PBE vs SPY
Invesco Biotechnology and Genome ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PBE or SPY?
Small Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. PBE led over 1Y, SPY over 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 46.5%.
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 | PBE | SPY |
|---|---|---|
| Expense Ratio | 0.58% | 0.09%Best |
| AUM | $477M | $804.7B |
| Dividend Yield | 1.60% | 0.98% |
| Holdings | 33 | 505 |
| YTD Return | +17.80%Best | +13.82% |
| 1Y Return | +38.55%Best | +16.96% |
| 3Y Return (annualized) | +19.52% | +22.97%Best |
| 5Y Return (annualized) | +4.91% | +13.73%Best |
| Volatility (annualized) | 21.2% | 15.0%Best |
| Max Drawdown | -45.7%Best | -56.5% |
| $10,000 over 5 years | $12,708 | $19,027Best |
| Top 10 Weight | 46.5% | 37.8%Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | Jun 23, 2005 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 23, 2005 to Sep 21, 2026 (21.2 years).
PBE 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 21.2 years both funds cover.
PBE vs SPY Performance
Invesco Biotechnology and Genome ETF (PBE) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year PBE returned +38.55% while SPY returned +16.96%. Year to date, PBE is up 17.80% versus a gain of 13.82% for SPY.
Over three years, PBE compounded at +19.52% per year against +22.97% for SPY; over five years the annualized figures are +4.91% and +13.73% respectively. Across the full 21-year window we track, SPY has the edge at +9.55% annualized vs +9.34%.
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 15.0% 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 what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.67. They move together some of the time, and apart the rest.
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 1.60% against 0.98% for SPY.
Holdings Overlap
31.7% of PBE's money is in holdings SPY also owns. 1.1% of SPY's money is in holdings PBE also owns.
The two portfolios partly overlap.
7 positions in common, counted across the 31 positions we hold weights for in PBE and 504 in SPY, against full books of 33 and 505.
What only one of them owns
Our book lists 490 positions for SPY that do not appear in our book for PBE (98.3% of the fund), and 22 for PBE that do not appear in SPY (60.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in PBE | Weight in SPY | Difference |
|---|---|---|---|
| AMGNAmgen Inc. | 5.42% | 0.36% | 5.06% |
| VRTXNvaesrtex Pharmaceuticals Inc | 5.28% | 0.21% | 5.07% |
| REGNRegeneron Pharmaceuticals, Inc. | 5.30% | 0.13% | 5.17% |
| GILDGilead Sciences | 4.61% | 0.28% | 4.33% |
| BIIBBiogen Inc. Com | 4.73% | 0.05% | 4.68% |
| TECHBio-Techne Corp | 3.47% | 0.02% | 3.45% |
| INCYIncyte Corp. | 2.92% | 0.03% | 2.89% |
31.7% of PBE is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
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, by $49 a year on a $10,000 investment.
Which performed better, PBE or SPY?
Over the past year PBE returned +38.55% vs +16.96% for SPY, so PBE leads on 1-year performance. Over the longest common window we track (21 years), PBE annualized +9.34% vs +9.55% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PBE or SPY?
PBE has been the more volatile fund at 21.2% annualized versus 15.0% 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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between PBE and SPY?
31.7% of PBE's money is in holdings SPY also owns. 1.1% of SPY's is in holdings PBE also owns. They hold 7 positions in common, counted across the 31 positions we hold weights for in PBE and 504 in SPY.
Which pays a higher dividend, PBE or SPY?
PBE yields 1.60% while SPY yields 0.98%, so PBE currently pays the higher dividend yield.
Is SPY better than PBE?
SPY has a lower expense ratio. PBE led over 1Y, SPY over 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 46.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.