PUI vs SPY
Invesco Dorsey Wright Utilities Momentum ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PUI or SPY?
Mid Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 39.5%.
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 | PUI | SPY |
|---|---|---|
| Expense Ratio | 0.60% | 0.09%Best |
| AUM | $50M | $823.2B |
| Dividend Yield | 2.36% | 0.99% |
| Holdings | 74 | 1,515 |
| YTD Return | -1.77% | +13.53%Best |
| 1Y Return | -9.52% | +17.47%Best |
| 3Y Return (annualized) | +14.39% | +22.36%Best |
| 5Y Return (annualized) | +7.18% | +13.21%Best |
| Volatility (annualized) | 14.1%Best | 15.0% |
| Max Drawdown | -45.8%Best | -56.5% |
| $10,000 over 5 years | $14,144 | $18,596Best |
| Top 10 Weight | 39.5% | 38.2%Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Blend |
| Inception | Oct 26, 2005 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Oct 26, 2005 to Oct 14, 2026 (21 years).
PUI 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 years both funds cover.
PUI vs SPY Performance
Invesco Dorsey Wright Utilities Momentum ETF (PUI) 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 PUI returned -9.52% while SPY returned +17.47%. Year to date, PUI is down 1.77% versus a gain of 13.53% for SPY.
Over three years, PUI compounded at +14.39% per year against +22.36% for SPY; over five years the annualized figures are +7.18% and +13.21% respectively. Across the full 21-year window we track, SPY has the edge at +9.70% annualized vs +5.63%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.0% compared with 14.1% for PUI. 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 -45.8% for PUI 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 0.58. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PUI 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, PUI currently yields 2.36% against 0.99% for SPY.
Holdings Overlap
80.5% of PUI's money is in holdings SPY also owns. 2.3% of SPY's money is in holdings PUI also owns.
Most of PUI is already inside SPY. Owning both mostly buys the same companies twice.
26 positions in common, counted across the 38 positions we hold weights for in PUI and 504 in SPY, against full books of 74 and 1,515.
What only one of them owns
Our book lists 470 positions for SPY that do not appear in our book for PUI (96.7% of the fund), and 12 for PUI that do not appear in SPY (19.5%).
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 PUI | Weight in SPY | Difference |
|---|---|---|---|
| OKEOneok Inc. | 4.33% | 0.09% | 4.24% |
| ATOAtmos Energy Corp | 4.35% | 0.04% | 4.31% |
| NINisource | 4.16% | 0.03% | 4.13% |
| GEVGE Vernova Inc. CDR (CAD Hedged) | 3.83% | 0.36% | 3.47% |
| DUKDuke Energy Corporation | 4.02% | 0.14% | 3.88% |
| EVRGEvergy Inc. | 4.12% | 0.03% | 4.09% |
| WECWec Energy Group Inc. | 3.94% | 0.05% | 3.89% |
| SRESempra | 3.76% | 0.08% | 3.68% |
| DTEDte Energy Co. | 3.68% | 0.04% | 3.64% |
| ETREntergy Corp. | 3.36% | 0.07% | 3.29% |
80.5% of PUI 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, PUI or SPY?
PUI 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, PUI or SPY?
Over the past year PUI returned -9.52% vs +17.47% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), PUI annualized +5.63% vs +9.70% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PUI or SPY?
SPY has been the more volatile fund at 15.0% annualized versus 14.1% for PUI. Worst drawdown: PUI -45.8% vs SPY -56.5%.
Should I hold both PUI and SPY?
PUI and SPY have a monthly-return correlation of 0.58, 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 PUI and SPY?
80.5% of PUI's money is in holdings SPY also owns. 2.3% of SPY's is in holdings PUI also owns. They hold 26 positions in common, counted across the 38 positions we hold weights for in PUI and 504 in SPY.
Which pays a higher dividend, PUI or SPY?
PUI yields 2.36% while SPY yields 0.99%, so PUI currently pays the higher dividend yield.
Is SPY better than PUI?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 39.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.