PGRO vs. SPYG

Last updated Jul 18, 2026

PGRO (Putnam Focused Large Cap Growth ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - PGRO is a Large Cap Growth Equities fund actively managed by Power Corporation of Canada, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. PGRO is actively managed, while SPYG is passively managed. Over the past 5 years, PGRO returned 10.98%/yr vs 13.52%/yr for SPYG. With a 0.97 correlation, they move nearly in lockstep. PGRO charges 0.55%/yr vs 0.04%/yr for SPYG.

Performance

PGRO vs. SPYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Focused Large Cap Growth ETF (PGRO) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGRO achieves a 2.07% return, which is significantly lower than SPYG's 9.23% return.

PGRO

• 1D: -1.38%
• 1M: -2.70%
• 6M: 3.64%
• YTD: 2.07%
• 1Y: 9.18%
• 3Y*: 19.00%
• 5Y*: 10.98%
• 10Y*: —

SPYG

• 1D: -1.47%
• 1M: -1.02%
• 6M: 8.64%
• YTD: 9.23%
• 1Y: 20.22%
• 3Y*: 23.88%
• 5Y*: 13.52%
• 10Y*: 17.38%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PGRO vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PGRO Putnam Focused Large Cap Growth ETF	2.07%	15.13%	34.01%	45.19%	-31.53%	16.63%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	9.23%	22.09%	35.99%	30.02%	-29.41%	22.03%

Correlation

The correlation between PGRO and SPYG is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.97

The correlation between PGRO and SPYG has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

PGRO vs. SPYG - Sectors Allocation Comparison

Sectors	PGRO	SPYG
Technology	48.3%	52.0%
Communication Services	17.1%	15.9%
Consumer Cyclical	7.8%	8.5%
Healthcare	7.3%	6.2%
Financial Services	5.4%	8.9%
Industrials	4.3%	5.2%
Utilities	2.6%	1.2%
Basic Materials	2.4%	0.4%
Consumer Defensive	1.9%	1.0%
Real Estate	0.9%	0.6%
Energy	-	0.1%

Return for Risk

PGRO vs. SPYG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PGRO

PGRO Risk / Return Rank: 19
PGRO Sharpe Ratio Rank: 20
PGRO Sortino Ratio Rank: 19
PGRO Omega Ratio Rank: 19
PGRO Calmar Ratio Rank: 18
PGRO Martin Ratio Rank: 21

SPYG

SPYG Risk / Return Rank: 38
SPYG Sharpe Ratio Rank: 39
SPYG Sortino Ratio Rank: 38
SPYG Omega Ratio Rank: 37
SPYG Calmar Ratio Rank: 35
SPYG Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PGRO vs. SPYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Growth ETF (PGRO) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PGRO	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	0.53	1.15	-0.63
Sortino ratio: Return per unit of downside risk	0.84	1.66	-0.82
Omega ratio: Gain probability vs. loss probability	1.10	1.21	-0.11
Calmar ratio: Return relative to maximum drawdown	0.56	1.48	-0.91
Martin ratio: Return relative to average drawdown	1.75	5.62	-3.87

PGRO vs. SPYG - Sharpe Ratio Comparison

The current PGRO Sharpe Ratio is 0.53, which is lower than the SPYG Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of PGRO and SPYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PGRO vs. SPYG - Drawdown Comparison

The maximum PGRO drawdown since its inception was -34.73%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for PGRO and SPYG.

Drawdown Indicators

	PGRO	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-34.73%	-67.63%	+32.90%
Max Drawdown (1Y) Largest decline over 1 year	-16.34%	-13.76%	-2.58%
Max Drawdown (3Y) Largest decline over 3 years	-23.31%	-22.14%	-1.17%
Max Drawdown (5Y) Largest decline over 5 years	-34.73%	-32.67%	-2.06%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.67%	—
Current Drawdown Current decline from peak	-7.45%	-5.06%	-2.39%
Average Drawdown Average peak-to-trough decline	-10.14%	-24.23%	+14.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.26%	3.61%	+1.65%

Volatility

PGRO vs. SPYG - Volatility Comparison

Putnam Focused Large Cap Growth ETF (PGRO) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) have volatilities of 5.91% and 5.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGRO	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.91%	5.80%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	13.91%	14.44%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	17.50%	17.64%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.04%	21.44%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.79%	20.74%	+1.05%

PGRO vs. SPYG - Expense Ratio Comparison

PGRO has a 0.55% expense ratio, which is higher than SPYG's 0.04% expense ratio.

Dividends

PGRO vs. SPYG - Dividend Comparison

PGRO's dividend yield for the trailing twelve months is around 0.02%, less than SPYG's 0.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGRO Putnam Focused Large Cap Growth ETF	0.02%	0.02%	0.08%	0.19%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.50%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both PGRO and SPYG in my portfolio?

With a correlation of 0.96, PGRO and SPYG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PGRO or SPYG?

PGRO has higher volatility (5.91%) compared to SPYG (5.80%). In terms of maximum drawdown, PGRO dropped -34.73% vs SPYG's -67.63%.

Which ETF is better, PGRO or SPYG?

On 5-year performance, SPYG leads with 13.52% vs 10.98% for PGRO. On fees, SPYG is cheaper at 0.04% per year. On volatility, SPYG has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PGRO or SPYG?

Over the 5-year period, SPYG has performed better with a 13.52% return vs 10.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PGRO or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.55% for PGRO.

Which ETF pays a higher dividend yield, PGRO or SPYG?

SPYG has the higher dividend yield at 0.50%, compared with 0.02% for PGRO.

What is the main difference between PGRO and SPYG?

PGRO is categorized as Large Cap Growth Equities, while SPYG is S&P 500. They also come from different issuers: Power Corporation of Canada and State Street. Their fees differ too: 0.55% for PGRO and 0.04% for SPYG.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (1.15 vs 0.53), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.