PIE vs SPY
Invesco Dorsey Wright Emerging Markets Momentum ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. PIE delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PIE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.90% | 0.09% | |
| AUM | $237M | $789.1B | |
| Dividend Yield | 1.71% | 1.01% | |
| Holdings | 113 | 505 | |
| YTD Return | +36.53% | +13.79% | |
| 1Y Return | +49.36% | +23.66% | |
| 3Y Return (annualized) | +21.36% | +21.40% | |
| 5Y Return (annualized) | +7.36% | +13.37% | |
| Volatility (annualized) | 22.8% | 15.3% | |
| Max Drawdown | -73.1% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 28, 2007 | Jan 22, 1993 |
PIE vs SPY Performance
Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE) 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 PIE returned +49.36% while SPY returned +23.66%. Year to date, PIE is up 36.53% versus a gain of 13.79% for SPY.
Over three years, PIE compounded at +21.36% per year against +21.40% for SPY; over five years the annualized figures are +7.36% and +13.37% respectively. Across the full 19-year window we track, SPY has the edge at +8.85% annualized vs +2.06%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PIE has been the more volatile fund, with annualized monthly volatility of 22.8% 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 -73.1% for PIE 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 0.74. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PIE charges 0.90% per year while SPY charges 0.09%. On a $10,000 position that is $90 vs $9 annually, a gap of $81 per year that compounds over a long holding period. On income, PIE currently yields 1.71% against 1.01% for SPY.
Holdings Overlap
PIE and SPY share 0 holdings out of 605 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, PIE or SPY?
PIE has an expense ratio of 0.90% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $81 per year of difference.
Which performed better, PIE or SPY?
Over the past year PIE returned +49.36% vs +23.66% for SPY, so PIE leads on 1-year performance. Over the longest common window we track (19 years), PIE annualized +2.06% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PIE or SPY?
PIE has been the more volatile fund at 22.8% annualized versus 15.3% for SPY. Worst drawdown: PIE -73.1% vs SPY -56.5%.
Should I hold both PIE and SPY?
PIE and SPY have a monthly-return correlation of 0.74, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PIE and SPY?
PIE and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 605 unique securities.
Which pays a higher dividend, PIE or SPY?
PIE yields 1.71% while SPY yields 1.01%, so PIE currently pays the higher dividend yield.
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