PIZ vs SPY
Invesco Dorsey Wright Developed Markets Momentum 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 505 holdings.
Side-by-Side Comparison
| Metric | PIZ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.80% | 0.09% | |
| AUM | $734M | $821.1B | |
| Dividend Yield | 1.63% | 1.01% | |
| Holdings | 116 | 505 | |
| YTD Return | +8.23% | +12.22% | |
| 1Y Return | +18.11% | +20.83% | |
| 3Y Return (annualized) | +22.89% | +21.70% | |
| 5Y Return (annualized) | +7.59% | +12.98% | |
| Volatility (annualized) | 20.4% | 15.3% | |
| Max Drawdown | -61.1% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 28, 2007 | Jan 22, 1993 |
PIZ vs SPY Performance
Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ) 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 PIZ returned +18.11% while SPY returned +20.83%. Year to date, PIZ is up 8.23% versus a gain of 12.22% for SPY.
Over three years, PIZ compounded at +22.89% per year against +21.70% for SPY; over five years the annualized figures are +7.59% and +12.98% respectively. Across the full 19-year window we track, SPY has the edge at +8.79% annualized vs +4.59%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PIZ has been the more volatile fund, with annualized monthly volatility of 20.4% 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 -61.1% for PIZ 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 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PIZ charges 0.80% per year while SPY charges 0.09%. On a $10,000 position that is $80 vs $9 annually, a gap of $71 per year that compounds over a long holding period. On income, PIZ currently yields 1.63% against 1.01% for SPY.
Holdings Overlap
PIZ and SPY share 0 holdings out of 604 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, PIZ or SPY?
PIZ has an expense ratio of 0.80% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $71 per year of difference.
Which performed better, PIZ or SPY?
Over the past year PIZ returned +18.11% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), PIZ annualized +4.59% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, PIZ or SPY?
PIZ has been the more volatile fund at 20.4% annualized versus 15.3% for SPY. Worst drawdown: PIZ -61.1% vs SPY -56.5%.
Should I hold both PIZ and SPY?
PIZ and SPY have a monthly-return correlation of 0.85, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PIZ and SPY?
PIZ and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 604 unique securities.
Which pays a higher dividend, PIZ or SPY?
PIZ yields 1.63% while SPY yields 1.01%, so PIZ currently pays the higher dividend yield.
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