PBTP vs SPY
Invesco 0-5 Yr US TIPS ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
PBTP has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | PBTP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.07% | 0.09% | |
| AUM | $130M | $821.1B | |
| Dividend Yield | 4.80% | 1.01% | |
| Holdings | 26 | 505 | |
| YTD Return | -0.54% | +12.22% | |
| 1Y Return | -0.76% | +20.83% | |
| 3Y Return (annualized) | +3.91% | +21.70% | |
| 5Y Return (annualized) | +2.40% | +12.98% | |
| Volatility (annualized) | 2.7% | 15.3% | |
| Max Drawdown | -5.4% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Sep 19, 2017 | Jan 22, 1993 |
PBTP vs SPY Performance
Invesco 0-5 Yr US TIPS ETF (PBTP) 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 PBTP returned -0.76% while SPY returned +20.83%. Year to date, PBTP is down 0.54% versus a gain of 12.22% for SPY.
Over three years, PBTP compounded at +3.91% per year against +21.70% for SPY; over five years the annualized figures are +2.40% and +12.98% respectively. Across the full 9-year window we track, SPY has the edge at +8.79% annualized vs +2.90%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 2.7% for PBTP. 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 -5.4% for PBTP 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 0.52. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PBTP charges 0.07% per year while SPY charges 0.09%. On a $10,000 position that is $7 vs $9 annually, a gap of $2 per year that compounds over a long holding period. On income, PBTP currently yields 4.80% against 1.01% for SPY.
Holdings Overlap
PBTP and SPY share 0 holdings out of 528 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PBTP or SPY?
PBTP has an expense ratio of 0.07% while SPY charges 0.09%. PBTP is the cheaper option. On a $10,000 investment, that is $2 per year of difference.
Which performed better, PBTP or SPY?
Over the past year PBTP returned -0.76% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (9 years), PBTP annualized +2.90% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, PBTP or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 2.7% for PBTP. Worst drawdown: PBTP -5.4% vs SPY -56.5%.
Should I hold both PBTP and SPY?
PBTP and SPY have a monthly-return correlation of 0.52, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PBTP and SPY?
PBTP and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 528 unique securities.
Which pays a higher dividend, PBTP or SPY?
PBTP yields 4.80% while SPY yields 1.01%, so PBTP currently pays the higher dividend yield.
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