PXI vs SPY
Invesco Dorsey Wright Energy Momentum ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. PXI delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | PXI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.60% | 0.09% | |
| AUM | $55M | $821.1B | |
| Dividend Yield | 1.26% | 1.01% | |
| Holdings | 44 | 505 | |
| YTD Return | +37.88% | +13.17% | |
| 1Y Return | +57.60% | +21.53% | |
| 3Y Return (annualized) | +14.36% | +22.06% | |
| 5Y Return (annualized) | +26.11% | +13.35% | |
| Volatility (annualized) | 32.9% | 15.3% | |
| Max Drawdown | -86.2% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Oct 12, 2006 | Jan 22, 1993 |
PXI vs SPY Performance
Invesco Dorsey Wright Energy Momentum ETF (PXI) 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 PXI returned +57.60% while SPY returned +21.53%. Year to date, PXI is up 37.88% versus a gain of 13.17% for SPY.
Over three years, PXI compounded at +14.36% per year against +22.06% for SPY; over five years the annualized figures are +26.11% and +13.35% respectively. Across the full 20-year window we track, SPY has the edge at +8.82% annualized vs +5.16%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PXI has been the more volatile fund, with annualized monthly volatility of 32.9% 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 -86.2% for PXI 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 0.61. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PXI charges 0.60% per year while SPY charges 0.09%. On a $10,000 position that is $60 vs $9 annually, a gap of $51 per year that compounds over a long holding period. On income, PXI currently yields 1.26% against 1.01% for SPY.
Holdings Overlap
PXI and SPY share 9 holdings out of 538 unique holdings combined, representing a 1.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PXI or SPY?
PXI has an expense ratio of 0.60% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $51 per year of difference.
Which performed better, PXI or SPY?
Over the past year PXI returned +57.60% vs +21.53% for SPY, so PXI leads on 1-year performance. Over the longest common window we track (20 years), PXI annualized +5.16% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, PXI or SPY?
PXI has been the more volatile fund at 32.9% annualized versus 15.3% for SPY. Worst drawdown: PXI -86.2% vs SPY -56.5%.
Should I hold both PXI and SPY?
PXI and SPY have a monthly-return correlation of 0.61, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PXI and SPY?
PXI and SPY share 9 common holdings with a 1.4% weight overlap. Combined, they hold 538 unique securities.
Which pays a higher dividend, PXI or SPY?
PXI yields 1.26% while SPY yields 1.01%, so PXI currently pays the higher dividend yield.
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