PVEX vs SPY
TrueShares ConVex Protect 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 505 holdings.
Side-by-Side Comparison
| Metric | PVEX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.79% | 0.09% | |
| AUM | $59M | $821.1B | |
| Dividend Yield | 0.07% | 1.01% | |
| Holdings | 106 | 505 | |
| YTD Return | +9.14% | +12.22% | |
| 1Y Return | +18.57% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 11.6% | 15.3% | |
| Max Drawdown | -7.8% | -56.5% | |
| Fund Family | TrueShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 27, 2025 | Jan 22, 1993 |
PVEX vs SPY Performance
TrueShares ConVex Protect ETF (PVEX) is a ETF from TrueShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PVEX returned +18.57% while SPY returned +20.83%. Year to date, PVEX is up 9.14% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 11.6% for PVEX. 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 -7.8% for PVEX 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 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
PVEX charges 0.79% per year while SPY charges 0.09%. On a $10,000 position that is $79 vs $9 annually, a gap of $70 per year that compounds over a long holding period. On income, PVEX currently yields 0.07% against 1.01% for SPY.
Holdings Overlap
PVEX and SPY share 0 holdings out of 523 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, PVEX or SPY?
PVEX has an expense ratio of 0.79% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $70 per year of difference.
Which performed better, PVEX or SPY?
Over the past year PVEX returned +18.57% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), PVEX annualized +20.61% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, PVEX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 11.6% for PVEX. Worst drawdown: PVEX -7.8% vs SPY -56.5%.
Should I hold both PVEX and SPY?
PVEX and SPY have a monthly-return correlation of 0.92, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between PVEX and SPY?
PVEX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 523 unique securities.
Which pays a higher dividend, PVEX or SPY?
PVEX yields 0.07% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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