PPIE vs SPY
Putnam PanAgora ESG International Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PPIE or SPY?
Each has led over a different period.
SPY has a lower expense ratio. PPIE led over 1Y, SPY over the full window. PPIE is less concentrated, with 26.8% of the fund in its ten largest positions against 37.8%.
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 | PPIE | SPY |
|---|---|---|
| Expense Ratio | 0.49% | 0.09%Best |
| AUM | $4M | $804.7B |
| Dividend Yield | 12.07% | 0.98% |
| Holdings | 142 | 505 |
| Volatility (annualized) | 12.1%Best | 12.9% |
| Max Drawdown | -13.6%Best | -18.8% |
| $10,000 over 3.4 years | $17,025 | $19,482Best |
| Top 10 Weight | 26.8%Best | 37.8% |
| Fund Family | Putnam Investments | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 19, 2023 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 105 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. PPIE has data through Jun 9, 2026 and SPY through Sep 22, 2026.
Volatility and max drawdown, and the $10,000 over 3.4 years row, are measured over the window both funds cover: Jan 20, 2023 to Jun 9, 2026 (3.4 years).
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.9% compared with 12.1% for PPIE. 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 -13.6% for PPIE and -18.8% 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 0.67. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PPIE charges 0.49% per year while SPY charges 0.09%. On a $10,000 position that is $49 vs $9 annually, a gap of $40 per year that compounds over a long holding period. On income, PPIE currently yields 12.07% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 137 holdings in PPIE and 504 in SPY, totalling 97.2% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 186 days apart, PPIE as of Feb 27, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 137 positions we hold weights for in PPIE and 504 in SPY, against full books of 142 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for PPIE (99.3% of the fund), and 5 for PPIE that do not appear in SPY (6.0%).
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.
You are not choosing between two funds in isolation.
Whichever of PPIE and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PPIE or SPY?
PPIE has an expense ratio of 0.49% while SPY charges 0.09%. SPY is the cheaper option, by $40 a year on a $10,000 investment.
Which is riskier, PPIE or SPY?
SPY has been the more volatile fund at 12.9% annualized versus 12.1% for PPIE. Worst drawdown: PPIE -13.6% vs SPY -18.8%.
Should I hold both PPIE and SPY?
PPIE and SPY have a monthly-return correlation of 0.67, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, PPIE or SPY?
PPIE yields 12.07% while SPY yields 0.98%, so PPIE currently pays the higher dividend yield.
Is SPY better than PPIE?
SPY has a lower expense ratio. PPIE led over 1Y, SPY over the full window. PPIE is less concentrated, with 26.8% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.