PGHY vs SPY
Invesco Global ex US High Yield Corporate Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. PGHY offers more diversification with 594 holdings.
Side-by-Side Comparison
| Metric | PGHY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $226M | $821.1B | |
| Dividend Yield | 7.18% | 1.01% | |
| Holdings | 594 | 505 | |
| YTD Return | +2.89% | +12.22% | |
| 1Y Return | +5.35% | +20.83% | |
| 3Y Return (annualized) | +8.41% | +21.70% | |
| 5Y Return (annualized) | +4.72% | +12.98% | |
| Volatility (annualized) | 5.3% | 15.3% | |
| Max Drawdown | -28.6% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jun 20, 2013 | Jan 22, 1993 |
PGHY vs SPY Performance
Invesco Global ex US High Yield Corporate Bond ETF (PGHY) 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 PGHY returned +5.35% while SPY returned +20.83%. Year to date, PGHY is up 2.89% versus a gain of 12.22% for SPY.
Over three years, PGHY compounded at +8.41% per year against +21.70% for SPY; over five years the annualized figures are +4.72% and +12.98% respectively. Across the full 13-year window we track, SPY has the edge at +8.79% annualized vs +1.11%. 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 5.3% for PGHY. 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 -28.6% for PGHY 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 0.66. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PGHY charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, PGHY currently yields 7.18% against 1.01% for SPY.
Holdings Overlap
PGHY and SPY share 0 holdings out of 896 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, PGHY or SPY?
PGHY has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $26 per year of difference.
Which performed better, PGHY or SPY?
Over the past year PGHY returned +5.35% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (13 years), PGHY annualized +1.11% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, PGHY or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 5.3% for PGHY. Worst drawdown: PGHY -28.6% vs SPY -56.5%.
Should I hold both PGHY and SPY?
PGHY and SPY have a monthly-return correlation of 0.66, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PGHY and SPY?
PGHY and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 896 unique securities.
Which pays a higher dividend, PGHY or SPY?
PGHY yields 7.18% while SPY yields 1.01%, so PGHY currently pays the higher dividend yield.
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