PFUT vs SPY
Putnam Sustainable Future ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PFUT or SPY?
Mid Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. PFUT is less concentrated, with 28.3% 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 | PFUT | SPY |
|---|---|---|
| Expense Ratio | 0.64% | 0.09%Best |
| AUM | $4M | $804.7B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 72 | 505 |
| Volatility (annualized) | 20.0% | 15.8%Best |
| Max Drawdown | -44.9% | -24.5%Best |
| $10,000 over 5 years | $10,309 | $18,744Best |
| Top 10 Weight | 28.3%Best | 38.0% |
| Fund Family | Putnam Investments | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | May 25, 2021 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 94 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. PFUT has data through Jun 9, 2026 and SPY through Sep 11, 2026.
Volatility and max drawdown, and the $10,000 over 5 years row, are measured over the window both funds cover: May 26, 2021 to Jun 9, 2026 (5 years).
Risk: Volatility and Drawdowns
PFUT has been the more volatile fund, with annualized monthly volatility of 20.0% compared with 15.8% 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 -44.9% for PFUT and -24.5% 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 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PFUT charges 0.64% per year while SPY charges 0.09%. On a $10,000 position that is $64 vs $9 annually, a gap of $55 per year that compounds over a long holding period. On income, PFUT currently yields 0.00% against 0.98% for SPY.
Holdings Overlap
59.3% of PFUT's money is in holdings SPY also owns. 7.7% of SPY's money is in holdings PFUT also owns.
The two portfolios partly overlap.
The two holdings books were reported 158 days apart, PFUT as of Feb 27, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
37 positions in common, counted across the 68 positions we hold weights for in PFUT and 504 in SPY, against full books of 72 and 505.
What only one of them owns
Our book lists 457 positions for SPY that do not appear in our book for PFUT (91.8% of the fund), and 25 for PFUT that do not appear in SPY (29.1%).
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 PFUT | Weight in SPY | Difference |
|---|---|---|---|
| VRTVertiv Group Corp | 4.94% | 0.16% | 4.78% |
| AVGOBroadcom Inc | 1.21% | 2.97% | 1.76% |
| PWRQuanta Services, Inc. | 3.62% | 0.16% | 3.46% |
| HLTHilton Worldwide Holdings, Inc. | 3.30% | 0.11% | 3.19% |
| RCLRoyal Caribbean Cruises Ltd. | 3.18% | 0.12% | 3.06% |
| VSTVistra Energy Corp. | 2.55% | 0.07% | 2.48% |
| DXCMDexcom Inc. | 2.37% | 0.05% | 2.32% |
| MAMastercard Inc | 1.63% | 0.69% | 0.94% |
| DDOGDatadog Inc. Class A | 2.16% | 0.14% | 2.02% |
| GEVGE Vernova, LLC | 1.84% | 0.41% | 1.43% |
59.3% of PFUT 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, PFUT or SPY?
PFUT has an expense ratio of 0.64% while SPY charges 0.09%. SPY is the cheaper option, by $55 a year on a $10,000 investment.
Which is riskier, PFUT or SPY?
PFUT has been the more volatile fund at 20.0% annualized versus 15.8% for SPY. Worst drawdown: PFUT -44.9% vs SPY -24.5%.
Should I hold both PFUT and SPY?
PFUT and SPY have a monthly-return correlation of 0.88, 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 PFUT and SPY?
59.3% of PFUT's money is in holdings SPY also owns. 7.7% of SPY's is in holdings PFUT also owns. They hold 37 positions in common, counted across the 68 positions we hold weights for in PFUT and 504 in SPY.
Which pays a higher dividend, PFUT or SPY?
PFUT yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than PFUT?
SPY has a lower expense ratio. SPY led over 1Y and the full window. PFUT is less concentrated, with 28.3% 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.