PIN vs SPY
Invesco India ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PIN or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window. PIN is less concentrated, with 37.0% of the fund in its ten largest positions against 38.0%.
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 | PIN | SPY |
|---|---|---|
| Expense Ratio | 0.78% | 0.09%Best |
| AUM | $200M | $814.4B |
| Dividend Yield | 8.42% | 1.01% |
| Holdings | 220 | 505 |
| Volatility (annualized) | 24.3% | 15.7%Best |
| Max Drawdown | -80.3% | -52.4%Best |
| $10,000 over 18 years | $9,388 | $55,417Best |
| Top 10 Weight | 37.0%Best | 38.0% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Mar 5, 2008 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 200 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. PIN has data through Feb 20, 2026 and SPY through Sep 8, 2026.
Volatility and max drawdown, and the $10,000 over 18 years row, are measured over the window both funds cover: Mar 5, 2008 to Feb 20, 2026 (18 years).
Risk: Volatility and Drawdowns
PIN has been the more volatile fund, with annualized monthly volatility of 24.3% compared with 15.7% 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 -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 0.61. They move together some of the time, and apart the rest.
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
0.6% of PIN's money is in holdings SPY also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 308 days apart, PIN as of Sep 30, 2025 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.
1 positions in common, counted across the 212 positions we hold weights for in PIN and 503 in SPY, against full books of 220 and 505.
What only one of them owns
Our book lists 492 positions for SPY that do not appear in our book for PIN (99.4% of the fund), and 2 for PIN that do not appear in SPY (2.7%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in PIN | Weight in SPY | Difference |
|---|---|---|---|
| HALHalliburton | 0.63% | 0.04% | 0.59% |
You are not choosing between two funds in isolation.
Whichever of PIN 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, PIN or SPY?
PIN has an expense ratio of 0.78% while SPY charges 0.09%. SPY is the cheaper option, by $69 a year on a $10,000 investment.
Which is riskier, PIN or SPY?
PIN has been the more volatile fund at 24.3% annualized versus 15.7% for SPY. Worst drawdown: PIN -80.3% vs SPY -52.4%.
Should I hold both PIN and SPY?
PIN 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.
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.
Is SPY better than PIN?
SPY has a lower expense ratio. SPY led over 1Y and the full window. PIN is less concentrated, with 37.0% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.