CEF Comparison
PDI vs RLTY: Which Is the Better Pick in 2026?
A head-to-head comparison of PIMCO Dynamic Income Fund and Cohen & Steers Real Estate Opportunities and Income Fund covering yield, cost, risk, and income potential.
Updated October 12, 2026
How these figures are calculated: methodology.
Best for
- PDIInvestors who want higher current income (18.41% vs 9.43% for RLTY).
- RLTYInvestors who want real-estate income and inflation sensitivity.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
PDI has lagged RLTY over the trailing twelve months, posting a -15.15% total return against 2.01%. The lead holds up over 3 years too: RLTY has compounded at 14.01% a year, against 9.35% for PDI. PDI has been the steadier holding, though — annualized volatility of 14.7% against 18.5% for RLTY. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | 3Y annualized | Since Feb 2022 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|
| PDI | -8.80% | -15.15% | 9.35% | 3.32% | 14.7% | 0.31 | 0.39 | -18.9% |
| RLTY | 1.55% | 2.01% | 14.01% | 1.03% | 18.5% | 0.47 | 0.67 | -20.8% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 12, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Feb 2022” measures every fund from February 24, 2022 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Side-by-side snapshot
| Metric |  PDI |  RLTY |
|---|---|---|
| Full name | PIMCO Dynamic Income Fund | Cohen & Steers Real Estate Opportunities and Income Fund |
| Issuer | PIMCO | Cohen & Steers |
| Last Close | $14.37 as of October 12, 2026 | $14.00 as of October 12, 2026 |
| Distribution rate | 18.41% | 9.43% |
| Trailing 12-month yield | 19.99% | 10.21% |
| Distribution Safety Score™ | 88 | 94 |
| Safety-Adjusted Yield | 16.20% | 8.86% |
| Expense ratio | 2.1375% | — |
| AUM | $3.73B | — |
| Distribution frequency | Monthly | Monthly |
| Underlying index | — | — |
| Objective | A closed-end fund targeting income and capital appreciation. | Seeks high current income with capital appreciation by investing in real estate securities and income-producing instruments. |
| Asset class | Fixed Income | Equity |
| Inception date | 05/25/2012 | 02/24/2022 |
| Last dividend | $0.2205 declared, pays 11/02/2026 | $0.11 declared, pays 11/30/2026 |
| Ex-dividend date | 10/13/2026 upcoming | 11/10/2026 upcoming |
Bottom lineChoose PDI if you want higher current income (18.41% vs 9.43% for RLTY). Choose RLTY if you want real-estate income and inflation sensitivity.
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Quick verdict
PDI (PIMCO Dynamic Income Fund) and RLTY (Cohen & Steers Real Estate Opportunities and Income Fund) are both monthly-pay dividend-paying closed-end funds (CEFs), but they take different approaches.
PDI offers the higher yield at 18.41% vs 9.43% for RLTY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
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Deep dive
Yield & income
On a $10,000 investment, PDI would generate roughly $153.42 cash per distribution, while RLTY would produce $78.58 cash per distribution, at current distribution rates. Both pay monthly distributions.
Cost & efficiency
PDI charges a 2.1375% expense ratio — roughly $2,138 over 10 years on $10,000 (simplified, not compounded). RLTY has not published an expense ratio, so a direct cost comparison isn't possible.
Strategy & risk
PDI is a closed-end fund built around closed-end fund exposure, while RLTY is a closed-end fund built around real estate exposure.
Fund details
PDI is managed by PIMCO (launched 05/25/2012) with $3.73B in assets. RLTY is managed by Cohen & Steers (launched 02/24/2022).
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Frequently asked questions
What is the current distribution rate for PDI and RLTY?
PDI currently distributes 18.41% and RLTY 9.43%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is PDI or RLTY better for dividend income?
It depends on your goals. PDI currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between PDI and RLTY?
PDI (PIMCO Dynamic Income Fund) is a closed-end fund built around closed-end fund exposure, while RLTY (Cohen & Steers Real Estate Opportunities and Income Fund) is a closed-end fund built around real estate exposure. They are issued by PIMCO and Cohen & Steers respectively.
