PXI vs SPY
Invesco Dorsey Wright Energy Momentum ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PXI or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. PXI led over 1Y and 5Y, SPY over 3Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 41.4%.
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 | PXI | SPY |
|---|---|---|
| Expense Ratio | 0.60% | 0.09%Best |
| AUM | $56M | $804.7B |
| Dividend Yield | 1.15% | 0.98% |
| Holdings | 44 | 505 |
| YTD Return | +41.86%Best | +11.52% |
| 1Y Return | +49.69%Best | +17.48% |
| 3Y Return (annualized) | +14.13% | +20.62%Best |
| 5Y Return (annualized) | +22.52%Best | +12.73% |
| Volatility (annualized) | 32.9% | 15.4%Best |
| Max Drawdown | -86.2% | -56.5%Best |
| $10,000 over 5 years | $27,608Best | $18,205 |
| Top 10 Weight | 41.4% | 38.0%Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Oct 12, 2006 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Oct 12, 2006 to Sep 10, 2026 (19.9 years).
PXI 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 19.9 years both funds cover.
PXI vs SPY Performance
Invesco Dorsey Wright Energy Momentum ETF (PXI) 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 PXI returned +49.69% while SPY returned +17.48%. Year to date, PXI is up 41.86% versus a gain of 11.52% for SPY.
Over three years, PXI compounded at +14.13% per year against +20.62% for SPY; over five years the annualized figures are +22.52% and +12.73% respectively. Across the full 20-year window we track, SPY has the edge at +9.41% annualized vs +5.30%.
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 15.4% 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 what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.61. They move together some of the time, and apart the rest.
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 1.15% against 0.98% for SPY.
Holdings Overlap
37.3% of PXI's money is in holdings SPY also owns. 2.7% of SPY's money is in holdings PXI also owns.
The two portfolios partly overlap.
13 positions in common, counted across the 48 positions we hold weights for in PXI and 504 in SPY, against full books of 44 and 505.
What only one of them owns
Our book lists 481 positions for SPY that do not appear in our book for PXI (96.8% of the fund), and 32 for PXI that do not appear in SPY (57.5%).
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 PXI | Weight in SPY | Difference |
|---|---|---|---|
| MPCMarathon Petroleum Corp. | 6.41% | 0.14% | 6.27% |
| TRGPTarga Resources Corp. | 5.57% | 0.08% | 5.49% |
| VLOValero Energy Corp. | 3.97% | 0.14% | 3.83% |
| XOMExxon Mobil Corp. | 2.69% | 0.96% | 1.73% |
| BKRBaker Hughes A Ge Co. Class A | 3.15% | 0.09% | 3.06% |
| CVXChevron Corp. | 1.98% | 0.54% | 1.44% |
| FANGDiamondback Energy Inc. | 2.35% | 0.06% | 2.29% |
| COPConocophillips Co | 2.09% | 0.22% | 1.87% |
| PSXPhillips 66 | 1.94% | 0.12% | 1.82% |
| WMBWilliams Cos. Inc. | 1.89% | 0.13% | 1.76% |
37.3% of PXI 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, PXI or SPY?
PXI has an expense ratio of 0.60% while SPY charges 0.09%. SPY is the cheaper option, by $51 a year on a $10,000 investment.
Which performed better, PXI or SPY?
Over the past year PXI returned +49.69% vs +17.48% for SPY, so PXI leads on 1-year performance. Over the longest common window we track (20 years), PXI annualized +5.30% vs +9.41% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PXI or SPY?
PXI has been the more volatile fund at 32.9% annualized versus 15.4% 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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between PXI and SPY?
37.3% of PXI's money is in holdings SPY also owns. 2.7% of SPY's is in holdings PXI also owns. They hold 13 positions in common, counted across the 48 positions we hold weights for in PXI and 504 in SPY.
Which pays a higher dividend, PXI or SPY?
PXI yields 1.15% while SPY yields 0.98%, so PXI currently pays the higher dividend yield.
Is SPY better than PXI?
SPY has a lower expense ratio. PXI led over 1Y and 5Y, SPY over 3Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 41.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.