PWV vs SPY
Invesco Large Cap Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PWV or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. PWV led over 1Y, 3Y and 5Y, SPY over the full window. The two have moved almost in lockstep, correlation 0.90. PWV is less concentrated, with 34.4% 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 | PWV | SPY |
|---|---|---|
| Expense Ratio | 0.55% | 0.09%Best |
| AUM | $2.4B | $804.7B |
| Dividend Yield | 1.62% | 0.98% |
| Holdings | 53 | 505 |
| YTD Return | +23.48%Best | +11.52% |
| 1Y Return | +29.58%Best | +17.48% |
| 3Y Return (annualized) | +21.75%Best | +20.62% |
| 5Y Return (annualized) | +15.28%Best | +12.73% |
| Volatility (annualized) | 14.4%Best | 14.9% |
| Max Drawdown | -50.7%Best | -56.5% |
| $10,000 over 5 years | $20,360Best | $18,205 |
| Top 10 Weight | 34.4%Best | 38.0% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | 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).
PWV 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.
PWV vs SPY Performance
Invesco Large Cap Value ETF (PWV) 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 PWV returned +29.58% while SPY returned +17.48%. Year to date, PWV is up 23.48% versus a gain of 11.52% for SPY.
Over three years, PWV compounded at +21.75% per year against +20.62% for SPY; over five years the annualized figures are +15.28% and +12.73% respectively. Across the full 22-year window we track, SPY has the edge at +9.27% annualized vs +8.77%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.9% compared with 14.4% for PWV. 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 -50.7% for PWV 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 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
PWV 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, PWV currently yields 1.62% against 0.98% for SPY.
Holdings Overlap
99.9% of PWV's money is in holdings SPY also owns. 13.1% of SPY's money is in holdings PWV also owns.
Most of PWV is already inside SPY. Owning both mostly buys the same companies twice.
50 positions in common, counted across the 51 positions we hold weights for in PWV and 504 in SPY, against full books of 53 and 505.
What only one of them owns
Measured across the 51 and 504 positions we hold weights for.
SPY holds 444 positions PWV does not, 86.4% of the fund.
Largest: NVDA 7.71%, AAPL 6.83%, MSFT 5.50%, AMZN 4.08%, GOOGL 3.33%
Top Shared Holdings
| Stock | Weight in PWV | Weight in SPY | Difference |
|---|---|---|---|
| JPMJpmorgan Chase & Co. | 3.59% | 1.44% | 2.15% |
| BACBank Of America Corp. | 3.71% | 0.62% | 3.09% |
| JNJJohnson & Johnson | 3.41% | 0.92% | 2.49% |
| ABBVAbbvie Inc. | 3.55% | 0.65% | 2.90% |
| XOMExxon Mobil Corp. | 3.17% | 0.96% | 2.21% |
| WFCWells Fargo & Co. | 3.52% | 0.41% | 3.11% |
| UNHUnitedhealth Group Inc. | 3.34% | 0.56% | 2.78% |
| KOCoca Cola Co. | 3.32% | 0.50% | 2.82% |
| MRKMerck & Co. Inc. | 3.30% | 0.47% | 2.83% |
| GSGoldman Sachs Group Inc. | 3.27% | 0.47% | 2.80% |
99.9% of PWV 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, PWV or SPY?
PWV 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, PWV or SPY?
Over the past year PWV returned +29.58% vs +17.48% for SPY, so PWV leads on 1-year performance. Over the longest common window we track (22 years), PWV annualized +8.77% vs +9.27% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PWV or SPY?
SPY has been the more volatile fund at 14.9% annualized versus 14.4% for PWV. Worst drawdown: PWV -50.7% vs SPY -56.5%.
Should I hold both PWV and SPY?
PWV and SPY have a monthly-return correlation of 0.90, 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 PWV and SPY?
99.9% of PWV's money is in holdings SPY also owns. 13.1% of SPY's is in holdings PWV also owns. They hold 50 positions in common, counted across the 51 positions we hold weights for in PWV and 504 in SPY.
Which pays a higher dividend, PWV or SPY?
PWV yields 1.62% while SPY yields 0.98%, so PWV currently pays the higher dividend yield.
Is SPY better than PWV?
SPY has a lower expense ratio. PWV led over 1Y, 3Y and 5Y, SPY over the full window. The two have moved almost in lockstep, correlation 0.90. PWV is less concentrated, with 34.4% 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.