PAXS vs SPY
PIMCO Access Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, PAXS or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y 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 | PAXS | SPY |
|---|---|---|
| Expense Ratio | 2.09% | 0.09%Best |
| AUM | $668M | $823.2B |
| Dividend Yield | 12.67% | 0.99% |
| Holdings | 499 | 1,515 |
| YTD Return | -7.18% | +13.53%Best |
| 1Y Return | -10.27% | +17.47%Best |
| 3Y Return (annualized) | +11.55% | +22.36%Best |
| 5Y Return (annualized) | - | +13.21% |
| Volatility (annualized) | 16.0% | 15.5%Best |
| Max Drawdown | -22.3% | -22.1%Best |
| $10,000 over 4.7 years | $11,159 | $18,982Best |
| Fund Family | PIMCO (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Blend |
| Inception | Jan 31, 2022 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 4.7 years row, are measured over the window both funds cover: Jan 27, 2022 to Oct 14, 2026 (4.7 years).
PAXS vs SPY 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 4.7 years both funds cover.
PAXS vs SPY Performance
PIMCO Access Income Fund (PAXS) is an ETF from PIMCO (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year PAXS returned -10.27% while SPY returned +17.47%. Year to date, PAXS is down 7.18% versus a gain of 13.53% for SPY.
Over three years, PAXS compounded at +11.55% per year against +22.36% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PAXS has been the more volatile fund, with annualized monthly volatility of 16.0% compared with 15.5% 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 -22.3% for PAXS and -22.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.61. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PAXS charges 2.09% per year while SPY charges 0.09%. On a $10,000 position that is $209 vs $9 annually, a gap of $200 per year that compounds over a long holding period. On income, PAXS currently yields 12.67% against 0.99% for SPY.
Holdings Overlap
We hold position weights for 9 holdings in PAXS and 504 in SPY, totalling 8.5% and 99.8% 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 349 days apart, PAXS as of Sep 30, 2025 and SPY as of Sep 14, 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 9 positions we hold weights for in PAXS and 504 in SPY, against full books of 499 and 1,515.
You are not choosing between two funds in isolation.
Whichever of PAXS and SPY 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, PAXS or SPY?
PAXS has an expense ratio of 2.09% while SPY charges 0.09%. SPY is the cheaper option, by $200 a year on a $10,000 investment.
Which performed better, PAXS or SPY?
Over the past year PAXS returned -10.27% vs +17.47% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PAXS or SPY?
PAXS has been the more volatile fund at 16.0% annualized versus 15.5% for SPY. Worst drawdown: PAXS -22.3% vs SPY -22.1%.
Should I hold both PAXS and SPY?
PAXS and SPY have a monthly-return correlation of 0.61, 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, PAXS or SPY?
PAXS yields 12.67% while SPY yields 0.99%, so PAXS currently pays the higher dividend yield.
Is SPY better than PAXS?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.