PNI vs VYM
PIMCO New York Municipal Income Fund II vs Vanguard High Dividend Yield ETF
Which is better, PNI or VYM?
Municipal New York against Large Cap Value.
VYM has a lower expense ratio. VYM 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 | PNI | VYM |
|---|---|---|
| Expense Ratio | 1.31% | 0.04%Best |
| AUM | $190M | $81.6B |
| Dividend Yield | 4.70% | 2.22% |
| Holdings | 148 | 613 |
| YTD Return | -2.59% | +12.29%Best |
| 1Y Return | -2.05% | +16.61%Best |
| 3Y Return (annualized) | +2.74% | +17.42%Best |
| 5Y Return (annualized) | -6.72% | +12.12%Best |
| Volatility (annualized) | 19.1% | 14.6%Best |
| Max Drawdown | -63.8% | -58.8%Best |
| $10,000 over 5 years | $7,062 | $17,718Best |
| Fund Family | PIMCO (US) | Vanguard (US) |
| Category | Tax Preferred | Equity |
| Style | Municipal New York | Large Cap Value |
| Inception | Jun 28, 2002 | Nov 10, 2006 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 16, 2006 to Sep 17, 2026 (19.8 years).
PNI vs VYM 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 covers the 19.8 years both funds cover.
PNI vs VYM Performance
PIMCO New York Municipal Income Fund II (PNI) is an ETF from PIMCO (US) and Vanguard High Dividend Yield ETF (VYM) is an ETF from Vanguard (US). Over the past year PNI returned -2.05% while VYM returned +16.61%. Year to date, PNI is down 2.59% versus a gain of 12.29% for VYM.
Over three years, PNI compounded at +2.74% per year against +17.42% for VYM; over five years the annualized figures are -6.72% and +12.12% respectively. Across the full 20-year window we track, VYM has the edge at +6.87% annualized vs -2.90%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PNI has been the more volatile fund, with annualized monthly volatility of 19.1% 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 -63.8% for PNI and -58.8% for VYM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.23. They move largely independently of each other.
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 4.70% against 2.22% for VYM.
Holdings Overlap
We hold position weights for 57 holdings in PNI and 557 in VYM, totalling 69.0% and 99.2% 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 122 days apart, PNI as of Mar 31, 2026 and VYM as of Jul 31, 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 57 positions we hold weights for in PNI and 557 in VYM, against full books of 148 and 613.
You are not choosing between two funds in isolation.
Whichever of PNI and VYM 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, PNI or VYM?
PNI has an expense ratio of 1.31% while VYM charges 0.04%. VYM is the cheaper option, by $127 a year on a $10,000 investment.
Which performed better, PNI or VYM?
Over the past year PNI returned -2.05% vs +16.61% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (20 years), PNI annualized -2.90% vs +6.87% for VYM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PNI or VYM?
PNI has been the more volatile fund at 19.1% annualized versus 14.6% for VYM. Worst drawdown: PNI -63.8% vs VYM -58.8%.
Should I hold both PNI and VYM?
PNI and VYM have a monthly-return correlation of 0.23, 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, PNI or VYM?
PNI yields 4.70% while VYM yields 2.22%, so PNI currently pays the higher dividend yield.
Is VYM better than PNI?
VYM has a lower expense ratio. VYM 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.