PY vs SPY
Principal Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PY or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. PY is less concentrated, with 26.6% of the fund in its ten largest positions against 38.2%.
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 | PY | SPY |
|---|---|---|
| Expense Ratio | 0.15% | 0.09%Best |
| AUM | $238M | $823.2B |
| Dividend Yield | 1.92% | 0.99% |
| Holdings | 206 | 1,515 |
| YTD Return | +10.62% | +13.53%Best |
| 1Y Return | +12.95% | +17.47%Best |
| 3Y Return (annualized) | +15.76% | +22.36%Best |
| 5Y Return (annualized) | +8.45% | +13.21%Best |
| Volatility (annualized) | 19.1% | 15.0%Best |
| Max Drawdown | -45.5% | -34.1%Best |
| $10,000 over 5 years | $15,002 | $18,596Best |
| Top 10 Weight | 26.6%Best | 38.2% |
| Fund Family | Principal Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Mar 21, 2016 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Mar 22, 2016 to Oct 14, 2026 (10.6 years).
PY 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 10.6 years both funds cover.
PY vs SPY Performance
Principal Value ETF (PY) is an ETF from Principal Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year PY returned +12.95% while SPY returned +17.47%. Year to date, PY is up 10.62% versus a gain of 13.53% for SPY.
Over three years, PY compounded at +15.76% per year against +22.36% for SPY; over five years the annualized figures are +8.45% and +13.21% respectively. Across the full 11-year window we track, SPY has the edge at +14.19% annualized vs +9.67%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PY has been the more volatile fund, with annualized monthly volatility of 19.1% compared with 15.0% 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 -45.5% for PY and -34.1% 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 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PY charges 0.15% per year while SPY charges 0.09%. On a $10,000 position that is $15 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, PY currently yields 1.92% against 0.99% for SPY.
Holdings Overlap
96.7% of PY's money is in holdings SPY also owns. 34.6% of SPY's money is in holdings PY also owns.
Most of PY is already inside SPY. Owning both mostly buys the same companies twice.
96 positions in common, counted across the 101 positions we hold weights for in PY and 504 in SPY, against full books of 206 and 1,515.
What only one of them owns
Our book lists 400 positions for SPY that do not appear in our book for PY (64.4% of the fund), and 4 for PY that do not appear in SPY (2.4%).
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 PY | Weight in SPY | Difference |
|---|---|---|---|
| AAPLApple, Inc | 9.26% | 7.45% | 1.81% |
| AMZNAmazon.Com Inc | 3.37% | 3.78% | 0.41% |
| JNJJohnson & Johnson - Common | 1.67% | 0.98% | 0.69% |
| VVisa Inc. 'A' | 1.68% | 0.95% | 0.73% |
| XOMExxon Mobil Corp. | 1.56% | 1.04% | 0.52% |
| BACBank Of America Corp. | 1.92% | 0.59% | 1.33% |
| PGProcter & Gamble Company | 1.95% | 0.52% | 1.43% |
| UNHUnited Healthcare Corp. | 1.88% | 0.53% | 1.35% |
| INTCIntel Corp. | 1.63% | 0.73% | 0.90% |
| MRKMerck & Co. Inc. | 1.73% | 0.54% | 1.19% |
96.7% of PY 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, PY or SPY?
PY has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, PY or SPY?
Over the past year PY returned +12.95% vs +17.47% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (11 years), PY annualized +9.67% vs +14.19% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PY or SPY?
PY has been the more volatile fund at 19.1% annualized versus 15.0% for SPY. Worst drawdown: PY -45.5% vs SPY -34.1%.
Should I hold both PY and SPY?
PY and SPY have a monthly-return correlation of 0.84, 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 PY and SPY?
96.7% of PY's money is in holdings SPY also owns. 34.6% of SPY's is in holdings PY also owns. They hold 96 positions in common, counted across the 101 positions we hold weights for in PY and 504 in SPY.
Which pays a higher dividend, PY or SPY?
PY yields 1.92% while SPY yields 0.99%, so PY currently pays the higher dividend yield.
Is SPY better than PY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. PY is less concentrated, with 26.6% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.