Can I hold both PDI and RLTY?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Is PDI or RLTY safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — RLTY scores 94, PDI scores 88, so RLTY's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.
Which has lower fees, PDI or RLTY?
PDI charges a 2.1375% expense ratio. RLTY has not published an expense ratio, so a direct fee comparison isn't possible.
How much income does $10,000 in PDI vs RLTY generate?
At current rates, $10,000 in PDI would generate roughly $153.42 cash per distribution ($1,841.00 annually). The same in RLTY would produce about $78.58 cash per distribution ($943.00 annually).
Which has performed better historically, PDI or RLTY?
PDI has lagged RLTY over the trailing twelve months, posting a -15.15% total return against 2.01%. The lead holds up over 3 years too: RLTY has compounded at 14.01% a year, against 9.35% for PDI. PDI has been the steadier holding, though — annualized volatility of 14.7% against 18.5% for RLTY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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PDI vs RLTY — at a glance
Generated October 10, 2026.
Overview
PDI and RLTY are both closed-end funds paying monthly distributions, but they target fundamentally different asset classes. The critical difference is their yield structure—PDI distributes at 18.41%, while RLTY distributes at 9.43%—which reflects both their underlying holdings and their willingness to deploy leverage and return-of-capital strategies.
How they differ
PDI pursues a higher headline yield through a mix of taxable and tax-exempt bonds, bank loans, and other fixed-income instruments, supported by leverage. RLTY focuses on real estate equity exposure—REITs and real estate securities—alongside income-producing instruments, with a gentler yield profile. The yield gap of nearly 9 percentage points is the headline distinction: PDI's 18.41% versus RLTY's 9.43% reflects both asset-class risk (credit and rates versus real estate cycles) and structural choices around leverage and capital return.
PDI is the older and significantly larger fund, with $3.73B in assets and a 05/25/2012 inception, while RLTY is much newer—launched 02/24/2022—and likely smaller. PDI's expense ratio is 2.1375%, a manageable cost for the active management and leverage it employs. Both funds distribute monthly, so income timing is similar; the real comparison is whether the extra yield in PDI justifies its leverage and fixed-income risk, or whether RLTY's real estate tilt fits your return expectations better.
Who each is best for
PDI: Fits investors seeking high current income from fixed-income and credit exposures who can tolerate leverage-driven volatility and the likelihood that portions of distributions may consist of return of capital rather than earned income—particularly those with long holding horizons and modest capital-appreciation needs.
RLTY: Designed for investors wanting monthly distributions from real estate equity while maintaining some exposure to property appreciation and inflation hedges; suits those with moderate yield needs and an appetite for real estate cyclicality without leverage. This structure poses a serious risk that NAV per share erodes over multi-year periods, even if underlying holdings perform adequately.
- Leverage amplifies market losses. CEFs often use leverage to boost yields. PDI's high payout almost certainly reflects borrowed capital; if credit spreads widen or interest rates rise further, mark-to-market losses on both the borrowed and owned positions compress NAV rapidly.
- Real estate cycle exposure in RLTY. Real estate securities are sensitive to interest rates, property valuations, and capital availability. RLTY's newer vintage and real estate focus mean its portfolio has not weathered a full cycle, and rising rates or a recession could pressure both valuations and REIT dividend coverage.
- Limited fee and size transparency for RLTY. RLTY does not report its expense ratio or AUM, making cost and scale evaluation difficult. Smaller or newer funds sometimes carry higher all-in costs than disclosed ratios suggest.
Bottom line
If you're hunting maximum current income and can tolerate the likelihood of NAV erosion and leverage-driven volatility, PDI's 18.41% yield and PIMCO management appeal. If you prefer a real estate tilt with moderate distributions and don't need extreme income, RLTY's 9.43% is more conservative—though its short track record means less history to learn from. Past performance does not guarantee future results; both funds' payouts depend on market conditions and capital structure that may shift materially.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
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These comparisons follow the Dividend Vision methodology.