PCRB vs SPY
PCRB vs SPY
Putnam ESG Core Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PCRB | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.36% | 0.09% | |
| AUM | $7M | $789.1B | |
| Dividend Yield | 9.74% | 1.01% | |
| Holdings | 568 | 505 | |
| YTD Return | -0.43% | +9.93% | |
| 1Y Return | +4.33% | +19.50% | |
| 3Y Return (annualized) | +4.09% | +19.33% | |
| 5Y Return (annualized) | - | +12.82% | |
| Volatility (annualized) | 5.6% | 15.3% | |
| Max Drawdown | -7.2% | -56.5% | |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jan 19, 2023 | Jan 22, 1993 |
PCRB vs SPY Performance
Putnam ESG Core Bond ETF (PCRB) is a ETF from Franklin Templeton Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PCRB returned +4.33% while SPY returned +19.50%. Year to date, PCRB is down 0.43% versus a gain of 9.93% for SPY.
Over three years, PCRB compounded at +4.09% per year against +19.33% for SPY. Across the full 3-year window we track, SPY has the edge at +8.74% annualized vs +3.23%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 5.6% for PCRB. 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 -7.2% for PCRB 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 0.51. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PCRB charges 0.36% per year while SPY charges 0.09%. On a $10,000 position that is $36 vs $9 annually, a gap of $27 per year that compounds over a long holding period. On income, PCRB currently yields 9.74% against 1.01% for SPY.
Holdings Overlap
PCRB and SPY share 0 holdings out of 884 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PCRB or SPY?
PCRB has an expense ratio of 0.36% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $27 per year of difference.
Which performed better, PCRB or SPY?
Over the past year PCRB returned +4.33% vs +19.50% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), PCRB annualized +3.23% vs +8.74% for SPY. Past performance does not guarantee future results.
Which is riskier, PCRB or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 5.6% for PCRB. Worst drawdown: PCRB -7.2% vs SPY -56.5%.
Should I hold both PCRB and SPY?
PCRB and SPY have a monthly-return correlation of 0.51, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PCRB and SPY?
PCRB and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 884 unique securities.
Which pays a higher dividend, PCRB or SPY?
PCRB yields 9.74% while SPY yields 1.01%, so PCRB currently pays the higher dividend yield.
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