PGX vs SPY
Invesco Preferred ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PGX or SPY?
Preferred Stock against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | PGX | SPY |
|---|---|---|
| Expense Ratio | 0.50% | 0.09%Best |
| AUM | $3.7B | $804.7B |
| Dividend Yield | 6.51% | 0.98% |
| Holdings | 270 | 505 |
| YTD Return | -5.93% | +13.51%Best |
| 1Y Return | -7.13% | +18.19%Best |
| 3Y Return (annualized) | +3.75% | +23.29%Best |
| 5Y Return (annualized) | -1.85% | +13.21%Best |
| Volatility (annualized) | 14.4%Best | 15.6% |
| Max Drawdown | -69.5% | -52.4%Best |
| $10,000 over 5 years | $9,109 | $18,596Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Preferred Stock | Large Cap Blend |
| Inception | Jan 31, 2008 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 31, 2008 to Sep 25, 2026 (18.7 years).
PGX 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
PGX vs SPY Performance
Invesco Preferred ETF (PGX) 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 PGX returned -7.13% while SPY returned +18.19%. Year to date, PGX is down 5.93% versus a gain of 13.51% for SPY.
Over three years, PGX compounded at +3.75% per year against +23.29% for SPY; over five years the annualized figures are -1.85% and +13.21% respectively. Across the full 19-year window we track, SPY has the edge at +10.13% annualized vs -1.93%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 14.4% for PGX. 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 -69.5% for PGX and -52.4% 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 0.56. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PGX charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, PGX currently yields 6.51% against 0.98% for SPY.
Holdings Overlap
At least 3.8% of SPY's money is in holdings PGX also owns.
Stated as a floor: for PGX, our book for it covers 90.0% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and PGX share little of their money.
24 positions in common, counted across the 233 positions we hold weights for in PGX and 504 in SPY, against full books of 270 and 505.
Top Shared Holdings
| Stock | Weight in PGX | Weight in SPY | Difference |
|---|---|---|---|
| BACBank of America Corp.: Financials | 1.27% | 0.62% | 0.65% |
| TBBAt&t Inc | 1.00% | 0.27% | 0.73% |
| MSMorgan Stanley | 0.84% | 0.38% | 0.46% |
| CCitigroup Inc. | 0.75% | 0.34% | 0.41% |
| NEENextera Energy Inc | 0.81% | 0.26% | 0.55% |
| COFCapital One Financial Corp. | 0.83% | 0.20% | 0.63% |
| SCHWSchwab Strategic T | 0.69% | 0.27% | 0.42% |
| ALLAllstate Corp. | 0.84% | 0.10% | 0.74% |
| XELXcel Energy Inc. | 0.79% | 0.07% | 0.72% |
| MTBM&T Bank Corp | 0.78% | 0.05% | 0.73% |
You are not choosing between two funds in isolation.
Whichever of PGX and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PGX or SPY?
PGX has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option, by $41 a year on a $10,000 investment.
Which performed better, PGX or SPY?
Over the past year PGX returned -7.13% vs +18.19% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), PGX annualized -1.93% vs +10.13% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PGX or SPY?
SPY has been the more volatile fund at 15.6% annualized versus 14.4% for PGX. Worst drawdown: PGX -69.5% vs SPY -52.4%.
Should I hold both PGX and SPY?
PGX and SPY have a monthly-return correlation of 0.56, 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 PGX and SPY?
At least 3.8% of SPY's money is in holdings PGX also owns. Our book for PGX is partial, so the real figure is this or higher. They hold 24 positions in common, counted across the 233 positions we hold weights for in PGX and 504 in SPY.
Which pays a higher dividend, PGX or SPY?
PGX yields 6.51% while SPY yields 0.98%, so PGX currently pays the higher dividend yield.
Is SPY better than PGX?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.