PCEM vs SPY
Polen Capital Emerging Markets ex-China Growth ETF 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 | PCEM | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.00% | 0.09% | |
| AUM | $3M | $789.1B | |
| Dividend Yield | 0.34% | 1.01% | |
| Holdings | 35 | 505 | |
| YTD Return | +4.05% | +13.39% | |
| 1Y Return | +20.55% | +22.52% | |
| 3Y Return (annualized) | - | +21.36% | |
| 5Y Return (annualized) | - | +13.19% | |
| Volatility (annualized) | 15.5% | 15.3% | |
| Max Drawdown | -19.9% | -56.5% | |
| Fund Family | Polen Capital | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 10, 2024 | Jan 22, 1993 |
PCEM vs SPY Performance
Polen Capital Emerging Markets ex-China Growth ETF (PCEM) is a ETF from Polen Capital and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PCEM returned +20.55% while SPY returned +22.52%. Year to date, PCEM is up 4.05% versus a gain of 13.39% for SPY.
Risk: Volatility and Drawdowns
PCEM has been the more volatile fund, with annualized monthly volatility of 15.5% compared with 15.3% 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 -19.9% for PCEM 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 0.49. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PCEM charges 1.00% per year while SPY charges 0.09%. On a $10,000 position that is $100 vs $9 annually, a gap of $91 per year that compounds over a long holding period. On income, PCEM currently yields 0.34% against 1.01% for SPY.
Holdings Overlap
PCEM and SPY share 0 holdings out of 538 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, PCEM or SPY?
PCEM has an expense ratio of 1.00% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $91 per year of difference.
Which performed better, PCEM or SPY?
Over the past year PCEM returned +20.55% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), PCEM annualized +12.35% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, PCEM or SPY?
PCEM has been the more volatile fund at 15.5% annualized versus 15.3% for SPY. Worst drawdown: PCEM -19.9% vs SPY -56.5%.
Should I hold both PCEM and SPY?
PCEM and SPY have a monthly-return correlation of 0.49, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PCEM and SPY?
PCEM and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 538 unique securities.
Which pays a higher dividend, PCEM or SPY?
PCEM yields 0.34% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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