PPIE vs SPY
Putnam PanAgora ESG International Equity 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 503 holdings.
Side-by-Side Comparison
| Metric | PPIE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.49% | 0.09% | |
| AUM | $4M | $789.1B | |
| Dividend Yield | 12.07% | 1.01% | |
| Holdings | 142 | 505 | |
| YTD Return | +7.54% | +13.39% | |
| 1Y Return | +19.80% | +22.52% | |
| 3Y Return (annualized) | +18.19% | +21.36% | |
| 5Y Return (annualized) | - | +13.19% | |
| Volatility (annualized) | 12.1% | 15.3% | |
| Max Drawdown | -13.6% | -56.5% | |
| Fund Family | Putnam Investments | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 19, 2023 | Jan 22, 1993 |
PPIE vs SPY Performance
Putnam PanAgora ESG International Equity ETF (PPIE) is a ETF from Putnam Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PPIE returned +19.80% while SPY returned +22.52%. Year to date, PPIE is up 7.54% versus a gain of 13.39% for SPY.
Over three years, PPIE compounded at +18.19% per year against +21.36% for SPY. Across the full 3-year window we track, PPIE has the edge at +16.94% annualized vs +8.84%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% 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 -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 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
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 1.01% for SPY.
Holdings Overlap
PPIE and SPY share 0 holdings out of 640 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, PPIE or SPY?
PPIE has an expense ratio of 0.49% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $40 per year of difference.
Which performed better, PPIE or SPY?
Over the past year PPIE returned +19.80% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), PPIE annualized +16.94% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, PPIE or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.1% for PPIE. Worst drawdown: PPIE -13.6% vs SPY -56.5%.
Should I hold both PPIE and SPY?
PPIE and SPY have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PPIE and SPY?
PPIE and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 640 unique securities.
Which pays a higher dividend, PPIE or SPY?
PPIE yields 12.07% while SPY yields 1.01%, so PPIE currently pays the higher dividend yield.
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