PGRO vs SPY
PGRO vs SPY
Putnam Focused Large Cap Growth 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 | PGRO | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $202M | $789.1B | |
| Dividend Yield | 0.02% | 1.01% | |
| Holdings | 38 | 505 | |
| YTD Return | +6.78% | +13.28% | |
| 1Y Return | +13.58% | +23.94% | |
| 3Y Return (annualized) | +22.13% | +21.07% | |
| 5Y Return (annualized) | +11.12% | +13.27% | |
| Volatility (annualized) | 19.8% | 15.3% | |
| Max Drawdown | -34.7% | -56.5% | |
| Fund Family | Putnam Investments | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 25, 2021 | Jan 22, 1993 |
PGRO vs SPY Performance
Putnam Focused Large Cap Growth ETF (PGRO) is a ETF from Putnam Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PGRO returned +13.58% while SPY returned +23.94%. Year to date, PGRO is up 6.78% versus a gain of 13.28% for SPY.
Over three years, PGRO compounded at +22.13% per year against +21.07% for SPY; over five years the annualized figures are +11.12% and +13.27% respectively. Across the full 5-year window we track, PGRO has the edge at +13.21% annualized vs +8.84%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PGRO has been the more volatile fund, with annualized monthly volatility of 19.8% compared with 15.3% 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 -34.7% for PGRO 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 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
PGRO charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, PGRO currently yields 0.02% against 1.01% for SPY.
Holdings Overlap
PGRO and SPY share 29 holdings out of 507 unique holdings combined, representing a 42.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in PGRO | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 14.01% | 7.31% | 6.70% |
| AAPL | 10.15% | 7.09% | 3.06% |
| MSFT | 7.86% | 4.43% | 3.43% |
| AVGO | Pro | Pro | Pro |
| GOOGL | Pro | Pro | Pro |
| AMZN | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| LLY | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
| AMD | Pro | Pro | Pro |
See all 10 holdings PGRO shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, PGRO or SPY?
PGRO has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, PGRO or SPY?
Over the past year PGRO returned +13.58% vs +23.94% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (5 years), PGRO annualized +13.21% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, PGRO or SPY?
PGRO has been the more volatile fund at 19.8% annualized versus 15.3% for SPY. Worst drawdown: PGRO -34.7% vs SPY -56.5%.
Should I hold both PGRO and SPY?
PGRO and SPY have a monthly-return correlation of 0.92, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between PGRO and SPY?
PGRO and SPY share 29 common holdings with a 42.0% weight overlap. Combined, they hold 507 unique securities.
Which pays a higher dividend, PGRO or SPY?
PGRO yields 0.02% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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