PSP vs SPY
Invesco Global Listed Private Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PSP or SPY?
Mid Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY 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 48.8%.
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 | PSP | SPY |
|---|---|---|
| Expense Ratio | 1.80% | 0.09%Best |
| AUM | $242M | $804.7B |
| Dividend Yield | 5.98% | 0.98% |
| Holdings | 75 | 505 |
| YTD Return | -9.55% | +11.52%Best |
| 1Y Return | -10.84% | +17.48%Best |
| 3Y Return (annualized) | +9.96% | +20.62%Best |
| 5Y Return (annualized) | -0.32% | +12.73%Best |
| Volatility (annualized) | 25.3% | 15.4%Best |
| Max Drawdown | -87.1% | -56.5%Best |
| $10,000 over 5 years | $9,841 | $18,205Best |
| Top 10 Weight | 48.8% | 38.0%Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Oct 24, 2006 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Oct 24, 2006 to Sep 10, 2026 (19.9 years).
PSP 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 19.9 years both funds cover.
PSP vs SPY Performance
Invesco Global Listed Private Equity ETF (PSP) 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 PSP returned -10.84% while SPY returned +17.48%. Year to date, PSP is down 9.55% versus a gain of 11.52% for SPY.
Over three years, PSP compounded at +9.96% per year against +20.62% for SPY; over five years the annualized figures are -0.32% and +12.73% respectively. Across the full 20-year window we track, SPY has the edge at +9.36% annualized vs -2.06%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PSP has been the more volatile fund, with annualized monthly volatility of 25.3% compared with 15.4% 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 -87.1% for PSP and -56.5% 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 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PSP charges 1.80% per year while SPY charges 0.09%. On a $10,000 position that is $180 vs $9 annually, a gap of $171 per year that compounds over a long holding period. On income, PSP currently yields 5.98% against 0.98% for SPY.
Holdings Overlap
12.3% of PSP's money is in holdings SPY also owns. 0.3% of SPY's money is in holdings PSP also owns.
PSP and SPY share little of their money.
3 positions in common, counted across the 66 positions we hold weights for in PSP and 504 in SPY, against full books of 75 and 505.
What only one of them owns
Our book lists 491 positions for SPY that do not appear in our book for PSP (99.2% of the fund), and 30 for PSP that do not appear in SPY (33.8%).
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.
You are not choosing between two funds in isolation.
Whichever of PSP 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, PSP or SPY?
PSP has an expense ratio of 1.80% while SPY charges 0.09%. SPY is the cheaper option, by $171 a year on a $10,000 investment.
Which performed better, PSP or SPY?
Over the past year PSP returned -10.84% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), PSP annualized -2.06% vs +9.36% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PSP or SPY?
PSP has been the more volatile fund at 25.3% annualized versus 15.4% for SPY. Worst drawdown: PSP -87.1% vs SPY -56.5%.
Should I hold both PSP and SPY?
PSP and SPY have a monthly-return correlation of 0.88, 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 PSP and SPY?
12.3% of PSP's money is in holdings SPY also owns. 0.3% of SPY's is in holdings PSP also owns. They hold 3 positions in common, counted across the 66 positions we hold weights for in PSP and 504 in SPY.
Which pays a higher dividend, PSP or SPY?
PSP yields 5.98% while SPY yields 0.98%, so PSP currently pays the higher dividend yield.
Is SPY better than PSP?
SPY has a lower expense ratio. SPY 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 48.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.