PSI vs SPY
Invesco Semiconductors ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PSI or SPY?
PSI has been ahead.
SPY has a lower expense ratio. PSI led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 49.9%.
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 | PSI | SPY |
|---|---|---|
| Expense Ratio | 0.56% | 0.09%Best |
| AUM | $2.3B | $804.7B |
| Dividend Yield | 0.04% | 0.98% |
| Holdings | 32 | 505 |
| YTD Return | +69.04%Best | +12.19% |
| 1Y Return | +114.91%Best | +18.53% |
| 3Y Return (annualized) | +47.40%Best | +20.88% |
| 5Y Return (annualized) | +26.64%Best | +12.69% |
| Volatility (annualized) | 28.8% | 15.0%Best |
| Max Drawdown | - | -56.5% |
| $10,000 over 5 years | $32,573Best | $18,173 |
| Top 10 Weight | 49.9% | 38.0%Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | 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 9, 2026 (21.2 years).
PSI 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.
PSI vs SPY Performance
Invesco Semiconductors ETF (PSI) 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 PSI returned +114.91% while SPY returned +18.53%. Year to date, PSI is up 69.04% versus a gain of 12.19% for SPY.
Over three years, PSI compounded at +47.40% per year against +20.88% for SPY; over five years the annualized figures are +26.64% and +12.69% respectively. Across the full 21-year window we track, PSI has the edge at +17.10% annualized vs +9.50%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PSI has been the more volatile fund, with annualized monthly volatility of 28.8% compared with 15.0% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PSI charges 0.56% per year while SPY charges 0.09%. On a $10,000 position that is $56 vs $9 annually, a gap of $47 per year that compounds over a long holding period. On income, PSI currently yields 0.04% against 0.98% for SPY.
Holdings Overlap
43.4% of PSI's money is in holdings SPY also owns. 12.0% of SPY's money is in holdings PSI also owns.
The two portfolios partly overlap.
9 positions in common, counted across the 31 positions we hold weights for in PSI and 504 in SPY, against full books of 32 and 505.
What only one of them owns
Our book lists 486 positions for SPY that do not appear in our book for PSI (87.4% of the fund), and 19 for PSI that do not appear in SPY (45.8%).
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.
Top Shared Holdings
| Stock | Weight in PSI | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 5.45% | 7.71% | 2.26% |
| AMATApplied Materials Inc | 6.63% | 0.65% | 5.98% |
| MUMicron Technology, Inc. | 5.50% | 1.51% | 3.99% |
| LRCXLrcx Uw Equity | 5.44% | 0.60% | 4.84% |
| KLACKla-tencor | 5.36% | 0.38% | 4.98% |
| ADIAnalog Devices, Inc. | 5.00% | 0.28% | 4.72% |
| INTCIntel Corporation | 4.51% | 0.72% | 3.79% |
| TERTeradyne Inc - Common | 3.12% | 0.09% | 3.03% |
| MPWRMonolithic Power Systems Inc | 2.42% | 0.10% | 2.32% |
43.4% of PSI 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, PSI or SPY?
PSI has an expense ratio of 0.56% while SPY charges 0.09%. SPY is the cheaper option, by $47 a year on a $10,000 investment.
Which performed better, PSI or SPY?
Over the past year PSI returned +114.91% vs +18.53% for SPY, so PSI leads on 1-year performance. Over the longest common window we track (21 years), PSI annualized +17.10% vs +9.50% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PSI or SPY?
PSI has been the more volatile fund at 28.8% annualized versus 15.0% for SPY.
Should I hold both PSI and SPY?
PSI and SPY have a monthly-return correlation of 0.75, 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 PSI and SPY?
43.4% of PSI's money is in holdings SPY also owns. 12.0% of SPY's is in holdings PSI also owns. They hold 9 positions in common, counted across the 31 positions we hold weights for in PSI and 504 in SPY.
Which pays a higher dividend, PSI or SPY?
PSI yields 0.04% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than PSI?
SPY has a lower expense ratio. PSI led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 49.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.