04% | +12.18% | |
| Volatility (annualized) | 17.8% | 14.6% | |
| Max Drawdown | -64.2% | -58.8% | |
| Fund Family | PIMCO (US) | Vanguard (US) | |
| Category | Tax Preferred | Equity | |
| Inception | Jun 28, 2002 | Nov 10, 2006 |
PNI vs VYM Performance
PIMCO New York Municipal Income Fund II (PNI) is a ETF from PIMCO (US) and Vanguard High Dividend Yield ETF (VYM) is a ETF from Vanguard (US). Over the past year PNI returned +8.70% while VYM returned +22.16%. Year to date, PNI is up 2.07% versus a gain of 14.66% for VYM.
Over three years, PNI compounded at +2.99% per year against +18.72% for VYM; over five years the annualized figures are -6.04% and +12.18% respectively. Across the full 20-year window we track, VYM has the edge at +7.01% annualized vs -2.13%. 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 14.6% for VYM. 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 -58.8% for VYM. 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 0.23. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PNI charges 1.31% per year while VYM charges 0.04%. On a $10,000 position that is $131 vs $4 annually, a gap of $127 per year that compounds over a long holding period. On income, PNI currently yields 4.63% against 2.24% for VYM.
Holdings Overlap
PNI and VYM share 0 holdings out of 660 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 VYM?
PNI has an expense ratio of 1.31% while VYM charges 0.04%. VYM is the cheaper option. On a $10,000 investment, that is $127 per year of difference.
Which performed better, PNI or VYM?
Over the past year PNI returned +8.70% vs +22.16% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (20 years), PNI annualized -2.13% vs +7.01% for VYM. Past performance does not guarantee future results.
Which is riskier, PNI or VYM?
PNI has been the more volatile fund at 17.8% annualized versus 14.6% for VYM. Worst drawdown: PNI -64.2% vs VYM -58.8%.
Should I hold both PNI and VYM?
PNI and VYM have a monthly-return correlation of 0.23, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PNI and VYM?
PNI and VYM share 0 common holdings with a 0.0% weight overlap. Combined, they hold 660 unique securities.
Which pays a higher dividend, PNI or VYM?
PNI yields 4.63% while VYM yields 2.24%, so PNI currently pays the higher dividend yield.
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