PZLV vs SPY
Pzena US Large Cap Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PZLV or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. PZLV is less concentrated, with 37.7% 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 | PZLV | SPY |
|---|---|---|
| Expense Ratio | 0.60% | 0.09%Best |
| AUM | $70M | $823.2B |
| Dividend Yield | 0.00% | 0.99% |
| Holdings | 80 | 1,515 |
| YTD Return | +21.97%Best | +13.53% |
| 1Y Return | - | +17.47% |
| 3Y Return (annualized) | - | +22.36% |
| 5Y Return (annualized) | - | +13.21% |
| Top 10 Weight | 37.7%Best | 38.2% |
| Fund Family | Pzena Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Apr 1, 2026 | Jan 22, 1993 |
Not shown on this pair: Volatility (annualized), Max Drawdown, $10,000 over the window.
PZLV 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
PZLV vs SPY Performance
Pzena US Large Cap Value ETF (PZLV) is an ETF from Pzena Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Year to date, PZLV is up 21.97% versus a gain of 13.53% for SPY.
Past performance does not guarantee future results.
Fees and Cost Over Time
PZLV 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, PZLV currently yields 0.00% against 0.99% for SPY.
Holdings Overlap
58.8% of PZLV's money is in holdings SPY also owns. 2.6% of SPY's money is in holdings PZLV also owns.
The two portfolios partly overlap.
22 positions in common, counted across the 39 positions we hold weights for in PZLV and 504 in SPY, against full books of 80 and 1,515.
What only one of them owns
Our book lists 474 positions for SPY that do not appear in our book for PZLV (96.5% of the fund), and 16 for PZLV that do not appear in SPY (36.0%).
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 PZLV | Weight in SPY | Difference |
|---|---|---|---|
| HUMHumana Inc. | 5.12% | 0.07% | 5.05% |
| BAXBaxter International Inc. | 4.95% | 0.02% | 4.93% |
| DGDollar General Corp. | 3.61% | 0.04% | 3.57% |
| CVSCvs Health Corp | 3.27% | 0.19% | 3.08% |
| WFCWells Fargo & Co. | 2.95% | 0.41% | 2.54% |
| COFCapital One Financial Corp. | 3.03% | 0.20% | 2.83% |
| UHSUniversal Health Services Inc. | 3.20% | 0.01% | 3.19% |
| CTSHCognizant Technology Solutions Corp. Class A | 3.13% | 0.05% | 3.08% |
| SWKSSkyworks Solutions Inc. | 3.11% | 0.02% | 3.09% |
| METMetlife Inc. | 2.97% | 0.08% | 2.89% |
58.8% of PZLV 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, PZLV or SPY?
PZLV 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.
What is the holdings overlap between PZLV and SPY?
58.8% of PZLV's money is in holdings SPY also owns. 2.6% of SPY's is in holdings PZLV also owns. They hold 22 positions in common, counted across the 39 positions we hold weights for in PZLV and 504 in SPY.
Which pays a higher dividend, PZLV or SPY?
PZLV yields 0.00% while SPY yields 0.99%, so SPY currently pays the higher dividend yield.
Is SPY better than PZLV?
SPY has a lower expense ratio. PZLV is less concentrated, with 37.7% 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.