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.
Data updated August 28, 2026
Best for
- PDIInvestors who want higher current income (17.30% vs 8.47% 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
PDI has lagged RLTY over the trailing twelve months, posting a -9.73% total return against 8.31%. The lead holds up over 3 years too: RLTY has compounded at 13.95% a year, against 8.46% for PDI. PDI has been the steadier holding, though — annualized volatility of 14.6% against 18.8% for RLTY. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD | 1Y | 3Y | Since Feb 2022 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|
| PDI | -6.61% | -9.73% | 8.46% | 4.24% | 14.6% | 0.25 | 0.32 | -14.8% |
| RLTY | 10.86% | 8.31% | 13.95% | 3.00% | 18.8% | 0.46 | 0.65 | -20.8% |
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 28, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Feb 2022” measures every fund from February 24, 2022 — the youngest fund's first trading day — 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 | $15.33 as of August 28, 2026 | $15.58 as of August 28, 2026 |
| Distribution yield | 17.30% | 8.47% |
| Distribution Safety Score™ | 90 | 99 |
| Safety-Adjusted Yield | 15.57% | 8.39% |
| Expense ratio | 2.18% | — |
| 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 | $0.2210 | $0.1100 |
| Ex-dividend date | 08/13/2026 | 09/08/2026 |
Bottom lineChoose PDI if you want higher current income (17.30% vs 8.47% 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 17.30% vs 8.47% 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 $144.17/month, while RLTY would produce $70.58/month, at current distribution rates. Both pay monthly distributions.
Cost & efficiency
PDI charges a 2.18% expense ratio — roughly $2,180 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 yield for PDI and RLTY?
PDI currently distributes 17.30% and RLTY 8.47%, based on fund data updated August 2026. Distribution yield 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 99, PDI scores 90, 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 2.18% 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 $144.17 per month ($1,730.00 annually). The same in RLTY would produce about $70.58 per month ($847.00 annually).
Which has performed better historically, PDI or RLTY?
PDI has lagged RLTY over the trailing twelve months, posting a -9.73% total return against 8.31%. The lead holds up over 3 years too: RLTY has compounded at 13.95% a year, against 8.46% for PDI. PDI has been the steadier holding, though — annualized volatility of 14.6% against 18.8% 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 August 29, 2026.
Overview
PDI and RLTY are both closed-end funds paying monthly distributions, but they pursue fundamentally different strategies. PDI, with $3.73B in assets, focuses on fixed-income securities and tactical allocation to capture both yield and price appreciation in bond markets. RLTY, a much newer fund launched in February 2022, invests in real estate securities and income-producing instruments to deliver returns from property valuations and rental income. The key distinction is asset class: PDI is bond-centric while RLTY targets equity real estate.
How they differ
PDI's 17.30% distribution rate towers over RLTY's 8.47%, a gap that reflects both the fund's underlying yield (fixed-income securities naturally throw off higher current income) and PIMCO's willingness to include return-of-capital distributions—a common practice for high-yield CEFs. RLTY launched less than two years ago, so its distribution and performance record are nascent; PDI has operated since 2012 and has weathered multiple interest-rate cycles. On structure, both pay monthly, but PDI charges a 2.18% expense ratio while RLTY's is not reported. The funds' underlying exposures may overlap minimally—PDI owns bonds and bond derivatives, while RLTY holds REITs, real estate operating companies, and related income instruments—so their price movements and risk drivers diverge materially.
Who each is best for
PDI: Fits investors seeking monthly cash flow from a diversified fixed-income portfolio and willing to accept that a significant portion of distributions may represent a return of capital rather than earned yield.
RLTY: Designed for investors who want real estate exposure and monthly income, with a higher tolerance for equity volatility and property-market cycles than bond-fund investors typically carry.
Key risks to know
- NAV erosion at high distribution yields. PDI's 17.30% distribution rate substantially exceeds what a typical fixed-income portfolio generates in running yield, suggesting distributions include meaningful return of capital. Over time, this structure tends to erode net asset value if underlying holdings don't appreciate enough to offset distributions.
- Interest-rate and duration risk for PDI. As a bond-focused fund, PDI's NAV is sensitive to moves in Treasury yields and credit spreads. Rising rates compress bond prices; falling rates support them. RLTY faces different rate exposure: higher rates can pressure REIT valuations through capitalization-rate expansion, but also benefit from reduced financing costs over time.
- Real estate cycle and valuation risk for RLTY. REITs and real estate securities are cyclical. In a recession or during commercial real estate stress (office oversupply, retail weakness, or financing constraints), RLTY's underlying holdings could see values fall and dividend cuts ripple through the fund.
- Leverage and derivatives risk for PDI. PIMCO CEFs often employ leverage and tactical derivatives to enhance yield. This amplifies both upside and downside, and can magnify losses in stressed markets or when volatility spikes.
- Limited track record for RLTY. With an inception date of February 2022, RLTY has operated through only one full calendar year and has not weathered a rising-rate or recession scenario. Its distribution sustainability and NAV behavior under stress remain unproven.
Bottom line
PDI offers substantially higher monthly income but likely relies on capital return to sustain its 17.30% payout, creating a risk of NAV decline if bond prices stagnate or fall. RLTY provides lower but potentially more stable real estate-backed income, though its youth and equity-market sensitivity introduce execution and cyclical risks PIMCO's older fixed-income fund has already demonstrated. If maximizing current monthly distributions is the priority, PDI delivers; if you prefer real estate diversification with a lower payout and higher equity exposure, RLTY fits that profile—but verify the sustainability of either fund's distributions and monitor NAV trend. Past performance does not guarantee future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
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