PSL vs SPY
Invesco Dorsey Wright Consumer Staples Momentum 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 | PSL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.60% | 0.09% | |
| AUM | $84M | $789.1B | |
| Dividend Yield | 0.75% | 1.01% | |
| Holdings | 50 | 505 | |
| YTD Return | +14.31% | +13.68% | |
| 1Y Return | +3.08% | +21.53% | |
| 3Y Return (annualized) | +10.17% | +21.44% | |
| 5Y Return (annualized) | +5.69% | +13.18% | |
| Volatility (annualized) | 13.9% | 15.3% | |
| Max Drawdown | -42.0% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Oct 12, 2006 | Jan 22, 1993 |
PSL vs SPY Performance
Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL) 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 PSL returned +3.08% while SPY returned +21.53%. Year to date, PSL is up 14.31% versus a gain of 13.68% for SPY.
Over three years, PSL compounded at +10.17% per year against +21.44% for SPY; over five years the annualized figures are +5.69% and +13.18% respectively. Across the full 20-year window we track, SPY has the edge at +8.85% annualized vs +8.27%. 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 13.9% for PSL. 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 -42.0% for PSL 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 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PSL charges 0.60% per year while SPY charges 0.09%. On a $10,000 position that is $60 vs $9 annually, a gap of $51 per year that compounds over a long holding period. On income, PSL currently yields 0.75% against 1.01% for SPY.
Holdings Overlap
PSL and SPY share 15 holdings out of 536 unique holdings combined, representing a 2.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PSL or SPY?
PSL has an expense ratio of 0.60% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $51 per year of difference.
Which performed better, PSL or SPY?
Over the past year PSL returned +3.08% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), PSL annualized +8.27% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PSL or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.9% for PSL. Worst drawdown: PSL -42.0% vs SPY -56.5%.
Should I hold both PSL and SPY?
PSL and SPY have a monthly-return correlation of 0.77, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PSL and SPY?
PSL and SPY share 15 common holdings with a 2.8% weight overlap. Combined, they hold 536 unique securities.
Which pays a higher dividend, PSL or SPY?
PSL yields 0.75% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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