PBJA vs SPY
PGIM S&P 500 Buffer 20 ETF - January vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PBJA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $63M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 7 | 505 | |
| YTD Return | +6.20% | +13.68% | |
| 1Y Return | +10.81% | +21.53% | |
| 3Y Return (annualized) | - | +21.44% | |
| 5Y Return (annualized) | - | +13.18% | |
| Volatility (annualized) | 4.4% | 15.3% | |
| Max Drawdown | -8.5% | -56.5% | |
| Fund Family | PGIM Investments | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Dec 29, 2023 | Jan 22, 1993 |
PBJA vs SPY Performance
PGIM S&P 500 Buffer 20 ETF - January (PBJA) is a ETF from PGIM Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PBJA returned +10.81% while SPY returned +21.53%. Year to date, PBJA is up 6.20% versus a gain of 13.68% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 4.4% for PBJA. 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 -8.5% for PBJA 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 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
PBJA charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, PBJA currently yields 0.00% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, PBJA or SPY?
PBJA has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, PBJA or SPY?
Over the past year PBJA returned +10.81% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), PBJA annualized +11.06% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PBJA or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 4.4% for PBJA. Worst drawdown: PBJA -8.5% vs SPY -56.5%.
Should I hold both PBJA and SPY?
PBJA and SPY have a monthly-return correlation of 0.93, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
Which pays a higher dividend, PBJA or SPY?
PBJA yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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