PIPE vs SPY
Invesco SteelPath MLP & Energy Infrastructure ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PIPE or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. PIPE led over 1Y, SPY over the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 55.0%.
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 | PIPE | SPY |
|---|---|---|
| Expense Ratio | 0.75% | 0.09%Best |
| AUM | $68M | $804.7B |
| Dividend Yield | 3.67% | 0.98% |
| Holdings | 29 | 505 |
| YTD Return | +24.20%Best | +12.22% |
| 1Y Return | +25.95%Best | +16.97% |
| 3Y Return (annualized) | - | +21.16% |
| 5Y Return (annualized) | - | +13.00% |
| Volatility (annualized) | 14.3% | 13.1%Best |
| Max Drawdown | -15.7%Best | -18.4% |
| $10,000 over 1.6 years | $12,556 | $12,763Best |
| Top 10 Weight | 55.0% | 37.8%Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Feb 20, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.6 years row, are measured over the window both funds cover: Feb 20, 2025 to Sep 17, 2026 (1.6 years).
PIPE 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 1.6 years both funds cover.
PIPE vs SPY Performance
Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) 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 PIPE returned +25.95% while SPY returned +16.97%. Year to date, PIPE is up 24.20% versus a gain of 12.22% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PIPE has been the more volatile fund, with annualized monthly volatility of 14.3% compared with 13.1% 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 -15.7% for PIPE and -18.4% 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 -0.12. They move largely independently of each other.
Fees and Cost Over Time
PIPE 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, PIPE currently yields 3.67% against 0.98% for SPY.
Holdings Overlap
24.0% of PIPE's money is in holdings SPY also owns. 0.4% of SPY's money is in holdings PIPE also owns.
PIPE and SPY share little of their money.
4 positions in common, counted across the 26 positions we hold weights for in PIPE and 504 in SPY, against full books of 29 and 505.
What only one of them owns
Our book lists 493 positions for SPY that do not appear in our book for PIPE (98.9% of the fund), and 16 for PIPE that do not appear in SPY (55.0%).
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.
24.0% of PIPE 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, PIPE or SPY?
PIPE 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, PIPE or SPY?
Over the past year PIPE returned +25.95% vs +16.97% for SPY, so PIPE leads on 1-year performance. Over the longest common window we track (2 years), PIPE annualized +15.29% vs +16.47% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PIPE or SPY?
PIPE has been the more volatile fund at 14.3% annualized versus 13.1% for SPY. Worst drawdown: PIPE -15.7% vs SPY -18.4%.
Should I hold both PIPE and SPY?
PIPE and SPY have a monthly-return correlation of -0.12, 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 PIPE and SPY?
24.0% of PIPE's money is in holdings SPY also owns. 0.4% of SPY's is in holdings PIPE also owns. They hold 4 positions in common, counted across the 26 positions we hold weights for in PIPE and 504 in SPY.
Which pays a higher dividend, PIPE or SPY?
PIPE yields 3.67% while SPY yields 0.98%, so PIPE currently pays the higher dividend yield.
Is SPY better than PIPE?
SPY has a lower expense ratio. PIPE led over 1Y, SPY over the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 55.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.