PBE vs SPY
Invesco Biotechnology and Genome ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. PBE delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PBE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.58% | 0.09% | |
| AUM | $283M | $789.1B | |
| Dividend Yield | 1.73% | 1.01% | |
| Holdings | 33 | 505 | |
| YTD Return | +15.27% | +13.39% | |
| 1Y Return | +47.38% | +22.52% | |
| 3Y Return (annualized) | +15.81% | +21.36% | |
| 5Y Return (annualized) | +4.94% | +13.19% | |
| Volatility (annualized) | 21.2% | 15.3% | |
| Max Drawdown | -45.7% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jun 23, 2005 | Jan 22, 1993 |
PBE vs SPY Performance
Invesco Biotechnology and Genome ETF (PBE) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PBE returned +47.38% while SPY returned +22.52%. Year to date, PBE is up 15.27% versus a gain of 13.39% for SPY.
Over three years, PBE compounded at +15.81% per year against +21.36% for SPY; over five years the annualized figures are +4.94% and +13.19% respectively. Across the full 21-year window we track, PBE has the edge at +9.28% annualized vs +8.84%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PBE has been the more volatile fund, with annualized monthly volatility of 21.2% compared with 15.3% 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 -45.7% for PBE and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PBE charges 0.58% per year while SPY charges 0.09%. On a $10,000 position that is $58 vs $9 annually, a gap of $49 per year that compounds over a long holding period. On income, PBE currently yields 1.73% against 1.01% for SPY.
Holdings Overlap
PBE and SPY share 7 holdings out of 527 unique holdings combined, representing a 1.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PBE or SPY?
PBE has an expense ratio of 0.58% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $49 per year of difference.
Which performed better, PBE or SPY?
Over the past year PBE returned +47.38% vs +22.52% for SPY, so PBE leads on 1-year performance. Over the longest common window we track (21 years), PBE annualized +9.28% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, PBE or SPY?
PBE has been the more volatile fund at 21.2% annualized versus 15.3% for SPY. Worst drawdown: PBE -45.7% vs SPY -56.5%.
Should I hold both PBE and SPY?
PBE and SPY have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PBE and SPY?
PBE and SPY share 7 common holdings with a 1.0% weight overlap. Combined, they hold 527 unique securities.
Which pays a higher dividend, PBE or SPY?
PBE yields 1.73% while SPY yields 1.01%, so PBE currently pays the higher dividend yield.
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