PCEM vs SPY
Polen Capital Emerging Markets ex-China Growth ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PCEM or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. PCEM led over 1Y, SPY over the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 45.0%.
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 | PCEM | SPY |
|---|---|---|
| Expense Ratio | 1.00% | 0.09%Best |
| AUM | $3M | $804.7B |
| Dividend Yield | 0.34% | 0.98% |
| Holdings | 35 | 505 |
| Volatility (annualized) | 15.5% | 10.9%Best |
| Max Drawdown | -19.9% | -18.8%Best |
| $10,000 over 1.5 years | $11,909 | $12,273Best |
| Top 10 Weight | 45.0% | 37.8%Best |
| Fund Family | Polen Capital | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Sep 10, 2024 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 191 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. PCEM has data through Mar 16, 2026 and SPY through Sep 23, 2026.
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Sep 11, 2024 to Mar 16, 2026 (1.5 years).
Risk: Volatility and Drawdowns
PCEM has been the more volatile fund, with annualized monthly volatility of 15.5% compared with 10.9% 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 -19.9% for PCEM and -18.8% 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 0.49. They move together some of the time, and apart the rest.
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 0.98% for SPY.
Holdings Overlap
We hold position weights for 35 holdings in PCEM and 504 in SPY, totalling 99.2% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 277 days apart, PCEM as of Nov 28, 2025 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 35 positions we hold weights for in PCEM and 504 in SPY, against full books of 35 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for PCEM (99.3% of the fund), and 1 for PCEM that do not appear in SPY (3.6%).
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 PCEM 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, PCEM or SPY?
PCEM has an expense ratio of 1.00% while SPY charges 0.09%. SPY is the cheaper option, by $91 a year on a $10,000 investment.
Which is riskier, PCEM or SPY?
PCEM has been the more volatile fund at 15.5% annualized versus 10.9% for SPY. Worst drawdown: PCEM -19.9% vs SPY -18.8%.
Should I hold both PCEM and SPY?
PCEM and SPY have a monthly-return correlation of 0.49, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, PCEM or SPY?
PCEM yields 0.34% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than PCEM?
SPY has a lower expense ratio. PCEM led over 1Y, SPY over the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 45.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.