PEO vs SPY
Adams Natural Resources Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, PEO or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. PEO led over 1Y, 5Y and the full window, SPY over 3Y. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 66.4%.
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 | PEO | SPY |
|---|---|---|
| Expense Ratio | 0.58% | 0.09%Best |
| AUM | $740M | $804.7B |
| Dividend Yield | 11.18% | 0.98% |
| Holdings | 53 | 505 |
| YTD Return | +32.12%Best | +11.97% |
| 1Y Return | +35.69%Best | +16.40% |
| 3Y Return (annualized) | +15.67% | +21.10%Best |
| 5Y Return (annualized) | +22.61%Best | +12.88% |
| Volatility (annualized) | 23.0% | 15.3%Best |
| Max Drawdown | -70.9% | -56.5%Best |
| $10,000 over 5 years | $27,710Best | $18,327 |
| Top 10 Weight | 66.4% | 37.8%Best |
| Fund Family | Adams Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jan 30, 1929 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jan 4, 1996 to Sep 14, 2026 (30.7 years).
PEO 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 30.7 years both funds cover.
PEO vs SPY Performance
Adams Natural Resources Fund (PEO) is an ETF from Adams Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year PEO returned +35.69% while SPY returned +16.40%. Year to date, PEO is up 32.12% versus a gain of 11.97% for SPY.
Over three years, PEO compounded at +15.67% per year against +21.10% for SPY; over five years the annualized figures are +22.61% and +12.88% respectively. Across the full 31-year window we track, PEO has the edge at +10.48% annualized vs +8.79%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PEO has been the more volatile fund, with annualized monthly volatility of 23.0% 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 -70.9% for PEO 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 0.63. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PEO charges 0.58% per year while SPY charges 0.09%. On a $10,000 position that is $58 vs $9 annually, a gap of $49 per year that compounds over a long holding period. On income, PEO currently yields 11.18% against 0.98% for SPY.
Holdings Overlap
93.5% of PEO's money is in holdings SPY also owns. 5.0% of SPY's money is in holdings PEO also owns.
Most of PEO is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 63 days apart, PEO as of Jun 30, 2026 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.
42 positions in common, counted across the 53 positions we hold weights for in PEO and 504 in SPY, against full books of 53 and 505.
What only one of them owns
Our book lists 455 positions for SPY that do not appear in our book for PEO (94.3% of the fund), and 4 for PEO that do not appear in SPY (2.8%).
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 PEO | Weight in SPY | Difference |
|---|---|---|---|
| XOMExxon Mobil Corp. | 23.93% | 1.04% | 22.89% |
| CVXChevron Corp | 12.64% | 0.60% | 12.04% |
| COPConocophillips Common Stock USD 0.01 | 6.01% | 0.25% | 5.76% |
| WMBWilliams Cos. Inc. | 4.11% | 0.14% | 3.97% |
| VLOValero Energy | 3.85% | 0.16% | 3.69% |
| LINLinde Plc Ordinary Shares | 3.62% | 0.34% | 3.28% |
| SLBSchlumberger Nv. | 3.31% | 0.13% | 3.18% |
| TRGPTarga Resources Corp Preferred | 3.19% | 0.10% | 3.09% |
| PSXPhillips 66 | 3.11% | 0.15% | 2.96% |
| MPCMarathon Petroleum Corp | 2.66% | 0.17% | 2.49% |
93.5% of PEO 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, PEO or SPY?
PEO has an expense ratio of 0.58% while SPY charges 0.09%. SPY is the cheaper option, by $49 a year on a $10,000 investment.
Which performed better, PEO or SPY?
Over the past year PEO returned +35.69% vs +16.40% for SPY, so PEO leads on 1-year performance. Over the longest common window we track (31 years), PEO annualized +10.48% vs +8.79% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PEO or SPY?
PEO has been the more volatile fund at 23.0% annualized versus 15.3% for SPY. Worst drawdown: PEO -70.9% vs SPY -56.5%.
Should I hold both PEO and SPY?
PEO and SPY have a monthly-return correlation of 0.63, 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 PEO and SPY?
93.5% of PEO's money is in holdings SPY also owns. 5.0% of SPY's is in holdings PEO also owns. They hold 42 positions in common, counted across the 53 positions we hold weights for in PEO and 504 in SPY.
Which pays a higher dividend, PEO or SPY?
PEO yields 11.18% while SPY yields 0.98%, so PEO currently pays the higher dividend yield.
Is SPY better than PEO?
SPY has a lower expense ratio. PEO led over 1Y, 5Y and the full window, SPY over 3Y. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 66.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.