SPLS vs SPY
PIMCO US Stocks PLUS Active Bond Exchange-Traded Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, SPLS or SPY?
Allocation/Balanced against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y 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 | SPLS | SPY |
|---|---|---|
| Expense Ratio | 0.18% | 0.09%Best |
| AUM | $88M | $823.2B |
| Dividend Yield | 0.54% | 0.99% |
| Holdings | 3 | 1,515 |
| YTD Return | +10.71% | +13.53%Best |
| 1Y Return | +10.71% | +17.47%Best |
| 3Y Return (annualized) | - | +22.36% |
| 5Y Return (annualized) | - | +13.21% |
| Volatility (annualized) | 123.5% | 15.6%Best |
| Max Drawdown | -64.9% | -53.0%Best |
| $10,000 over 18.8 years | $33,489 | $57,393Best |
| Fund Family | PIMCO (US) | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Allocation/Balanced | Large Cap Blend |
| Inception | Jan 15, 2026 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 18.8 years row, are measured over the window both funds cover: Jan 2, 2008 to Oct 14, 2026 (18.8 years).
SPLS 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 18.8 years both funds cover.
SPLS vs SPY Performance
PIMCO US Stocks PLUS Active Bond Exchange-Traded Fund (SPLS) 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 SPLS returned +10.71% while SPY returned +17.47%. Year to date, SPLS is up 10.71% versus a gain of 13.53% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPLS has been the more volatile fund, with annualized monthly volatility of 123.5% compared with 15.6% 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 -64.9% for SPLS and -53.0% 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 0.15. They move largely independently of each other.
Fees and Cost Over Time
SPLS charges 0.18% per year while SPY charges 0.09%. On a $10,000 position that is $18 vs $9 annually, a gap of $9 per year that compounds over a long holding period. On income, SPLS currently yields 0.54% against 0.99% for SPY.
Holdings Overlap
We hold position weights for 3 holdings in SPLS and 504 in SPY, totalling 98.3% and 99.8% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 3 positions we hold weights for in SPLS and 504 in SPY, against full books of 3 and 1,515.
You are not choosing between two funds in isolation.
Whichever of SPLS 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, SPLS or SPY?
SPLS has an expense ratio of 0.18% while SPY charges 0.09%. SPY is the cheaper option, by $9 a year on a $10,000 investment.
Which performed better, SPLS or SPY?
Over the past year SPLS returned +10.71% vs +17.47% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), SPLS annualized +6.64% vs +9.74% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPLS or SPY?
SPLS has been the more volatile fund at 123.5% annualized versus 15.6% for SPY. Worst drawdown: SPLS -64.9% vs SPY -53.0%.
Should I hold both SPLS and SPY?
SPLS and SPY have a monthly-return correlation of 0.15, 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, SPLS or SPY?
SPLS yields 0.54% while SPY yields 0.99%, so SPY currently pays the higher dividend yield.
Is SPY better than SPLS?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.