PIN vs SPY
Invesco India ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PIN | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.78% | 0.09% | |
| AUM | $200M | $789.1B | |
| Dividend Yield | 8.42% | 1.01% | |
| Holdings | 220 | 505 | |
| YTD Return | -2.40% | +13.68% | |
| 1Y Return | -1.28% | +21.53% | |
| 3Y Return (annualized) | +8.24% | +21.44% | |
| 5Y Return (annualized) | +6.15% | +13.18% | |
| Volatility (annualized) | 24.3% | 15.3% | |
| Max Drawdown | -80.3% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 5, 2008 | Jan 22, 1993 |
PIN vs SPY Performance
Invesco India ETF (PIN) 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 PIN returned -1.28% while SPY returned +21.53%. Year to date, PIN is down 2.40% versus a gain of 13.68% for SPY.
Over three years, PIN compounded at +8.24% per year against +21.44% for SPY; over five years the annualized figures are +6.15% and +13.18% respectively. Across the full 18-year window we track, SPY has the edge at +8.85% annualized vs -0.35%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PIN has been the more volatile fund, with annualized monthly volatility of 24.3% 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 -80.3% for PIN 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 0.61. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PIN charges 0.78% per year while SPY charges 0.09%. On a $10,000 position that is $78 vs $9 annually, a gap of $69 per year that compounds over a long holding period. On income, PIN currently yields 8.42% against 1.01% for SPY.
Holdings Overlap
PIN and SPY share 1 holdings out of 714 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in PIN | Weight in SPY | Difference |
|---|---|---|---|
| HAL | 0.63% | 0.04% | 0.59% |
Frequently Asked Questions
Which is cheaper, PIN or SPY?
PIN has an expense ratio of 0.78% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $69 per year of difference.
Which performed better, PIN or SPY?
Over the past year PIN returned -1.28% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (18 years), PIN annualized -0.35% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PIN or SPY?
PIN has been the more volatile fund at 24.3% annualized versus 15.3% for SPY. Worst drawdown: PIN -80.3% vs SPY -56.5%.
Should I hold both PIN and SPY?
PIN and SPY have a monthly-return correlation of 0.61, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PIN and SPY?
PIN and SPY share 1 common holdings with a 0.0% weight overlap. Combined, they hold 714 unique securities.
Which pays a higher dividend, PIN or SPY?
PIN yields 8.42% while SPY yields 1.01%, so PIN currently pays the higher dividend yield.
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