PEZ vs SPY
Invesco Dorsey Wright Consumer Cyclicals Momentum 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 | PEZ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.60% | 0.09% | |
| AUM | $22M | $789.1B | |
| Dividend Yield | 0.24% | 1.01% | |
| Holdings | 48 | 505 | |
| YTD Return | -2.14% | +13.39% | |
| 1Y Return | +4.67% | +22.52% | |
| 3Y Return (annualized) | +13.62% | +21.36% | |
| 5Y Return (annualized) | +2.58% | +13.19% | |
| Volatility (annualized) | 21.7% | 15.3% | |
| Max Drawdown | -59.0% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Oct 12, 2006 | Jan 22, 1993 |
PEZ vs SPY Performance
Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ) 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 PEZ returned +4.67% while SPY returned +22.52%. Year to date, PEZ is down 2.14% versus a gain of 13.39% for SPY.
Over three years, PEZ compounded at +13.62% per year against +21.36% for SPY; over five years the annualized figures are +2.58% and +13.19% respectively. Across the full 20-year window we track, SPY has the edge at +8.84% annualized vs +7.37%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PEZ has been the more volatile fund, with annualized monthly volatility of 21.7% 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 -59.0% for PEZ 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 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PEZ charges 0.60% per year while SPY charges 0.09%. On a $10,000 position that is $60 vs $9 annually, a gap of $51 per year that compounds over a long holding period. On income, PEZ currently yields 0.24% against 1.01% for SPY.
Holdings Overlap
PEZ and SPY share 15 holdings out of 533 unique holdings combined, representing a 2.5% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PEZ or SPY?
PEZ has an expense ratio of 0.60% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $51 per year of difference.
Which performed better, PEZ or SPY?
Over the past year PEZ returned +4.67% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), PEZ annualized +7.37% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, PEZ or SPY?
PEZ has been the more volatile fund at 21.7% annualized versus 15.3% for SPY. Worst drawdown: PEZ -59.0% vs SPY -56.5%.
Should I hold both PEZ and SPY?
PEZ and SPY have a monthly-return correlation of 0.82, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PEZ and SPY?
PEZ and SPY share 15 common holdings with a 2.5% weight overlap. Combined, they hold 533 unique securities.
Which pays a higher dividend, PEZ or SPY?
PEZ yields 0.24% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.