PJP vs SPY
Invesco Pharmaceuticals ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. PJP delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | PJP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.57% | 0.09% | |
| AUM | $511M | $821.1B | |
| Dividend Yield | 0.87% | 1.01% | |
| Holdings | 32 | 505 | |
| YTD Return | +20.76% | +14.24% | |
| 1Y Return | +41.59% | +21.71% | |
| 3Y Return (annualized) | +17.44% | +22.10% | |
| 5Y Return (annualized) | +9.83% | +13.21% | |
| Volatility (annualized) | 15.7% | 15.3% | |
| Max Drawdown | -42.4% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jun 23, 2005 | Jan 22, 1993 |
PJP vs SPY Performance
Invesco Pharmaceuticals ETF (PJP) 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 PJP returned +41.59% while SPY returned +21.71%. Year to date, PJP is up 20.76% versus a gain of 14.24% for SPY.
Over three years, PJP compounded at +17.44% per year against +22.10% for SPY; over five years the annualized figures are +9.83% and +13.21% respectively. Across the full 21-year window we track, PJP has the edge at +10.89% annualized vs +8.86%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PJP has been the more volatile fund, with annualized monthly volatility of 15.7% 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 -42.4% for PJP 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 0.66. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PJP charges 0.57% per year while SPY charges 0.09%. On a $10,000 position that is $57 vs $9 annually, a gap of $48 per year that compounds over a long holding period. On income, PJP currently yields 0.87% against 1.01% for SPY.
Holdings Overlap
PJP and SPY share 12 holdings out of 522 unique holdings combined, representing a 4.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PJP or SPY?
PJP has an expense ratio of 0.57% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $48 per year of difference.
Which performed better, PJP or SPY?
Over the past year PJP returned +41.59% vs +21.71% for SPY, so PJP leads on 1-year performance. Over the longest common window we track (21 years), PJP annualized +10.89% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, PJP or SPY?
PJP has been the more volatile fund at 15.7% annualized versus 15.3% for SPY. Worst drawdown: PJP -42.4% vs SPY -56.5%.
Should I hold both PJP and SPY?
PJP and SPY have a monthly-return correlation of 0.66, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PJP and SPY?
PJP and SPY share 12 common holdings with a 4.8% weight overlap. Combined, they hold 522 unique securities.
Which pays a higher dividend, PJP or SPY?
PJP yields 0.87% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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