PJP vs SPY
Invesco Pharmaceuticals ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PJP or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. PJP led over 1Y and the full window, SPY over 3Y and 5Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 48.8%.
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 | PJP | SPY |
|---|---|---|
| Expense Ratio | 0.57% | 0.09%Best |
| AUM | $529M | $814.4B |
| Dividend Yield | 0.87% | 1.01% |
| Holdings | 32 | 505 |
| YTD Return | +24.41%Best | +13.34% |
| 1Y Return | +41.39%Best | +19.97% |
| 3Y Return (annualized) | +20.08% | +21.20%Best |
| 5Y Return (annualized) | +10.85% | +12.81%Best |
| Volatility (annualized) | 15.7% | 15.0%Best |
| Max Drawdown | -42.4%Best | -56.5% |
| $10,000 over 5 years | $16,737 | $18,270Best |
| Top 10 Weight | 48.8% | 38.0%Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jun 23, 2005 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 23, 2005 to Sep 4, 2026 (21.2 years).
PJP 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 21.2 years both funds cover.
PJP vs SPY Performance
Invesco Pharmaceuticals ETF (PJP) 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 PJP returned +41.39% while SPY returned +19.97%. Year to date, PJP is up 24.41% versus a gain of 13.34% for SPY.
Over three years, PJP compounded at +20.08% per year against +21.20% for SPY; over five years the annualized figures are +10.85% and +12.81% respectively. Across the full 21-year window we track, PJP has the edge at +11.02% annualized vs +9.55%.
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 15.0% 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 what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.66. They move together some of the time, and apart the rest.
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
52.0% of PJP's money is in holdings SPY also owns. 4.8% of SPY's money is in holdings PJP also owns.
The two portfolios partly overlap.
12 positions in common, counted across the 30 positions we hold weights for in PJP and 504 in SPY, against full books of 32 and 505.
What only one of them owns
Measured across the 30 and 504 positions we hold weights for.
SPY holds 484 positions PJP does not, 94.6% of the fund.
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Top Shared Holdings
| Stock | Weight in PJP | Weight in SPY | Difference |
|---|---|---|---|
| LLYEli Lilly & Co. | 4.82% | 1.33% | 3.49% |
| JNJJohnson & Johnson - Common | 5.09% | 0.92% | 4.17% |
| ABBVAbbvie Inc. | 5.29% | 0.65% | 4.64% |
| ABTAbbott Laboratories | 5.62% | 0.28% | 5.34% |
| AMGNAmgen Inc. | 5.34% | 0.32% | 5.02% |
| MRKMerck & Company Inc | 4.91% | 0.47% | 4.44% |
| GILDGilead Sciences | 4.65% | 0.25% | 4.40% |
| PFEPfizer Inc | 4.59% | 0.22% | 4.37% |
| REGNRegeneron Pharmaceuticals, Inc. | 3.10% | 0.11% | 2.99% |
| BMYBristol-Myers Squibb Co. | 2.94% | 0.20% | 2.74% |
52.0% of PJP 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, PJP or SPY?
PJP has an expense ratio of 0.57% while SPY charges 0.09%. SPY is the cheaper option, by $48 a year on a $10,000 investment.
Which performed better, PJP or SPY?
Over the past year PJP returned +41.39% vs +19.97% for SPY, so PJP leads on 1-year performance. Over the longest common window we track (21 years), PJP annualized +11.02% vs +9.55% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PJP or SPY?
PJP has been the more volatile fund at 15.7% annualized versus 15.0% 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 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 PJP and SPY?
52.0% of PJP's money is in holdings SPY also owns. 4.8% of SPY's is in holdings PJP also owns. They hold 12 positions in common, counted across the 30 positions we hold weights for in PJP and 504 in SPY.
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.
Is SPY better than PJP?
SPY has a lower expense ratio. PJP led over 1Y and the full window, SPY over 3Y and 5Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 48.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.