PVEX vs SPY
TrueShares ConVex Protect ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PVEX or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.92.
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 | PVEX | SPY |
|---|---|---|
| Expense Ratio | 0.82% | 0.09%Best |
| AUM | $58M | $804.7B |
| Dividend Yield | 0.07% | 0.98% |
| Holdings | 106 | 505 |
| YTD Return | +6.62% | +10.96%Best |
| 1Y Return | +9.72% | +15.52%Best |
| 3Y Return (annualized) | - | +20.73% |
| 5Y Return (annualized) | - | +12.53% |
| Volatility (annualized) | 11.8%Best | 12.2% |
| Max Drawdown | -7.8%Best | -8.9% |
| $10,000 over 1.2 years | $12,070 | $12,313Best |
| Fund Family | TrueShares | State Street Investment Management |
| Category | Alternative | Equity |
| Style | - | Large Cap Blend |
| Inception | Jun 27, 2025 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.2 years row, are measured over the window both funds cover: Jun 30, 2025 to Sep 16, 2026 (1.2 years).
PVEX 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 1.2 years both funds cover.
PVEX vs SPY Performance
TrueShares ConVex Protect ETF (PVEX) is an ETF from TrueShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year PVEX returned +9.72% while SPY returned +15.52%. Year to date, PVEX is up 6.62% versus a gain of 10.96% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.2% compared with 11.8% 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 -8.9% 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 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
PVEX charges 0.82% per year while SPY charges 0.09%. On a $10,000 position that is $82 vs $9 annually, a gap of $73 per year that compounds over a long holding period. On income, PVEX currently yields 0.07% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 19 holdings in PVEX and 504 in SPY, totalling 58.4% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 19 positions we hold weights for in PVEX and 504 in SPY, against full books of 106 and 505.
You are not choosing between two funds in isolation.
Whichever of PVEX 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, PVEX or SPY?
PVEX has an expense ratio of 0.82% while SPY charges 0.09%. SPY is the cheaper option, by $73 a year on a $10,000 investment.
Which performed better, PVEX or SPY?
Over the past year PVEX returned +9.72% vs +15.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), PVEX annualized +16.97% vs +18.93% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PVEX or SPY?
SPY has been the more volatile fund at 12.2% annualized versus 11.8% for PVEX. Worst drawdown: PVEX -7.8% vs SPY -8.9%.
Should I hold both PVEX and SPY?
PVEX and SPY have a monthly-return correlation of 0.92, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, PVEX or SPY?
PVEX yields 0.07% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than PVEX?
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.92. Which one suits a particular account depends on what it is for. This is information, not a recommendation.