PXH vs SPY
Invesco RAFI Emerging Markets ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PXH or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. PXH led over 1Y and 3Y, SPY over 5Y and the full window. PXH is less concentrated, with 29.1% 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 | PXH | SPY |
|---|---|---|
| Expense Ratio | 0.47% | 0.09%Best |
| AUM | $2.1B | $804.7B |
| Dividend Yield | 4.12% | 0.98% |
| Holdings | 399 | 505 |
| YTD Return | +14.47%Best | +11.52% |
| 1Y Return | +23.82%Best | +17.48% |
| 3Y Return (annualized) | +21.81%Best | +20.62% |
| 5Y Return (annualized) | +10.00% | +12.73%Best |
| Volatility (annualized) | 21.7% | 15.6%Best |
| Max Drawdown | -64.0% | -56.5%Best |
| $10,000 over 5 years | $16,105 | $18,205Best |
| Top 10 Weight | 29.1%Best | 38.0% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Sep 27, 2007 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 27, 2007 to Sep 10, 2026 (19 years).
PXH 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 19 years both funds cover.
PXH vs SPY Performance
Invesco RAFI Emerging Markets ETF (PXH) 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 PXH returned +23.82% while SPY returned +17.48%. Year to date, PXH is up 14.47% versus a gain of 11.52% for SPY.
Over three years, PXH compounded at +21.81% per year against +20.62% for SPY; over five years the annualized figures are +10.00% and +12.73% respectively. Across the full 19-year window we track, SPY has the edge at +9.23% annualized vs +1.97%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PXH has been the more volatile fund, with annualized monthly volatility of 21.7% compared with 15.6% 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 -64.0% for PXH 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 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PXH charges 0.47% per year while SPY charges 0.09%. On a $10,000 position that is $47 vs $9 annually, a gap of $38 per year that compounds over a long holding period. On income, PXH currently yields 4.12% against 0.98% for SPY.
Holdings Overlap
0.2% of PXH's money is in holdings SPY also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
1 positions in common, counted across the 375 positions we hold weights for in PXH and 504 in SPY, against full books of 399 and 505.
What only one of them owns
Our book lists 493 positions for SPY that do not appear in our book for PXH (99.5% of the fund), and 18 for PXH that do not appear in SPY (4.2%).
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 PXH | Weight in SPY | Difference |
|---|---|---|---|
| LHLaboratory Corporation of America Holdings | 0.17% | 0.04% | 0.13% |
You are not choosing between two funds in isolation.
Whichever of PXH 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, PXH or SPY?
PXH has an expense ratio of 0.47% while SPY charges 0.09%. SPY is the cheaper option, by $38 a year on a $10,000 investment.
Which performed better, PXH or SPY?
Over the past year PXH returned +23.82% vs +17.48% for SPY, so PXH leads on 1-year performance. Over the longest common window we track (19 years), PXH annualized +1.97% vs +9.23% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PXH or SPY?
PXH has been the more volatile fund at 21.7% annualized versus 15.6% for SPY. Worst drawdown: PXH -64.0% vs SPY -56.5%.
Should I hold both PXH and SPY?
PXH and SPY have a monthly-return correlation of 0.72, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, PXH or SPY?
PXH yields 4.12% while SPY yields 0.98%, so PXH currently pays the higher dividend yield.
Is SPY better than PXH?
SPY has a lower expense ratio. PXH led over 1Y and 3Y, SPY over 5Y and the full window. PXH is less concentrated, with 29.1% 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.