PDBA vs SPY
Invesco Agriculture Commodity Strategy No K-1 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 | PDBA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.59% | 0.09% | |
| AUM | $307M | $789.1B | |
| Dividend Yield | 3.17% | 1.01% | |
| Holdings | 17 | 505 | |
| YTD Return | +9.00% | +13.75% | |
| 1Y Return | +7.98% | +22.91% | |
| 3Y Return (annualized) | +13.73% | +21.67% | |
| 5Y Return (annualized) | - | +13.32% | |
| Volatility (annualized) | 10.9% | 15.3% | |
| Max Drawdown | -12.4% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Commodity | Equity | |
| Inception | Aug 24, 2022 | Jan 22, 1993 |
PDBA vs SPY Performance
Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) 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 PDBA returned +7.98% while SPY returned +22.91%. Year to date, PDBA is up 9.00% versus a gain of 13.75% for SPY.
Over three years, PDBA compounded at +13.73% per year against +21.67% for SPY. Across the full 4-year window we track, PDBA has the edge at +11.56% annualized vs +8.85%. 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 10.9% for PDBA. 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 -12.4% for PDBA 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 0.11. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PDBA charges 0.59% per year while SPY charges 0.09%. On a $10,000 position that is $59 vs $9 annually, a gap of $50 per year that compounds over a long holding period. On income, PDBA currently yields 3.17% against 1.01% for SPY.
Holdings Overlap
PDBA and SPY share 0 holdings out of 504 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, PDBA or SPY?
PDBA has an expense ratio of 0.59% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $50 per year of difference.
Which performed better, PDBA or SPY?
Over the past year PDBA returned +7.98% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), PDBA annualized +11.56% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PDBA or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 10.9% for PDBA. Worst drawdown: PDBA -12.4% vs SPY -56.5%.
Should I hold both PDBA and SPY?
PDBA and SPY have a monthly-return correlation of 0.11, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PDBA and SPY?
PDBA and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, PDBA or SPY?
PDBA yields 3.17% while SPY yields 1.01%, so PDBA currently pays the higher dividend yield.
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