PBJ vs SPY
Invesco Food and Beverage ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PBJ or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 46.7%.
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 | PBJ | SPY |
|---|---|---|
| Expense Ratio | 0.61% | 0.09%Best |
| AUM | $94M | $814.4B |
| Dividend Yield | 1.26% | 1.01% |
| Holdings | 32 | 505 |
| YTD Return | +8.30% | +13.78%Best |
| 1Y Return | +2.86% | +21.44%Best |
| 3Y Return (annualized) | +4.79% | +21.38%Best |
| 5Y Return (annualized) | +3.90% | +12.80%Best |
| Volatility (annualized) | 13.0%Best | 15.0% |
| Max Drawdown | -41.7%Best | -56.5% |
| $10,000 over 5 years | $12,108 | $18,262Best |
| Top 10 Weight | 46.7% | 38.0%Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | 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 3, 2026 (21.2 years).
PBJ 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.
PBJ vs SPY Performance
Invesco Food and Beverage ETF (PBJ) 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 PBJ returned +2.86% while SPY returned +21.44%. Year to date, PBJ is up 8.30% versus a gain of 13.78% for SPY.
Over three years, PBJ compounded at +4.79% per year against +21.38% for SPY; over five years the annualized figures are +3.90% and +12.80% respectively. Across the full 21-year window we track, SPY has the edge at +9.58% annualized vs +6.09%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.0% compared with 13.0% for PBJ. 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 -41.7% for PBJ 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 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PBJ charges 0.61% per year while SPY charges 0.09%. On a $10,000 position that is $61 vs $9 annually, a gap of $52 per year that compounds over a long holding period. On income, PBJ currently yields 1.26% against 1.01% for SPY.
Holdings Overlap
45.0% of PBJ's money is in holdings SPY also owns. 1.3% of SPY's money is in holdings PBJ also owns.
The two portfolios partly overlap.
10 positions in common, counted across the 31 positions we hold weights for in PBJ and 504 in SPY, against full books of 32 and 505.
What only one of them owns
Our book lists 486 positions for SPY that do not appear in our book for PBJ (98.1% of the fund), and 18 for PBJ that do not appear in SPY (47.1%).
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 PBJ | Weight in SPY | Difference |
|---|---|---|---|
| KOCoca Cola Co. | 5.41% | 0.50% | 4.91% |
| MNSTMonster Beverage Corp. | 5.41% | 0.10% | 5.31% |
| SBUXStarbucks Corp | 5.20% | 0.18% | 5.02% |
| ADMArcher-Daniels-Midland Co. | 5.14% | 0.06% | 5.08% |
| PEPPepsico Inc. | 4.80% | 0.29% | 4.51% |
| CTVACorteva Inc Ctva | 4.97% | 0.08% | 4.89% |
| HSYHershey Co. | 4.71% | 0.04% | 4.67% |
| KRKroger Co. | 4.50% | 0.05% | 4.45% |
| TSNTyson Foods Inc. Class A | 2.47% | 0.02% | 2.45% |
| BGBunge Global Sa Common Shares | 2.43% | 0.02% | 2.41% |
45.0% of PBJ 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, PBJ or SPY?
PBJ has an expense ratio of 0.61% while SPY charges 0.09%. SPY is the cheaper option, by $52 a year on a $10,000 investment.
Which performed better, PBJ or SPY?
Over the past year PBJ returned +2.86% vs +21.44% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), PBJ annualized +6.09% vs +9.58% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PBJ or SPY?
SPY has been the more volatile fund at 15.0% annualized versus 13.0% for PBJ. Worst drawdown: PBJ -41.7% vs SPY -56.5%.
Should I hold both PBJ and SPY?
PBJ and SPY have a monthly-return correlation of 0.72, 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 PBJ and SPY?
45.0% of PBJ's money is in holdings SPY also owns. 1.3% of SPY's is in holdings PBJ also owns. They hold 10 positions in common, counted across the 31 positions we hold weights for in PBJ and 504 in SPY.
Which pays a higher dividend, PBJ or SPY?
PBJ yields 1.26% while SPY yields 1.01%, so PBJ currently pays the higher dividend yield.
Is SPY better than PBJ?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 46.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.