PKW vs SPY
Invesco BuyBack Achievers 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 | PKW | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.62% | 0.09% | |
| AUM | $1.8B | $821.1B | |
| Dividend Yield | 0.77% | 1.01% | |
| Holdings | 227 | 505 | |
| YTD Return | +10.77% | +12.22% | |
| 1Y Return | +17.15% | +20.83% | |
| 3Y Return (annualized) | +18.95% | +21.70% | |
| 5Y Return (annualized) | +11.18% | +12.98% | |
| Volatility (annualized) | 17.1% | 15.3% | |
| Max Drawdown | -55.3% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 20, 2006 | Jan 22, 1993 |
PKW vs SPY Performance
Invesco BuyBack Achievers ETF (PKW) 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 PKW returned +17.15% while SPY returned +20.83%. Year to date, PKW is up 10.77% versus a gain of 12.22% for SPY.
Over three years, PKW compounded at +18.95% per year against +21.70% for SPY; over five years the annualized figures are +11.18% and +12.98% respectively. Across the full 20-year window we track, PKW has the edge at +9.84% annualized vs +8.79%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PKW has been the more volatile fund, with annualized monthly volatility of 17.1% 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 -55.3% for PKW 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 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
PKW charges 0.62% per year while SPY charges 0.09%. On a $10,000 position that is $62 vs $9 annually, a gap of $53 per year that compounds over a long holding period. On income, PKW currently yields 0.77% against 1.01% for SPY.
Holdings Overlap
PKW and SPY share 40 holdings out of 690 unique holdings combined, representing a 2.7% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PKW or SPY?
PKW has an expense ratio of 0.62% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $53 per year of difference.
Which performed better, PKW or SPY?
Over the past year PKW returned +17.15% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), PKW annualized +9.84% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, PKW or SPY?
PKW has been the more volatile fund at 17.1% annualized versus 15.3% for SPY. Worst drawdown: PKW -55.3% vs SPY -56.5%.
Should I hold both PKW and SPY?
PKW and SPY have a monthly-return correlation of 0.92, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between PKW and SPY?
PKW and SPY share 40 common holdings with a 2.7% weight overlap. Combined, they hold 690 unique securities.
Which pays a higher dividend, PKW or SPY?
PKW yields 0.77% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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