PIO vs SPY
Invesco Global Water ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PIO 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. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 56.9%.
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 | PIO | SPY |
|---|---|---|
| Expense Ratio | 0.75% | 0.09%Best |
| AUM | $268M | $804.7B |
| Dividend Yield | 0.90% | 0.98% |
| Holdings | 53 | 505 |
| YTD Return | -2.47% | +12.89%Best |
| 1Y Return | -2.09% | +17.01%Best |
| 3Y Return (annualized) | +9.24% | +22.46%Best |
| 5Y Return (annualized) | +1.57% | +13.01%Best |
| Volatility (annualized) | 19.5% | 15.6%Best |
| Max Drawdown | -65.4% | -56.5%Best |
| $10,000 over 5 years | $10,810 | $18,433Best |
| Top 10 Weight | 56.9% | 37.8%Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Blend |
| Inception | Jun 13, 2007 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 13, 2007 to Sep 24, 2026 (19.3 years).
PIO 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 19.3 years both funds cover.
PIO vs SPY Performance
Invesco Global Water ETF (PIO) 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 PIO returned -2.09% while SPY returned +17.01%. Year to date, PIO is down 2.47% versus a gain of 12.89% for SPY.
Over three years, PIO compounded at +9.24% per year against +22.46% for SPY; over five years the annualized figures are +1.57% and +13.01% respectively. Across the full 19-year window we track, SPY has the edge at +9.18% annualized vs +3.23%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PIO has been the more volatile fund, with annualized monthly volatility of 19.5% compared with 15.6% 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 -65.4% for PIO 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 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PIO charges 0.75% per year while SPY charges 0.09%. On a $10,000 position that is $75 vs $9 annually, a gap of $66 per year that compounds over a long holding period. On income, PIO currently yields 0.90% against 0.98% for SPY.
Holdings Overlap
50.6% of PIO's money is in holdings SPY also owns. 0.6% of SPY's money is in holdings PIO also owns.
The two portfolios partly overlap.
11 positions in common, counted across the 41 positions we hold weights for in PIO and 504 in SPY, against full books of 53 and 505.
What only one of them owns
Our book lists 486 positions for SPY that do not appear in our book for PIO (98.8% of the fund), and 2 for PIO that do not appear in SPY (0.4%).
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 PIO | Weight in SPY | Difference |
|---|---|---|---|
| ROPRoper Technologies Inc. | 10.22% | 0.06% | 10.16% |
| ECLEcolab, Inc. | 8.67% | 0.11% | 8.56% |
| PNRPentair Plc Ordinary Shares | 6.69% | 0.01% | 6.68% |
| WATWaters Corp. | 4.24% | 0.06% | 4.18% |
| FERGFerguson Enterprises | 3.91% | 0.06% | 3.85% |
| IDXXIdexx Labs | 3.87% | 0.07% | 3.80% |
| AAgilent Technologies Inc | 3.16% | 0.06% | 3.10% |
| AWKAmerican Water Works Co. Inc. | 2.99% | 0.04% | 2.95% |
| XYLXylem,Inc. | 2.76% | 0.04% | 2.72% |
| VLTOVeralto Corp | 2.33% | 0.04% | 2.29% |
50.6% of PIO is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PIO or SPY?
PIO has an expense ratio of 0.75% while SPY charges 0.09%. SPY is the cheaper option, by $66 a year on a $10,000 investment.
Which performed better, PIO or SPY?
Over the past year PIO returned -2.09% vs +17.01% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), PIO annualized +3.23% vs +9.18% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PIO or SPY?
PIO has been the more volatile fund at 19.5% annualized versus 15.6% for SPY. Worst drawdown: PIO -65.4% vs SPY -56.5%.
Should I hold both PIO and SPY?
PIO and SPY have a monthly-return correlation of 0.86, 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 PIO and SPY?
50.6% of PIO's money is in holdings SPY also owns. 0.6% of SPY's is in holdings PIO also owns. They hold 11 positions in common, counted across the 41 positions we hold weights for in PIO and 504 in SPY.
Which pays a higher dividend, PIO or SPY?
PIO yields 0.90% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than PIO?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 56.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.