PDP vs SPY
Invesco Dorsey Wright Momentum ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PDP or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. PDP led over 1Y and the full window, SPY over 3Y and 5Y. PDP is less concentrated, with 24.2% of the fund in its ten largest positions against 38.0%.
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 | PDP | SPY |
|---|---|---|
| Expense Ratio | 0.62% | 0.09%Best |
| AUM | $1.4B | $814.4B |
| Dividend Yield | 0.09% | 1.01% |
| Holdings | 103 | 505 |
| YTD Return | +15.28%Best | +12.71% |
| 1Y Return | +20.33%Best | +19.36% |
| 3Y Return (annualized) | +19.67% | +21.09%Best |
| 5Y Return (annualized) | +8.10% | +12.69%Best |
| Volatility (annualized) | 18.3% | 15.5%Best |
| Max Drawdown | -59.3% | -56.5%Best |
| $10,000 over 5 years | $14,761 | $18,173Best |
| Top 10 Weight | 24.2%Best | 38.0% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Mar 1, 2007 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Mar 1, 2007 to Sep 8, 2026 (19.5 years).
PDP 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 19.5 years both funds cover.
PDP vs SPY Performance
Invesco Dorsey Wright Momentum ETF (PDP) 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 PDP returned +20.33% while SPY returned +19.36%. Year to date, PDP is up 15.28% versus a gain of 12.71% for SPY.
Over three years, PDP compounded at +19.67% per year against +21.09% for SPY; over five years the annualized figures are +8.10% and +12.69% respectively. Across the full 20-year window we track, PDP has the edge at +9.67% annualized vs +9.49%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PDP has been the more volatile fund, with annualized monthly volatility of 18.3% compared with 15.5% 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 -59.3% for PDP 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 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PDP charges 0.62% per year while SPY charges 0.09%. On a $10,000 position that is $62 vs $9 annually, a gap of $53 per year that compounds over a long holding period. On income, PDP currently yields 0.09% against 1.01% for SPY.
Holdings Overlap
65.8% of PDP's money is in holdings SPY also owns. 25.1% of SPY's money is in holdings PDP also owns.
The two portfolios partly overlap.
60 positions in common, counted across the 101 positions we hold weights for in PDP and 503 in SPY, against full books of 103 and 505.
What only one of them owns
Our book lists 434 positions for SPY that do not appear in our book for PDP (74.4% of the fund), and 40 for PDP that do not appear in SPY (33.3%).
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.
Top Shared Holdings
| Stock | Weight in PDP | Weight in SPY | Difference |
|---|---|---|---|
| AAPLApple Inc Ord | 3.29% | 6.83% | 3.54% |
| GOOGL Alphabet Inc. Class A | 1.26% | 3.33% | 2.07% |
| APHAmphenol Corp. Class A | 3.08% | 0.32% | 2.76% |
| MUMicron Technology, Inc. | 1.80% | 1.51% | 0.29% |
| TRGPTarga Resources Inc | 2.70% | 0.08% | 2.62% |
| FIXComfort Systems Usa Inc Common Stock | 2.55% | 0.09% | 2.46% |
| SNDKSandisk Corp | 2.20% | 0.32% | 1.88% |
| AMATApplied Materials, Inc. | 1.86% | 0.65% | 1.21% |
| AMDAdvanced Micro Devices Inc | 1.05% | 1.27% | 0.22% |
| WDCWestern Digital Corp Company Guar 11/28 3 | 1.97% | 0.28% | 1.69% |
65.8% of PDP is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PDP or SPY?
PDP has an expense ratio of 0.62% while SPY charges 0.09%. SPY is the cheaper option, by $53 a year on a $10,000 investment.
Which performed better, PDP or SPY?
Over the past year PDP returned +20.33% vs +19.36% for SPY, so PDP leads on 1-year performance. Over the longest common window we track (20 years), PDP annualized +9.67% vs +9.49% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PDP or SPY?
PDP has been the more volatile fund at 18.3% annualized versus 15.5% for SPY. Worst drawdown: PDP -59.3% vs SPY -56.5%.
Should I hold both PDP and SPY?
PDP and SPY have a monthly-return correlation of 0.89, 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 PDP and SPY?
65.8% of PDP's money is in holdings SPY also owns. 25.1% of SPY's is in holdings PDP also owns. They hold 60 positions in common, counted across the 101 positions we hold weights for in PDP and 503 in SPY.
Which pays a higher dividend, PDP or SPY?
PDP yields 0.09% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Is SPY better than PDP?
SPY has a lower expense ratio. PDP led over 1Y and the full window, SPY over 3Y and 5Y. PDP is less concentrated, with 24.2% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.