PWB vs SPY
Invesco Large Cap Growth ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. PWB delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | PWB | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.55% | 0.09% | |
| AUM | $2.5B | $821.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 53 | 505 | |
| YTD Return | +20.53% | +12.22% | |
| 1Y Return | +30.95% | +20.83% | |
| 3Y Return (annualized) | +30.87% | +21.70% | |
| 5Y Return (annualized) | +15.46% | +12.98% | |
| Volatility (annualized) | 16.6% | 15.3% | |
| Max Drawdown | -52.6% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 3, 2005 | Jan 22, 1993 |
PWB vs SPY Performance
Invesco Large Cap Growth ETF (PWB) 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 PWB returned +30.95% while SPY returned +20.83%. Year to date, PWB is up 20.53% versus a gain of 12.22% for SPY.
Over three years, PWB compounded at +30.87% per year against +21.70% for SPY; over five years the annualized figures are +15.46% and +12.98% respectively. Across the full 22-year window we track, PWB has the edge at +12.08% annualized vs +8.79%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PWB has been the more volatile fund, with annualized monthly volatility of 16.6% compared with 15.3% 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 -52.6% for PWB 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
PWB charges 0.55% per year while SPY charges 0.09%. On a $10,000 position that is $55 vs $9 annually, a gap of $46 per year that compounds over a long holding period. On income, PWB currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
PWB and SPY share 47 holdings out of 508 unique holdings combined, representing a 28.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PWB or SPY?
PWB has an expense ratio of 0.55% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $46 per year of difference.
Which performed better, PWB or SPY?
Over the past year PWB returned +30.95% vs +20.83% for SPY, so PWB leads on 1-year performance. Over the longest common window we track (22 years), PWB annualized +12.08% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, PWB or SPY?
PWB has been the more volatile fund at 16.6% annualized versus 15.3% for SPY. Worst drawdown: PWB -52.6% vs SPY -56.5%.
Should I hold both PWB and SPY?
PWB 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 PWB and SPY?
PWB and SPY share 47 common holdings with a 28.8% weight overlap. Combined, they hold 508 unique securities.
Which pays a higher dividend, PWB or SPY?
PWB yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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