PGZ vs SPY
Principal Real Estate Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, PGZ or SPY?
Mid Cap Blend 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 | PGZ | SPY |
|---|---|---|
| Expense Ratio | 2.16% | 0.09%Best |
| AUM | $72M | $804.7B |
| Dividend Yield | 11.65% | 0.98% |
| Holdings | 110 | 505 |
| YTD Return | +4.04% | +12.47%Best |
| 1Y Return | +1.69% | +17.51%Best |
| 3Y Return (annualized) | +13.01% | +21.18%Best |
| 5Y Return (annualized) | +1.24% | +12.88%Best |
| Volatility (annualized) | 21.1% | 15.4%Best |
| Max Drawdown | -68.8% | -56.5%Best |
| $10,000 over 5 years | $10,636 | $18,327Best |
| Fund Family | Principal Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Blend |
| Inception | Jun 26, 2013 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Dec 20, 2006 to Sep 11, 2026 (19.7 years).
PGZ 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 19.7 years both funds cover.
PGZ vs SPY Performance
Principal Real Estate Income Fund (PGZ) is an ETF from Principal Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year PGZ returned +1.69% while SPY returned +17.51%. Year to date, PGZ is up 4.04% versus a gain of 12.47% for SPY.
Over three years, PGZ compounded at +13.01% per year against +21.18% for SPY; over five years the annualized figures are +1.24% and +12.88% respectively. Across the full 20-year window we track, SPY has the edge at +9.31% annualized vs -1.82%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PGZ has been the more volatile fund, with annualized monthly volatility of 21.1% compared with 15.4% 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 -68.8% for PGZ 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 0.61. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PGZ charges 2.16% per year while SPY charges 0.09%. On a $10,000 position that is $216 vs $9 annually, a gap of $207 per year that compounds over a long holding period. On income, PGZ currently yields 11.65% against 0.98% for SPY.
Holdings Overlap
At least 1.1% of SPY's money is in holdings PGZ also owns.
Stated as a floor: for PGZ, our book for it covers 59.8% 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 PGZ share little of their money.
The two holdings books were reported 185 days apart, PGZ as of Jan 31, 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.
13 positions in common, counted across the 61 positions we hold weights for in PGZ and 504 in SPY, against full books of 110 and 505.
Top Shared Holdings
| Stock | Weight in PGZ | Weight in SPY | Difference |
|---|---|---|---|
| EQIXEquinix, Inc. | 2.98% | 0.16% | 2.82% |
| WELLWelltower Inc | 2.42% | 0.25% | 2.17% |
| VTRVentas, Inc. | 1.76% | 0.07% | 1.69% |
| EXRExtra Space Storage Inc. | 1.69% | 0.05% | 1.64% |
| DOCHealthpeak Properties Inc | 1.49% | 0.02% | 1.47% |
| PLDPrologis Inc | 1.24% | 0.19% | 1.05% |
| UMG:ASUniversal Music Group N.V. Universal Music Group N V | 1.23% | 0.06% | 1.17% |
| EQREquity Residential | 1.06% | 0.03% | 1.03% |
| INVHInvitation Homes Inc | 0.94% | 0.03% | 0.91% |
| VICIVici Properties Inc | 0.86% | 0.04% | 0.82% |
You are not choosing between two funds in isolation.
Whichever of PGZ 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, PGZ or SPY?
PGZ has an expense ratio of 2.16% while SPY charges 0.09%. SPY is the cheaper option, by $207 a year on a $10,000 investment.
Which performed better, PGZ or SPY?
Over the past year PGZ returned +1.69% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), PGZ annualized -1.82% vs +9.31% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PGZ or SPY?
PGZ has been the more volatile fund at 21.1% annualized versus 15.4% for SPY. Worst drawdown: PGZ -68.8% vs SPY -56.5%.
Should I hold both PGZ and SPY?
PGZ and SPY have a monthly-return correlation of 0.61, 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 PGZ and SPY?
At least 1.1% of SPY's money is in holdings PGZ also owns. Our book for PGZ is partial, so the real figure is this or higher. They hold 13 positions in common, counted across the 61 positions we hold weights for in PGZ and 504 in SPY.
Which pays a higher dividend, PGZ or SPY?
PGZ yields 11.65% while SPY yields 0.98%, so PGZ currently pays the higher dividend yield.
Is SPY better than PGZ?
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.