PBNV vs SPY
PGIM S&P 500 Buffer 20 ETF - November 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 | PBNV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $34M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 7 | 505 | |
| YTD Return | +7.55% | +14.47% | |
| 1Y Return | +10.88% | +21.96% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 4.9% | 15.3% | |
| Max Drawdown | -8.4% | -56.5% | |
| Fund Family | PGIM Investments | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | May 22, 2024 | Jan 22, 1993 |
PBNV vs SPY Performance
PGIM S&P 500 Buffer 20 ETF - November (PBNV) 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 PBNV returned +10.88% while SPY returned +21.96%. Year to date, PBNV is up 7.55% versus a gain of 14.47% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 4.9% for PBNV. 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 -8.4% for PBNV 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 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
PBNV 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, PBNV currently yields 0.00% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, PBNV or SPY?
PBNV 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, PBNV or SPY?
Over the past year PBNV returned +10.88% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), PBNV annualized +11.12% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, PBNV or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 4.9% for PBNV. Worst drawdown: PBNV -8.4% vs SPY -56.5%.
Should I hold both PBNV and SPY?
PBNV and SPY have a monthly-return correlation of 0.97, 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, PBNV or SPY?
PBNV yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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