PWB vs SPY
Invesco Large Cap Growth ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PWB or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. PWB led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.92. PWB is less concentrated, with 35.1% of the fund in its ten largest positions against 38.0%.
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 | PWB | SPY |
|---|---|---|
| Expense Ratio | 0.55% | 0.09%Best |
| AUM | $2.4B | $804.7B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 53 | 505 |
| YTD Return | +20.01%Best | +11.52% |
| 1Y Return | +26.24%Best | +17.48% |
| 3Y Return (annualized) | +28.92%Best | +20.62% |
| 5Y Return (annualized) | +14.77%Best | +12.73% |
| Volatility (annualized) | 16.6% | 14.9%Best |
| Max Drawdown | -52.6%Best | -56.5% |
| $10,000 over 5 years | $19,913Best | $18,205 |
| Top 10 Weight | 35.1%Best | 38.0% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Mar 3, 2005 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Mar 3, 2005 to Sep 10, 2026 (21.5 years).
PWB 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 21.5 years both funds cover.
PWB vs SPY Performance
Invesco Large Cap Growth ETF (PWB) 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 PWB returned +26.24% while SPY returned +17.48%. Year to date, PWB is up 20.01% versus a gain of 11.52% for SPY.
Over three years, PWB compounded at +28.92% per year against +20.62% for SPY; over five years the annualized figures are +14.77% and +12.73% respectively. Across the full 22-year window we track, PWB has the edge at +12.02% annualized vs +9.27%.
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 14.9% 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 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
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 0.98% for SPY.
Holdings Overlap
94.3% of PWB's money is in holdings SPY also owns. 39.2% of SPY's money is in holdings PWB also owns.
Most of PWB is already inside SPY. Owning both mostly buys the same companies twice.
47 positions in common, counted across the 51 positions we hold weights for in PWB and 504 in SPY, against full books of 53 and 505.
What only one of them owns
Our book lists 447 positions for SPY that do not appear in our book for PWB (60.3% of the fund), and 2 for PWB that do not appear in SPY (1.3%).
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.
Top Shared Holdings
| Stock | Weight in PWB | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 3.22% | 7.71% | 4.49% |
| AAPLApple, Inc | 3.28% | 6.83% | 3.55% |
| AMZNAmazon.Com Inc | 3.42% | 4.08% | 0.66% |
| GOOGLAlphabet A Usd 0.001 | 3.17% | 3.33% | 0.16% |
| AVGOBroadcom Inc | 3.24% | 2.97% | 0.27% |
| METAMeta Platforms, Inc. | 3.14% | 1.94% | 1.20% |
| MUMicron Technology, Inc. | 3.26% | 1.51% | 1.75% |
| VVisa Inc | 3.70% | 0.92% | 2.78% |
| AMATApplied Materials, Inc. | 3.93% | 0.65% | 3.28% |
| MAMastercard Inc | 3.79% | 0.69% | 3.10% |
94.3% of PWB is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
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, by $46 a year on a $10,000 investment.
Which performed better, PWB or SPY?
Over the past year PWB returned +26.24% vs +17.48% for SPY, so PWB leads on 1-year performance. Over the longest common window we track (22 years), PWB annualized +12.02% vs +9.27% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PWB or SPY?
PWB has been the more volatile fund at 16.6% annualized versus 14.9% 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. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between PWB and SPY?
94.3% of PWB's money is in holdings SPY also owns. 39.2% of SPY's is in holdings PWB also owns. They hold 47 positions in common, counted across the 51 positions we hold weights for in PWB and 504 in SPY.
Which pays a higher dividend, PWB or SPY?
PWB yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than PWB?
SPY has a lower expense ratio. PWB led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.92. PWB is less concentrated, with 35.1% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.