PBW vs SPY
Invesco WilderHill Clean Energy ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PBW or SPY?
Small Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. PBW is less concentrated, with 21.6% of the fund in its ten largest positions against 37.8%.
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 | PBW | SPY |
|---|---|---|
| Expense Ratio | 0.64% | 0.09%Best |
| AUM | $380M | $804.7B |
| Dividend Yield | 1.49% | 0.98% |
| Holdings | 70 | 505 |
| YTD Return | -4.70% | +12.09%Best |
| 1Y Return | +11.11% | +16.29%Best |
| 3Y Return (annualized) | -1.80% | +21.20%Best |
| 5Y Return (annualized) | -15.07% | +13.37%Best |
| Volatility (annualized) | 35.4% | 14.9%Best |
| Max Drawdown | -89.7% | -56.5%Best |
| $10,000 over 5 years | $4,419 | $18,728Best |
| Top 10 Weight | 21.6%Best | 37.8% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Growth | Large Cap Blend |
| Inception | Mar 3, 2005 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Mar 3, 2005 to Sep 18, 2026 (21.5 years).
PBW 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 21.5 years both funds cover.
PBW vs SPY Performance
Invesco WilderHill Clean Energy ETF (PBW) 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 PBW returned +11.11% while SPY returned +16.29%. Year to date, PBW is down 4.70% versus a gain of 12.09% for SPY.
Over three years, PBW compounded at -1.80% per year against +21.20% for SPY; over five years the annualized figures are -15.07% and +13.37% respectively. Across the full 22-year window we track, SPY has the edge at +9.28% annualized vs -3.75%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PBW has been the more volatile fund, with annualized monthly volatility of 35.4% compared with 14.9% 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 -89.7% for PBW 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 0.69. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PBW charges 0.64% per year while SPY charges 0.09%. On a $10,000 position that is $64 vs $9 annually, a gap of $55 per year that compounds over a long holding period. On income, PBW currently yields 1.49% against 0.98% for SPY.
Holdings Overlap
7.8% of PBW's money is in holdings SPY also owns. 1.8% of SPY's money is in holdings PBW also owns.
PBW and SPY share little of their money.
5 positions in common, counted across the 71 positions we hold weights for in PBW and 504 in SPY, against full books of 70 and 505.
What only one of them owns
Our book lists 492 positions for SPY that do not appear in our book for PBW (97.5% of the fund), and 55 for PBW that do not appear in SPY (76.1%).
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.
You are not choosing between two funds in isolation.
Whichever of PBW and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PBW or SPY?
PBW has an expense ratio of 0.64% while SPY charges 0.09%. SPY is the cheaper option, by $55 a year on a $10,000 investment.
Which performed better, PBW or SPY?
Over the past year PBW returned +11.11% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (22 years), PBW annualized -3.75% vs +9.28% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PBW or SPY?
PBW has been the more volatile fund at 35.4% annualized versus 14.9% for SPY. Worst drawdown: PBW -89.7% vs SPY -56.5%.
Should I hold both PBW and SPY?
PBW and SPY have a monthly-return correlation of 0.69, 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 PBW and SPY?
7.8% of PBW's money is in holdings SPY also owns. 1.8% of SPY's is in holdings PBW also owns. They hold 5 positions in common, counted across the 71 positions we hold weights for in PBW and 504 in SPY.
Which pays a higher dividend, PBW or SPY?
PBW yields 1.49% while SPY yields 0.98%, so PBW currently pays the higher dividend yield.
Is SPY better than PBW?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. PBW is less concentrated, with 21.6% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.