PUI vs. SPY

Last updated Jun 24, 2026

PUI (Invesco DWA Utilities Momentum ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - PUI is a Momentum fund tracking the DWA Utilities Technical Leaders Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PUI returned 8.41%/yr vs 15.53%/yr for SPY. A 0.54 correlation means they provide meaningful diversification when combined. PUI charges 0.60%/yr vs 0.09%/yr for SPY.

Performance

PUI vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Utilities Momentum ETF (PUI) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PUI achieves a 9.29% return, which is significantly higher than SPY's 8.15% return. Over the past 10 years, PUI has underperformed SPY with an annualized return of 8.41%, while SPY has yielded a comparatively higher 15.53% annualized return.

PUI

• 1D: -0.04%
• 1M: -0.70%
• YTD: 9.29%
• 6M: 8.68%
• 1Y: 15.52%
• 3Y*: 16.47%
• 5Y*: 9.60%
• 10Y*: 8.41%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

PUI vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PUI Invesco DWA Utilities Momentum ETF	9.29%	15.25%	23.91%	-4.47%	-2.17%	15.02%	-5.05%	20.95%	6.12%	11.85%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between PUI and SPY is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Oct 26, 2005	0.54

The correlation between PUI and SPY shifts across timeframes, from 0.40 (3 years) to 0.54 (all time), reflecting how their relationship changes across market environments.

PUI vs. SPY - Sectors Allocation Comparison

Sectors	PUI	SPY
Utilities	77.9%	2.1%
Energy	10.1%	3.1%
Industrials	9.9%	7.8%
Communication Services	2.1%	10.6%
Financial Services	0.1%	11.1%
Basic Materials	-	1.7%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Healthcare	-	8.3%
Real Estate	-	1.8%
Technology	-	39.0%

Return for Risk

PUI vs. SPY — Risk / Return Rank

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

PUI

PUI Risk / Return Rank: 28
PUI Sharpe Ratio Rank: 30
PUI Sortino Ratio Rank: 28
PUI Omega Ratio Rank: 27
PUI Calmar Ratio Rank: 30
PUI Martin Ratio Rank: 25

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

PUI vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Utilities Momentum ETF (PUI) and State Street SPDR S&P 500 ETF (SPY). 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.

	PUI	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.90	-0.86
Sortino ratio: Return per unit of downside risk	1.46	2.58	-1.12
Omega ratio: Gain probability vs. loss probability	1.18	1.34	-0.17
Calmar ratio: Return relative to maximum drawdown	1.41	2.67	-1.26
Martin ratio: Return relative to average drawdown	3.20	11.92	-8.72

PUI vs. SPY - Sharpe Ratio Comparison

The current PUI Sharpe Ratio is 1.04, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of PUI and SPY, 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

PUI vs. SPY - Drawdown Comparison

The maximum PUI drawdown since its inception was -43.20%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PUI and SPY.

Drawdown Indicators

	PUI	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-43.20%	-55.19%	+11.99%
Max Drawdown (1Y) Largest decline over 1 year	-11.07%	-8.88%	-2.19%
Max Drawdown (3Y) Largest decline over 3 years	-15.28%	-18.76%	+3.48%
Max Drawdown (5Y) Largest decline over 5 years	-23.47%	-24.50%	+1.03%
Max Drawdown (10Y) Largest decline over 10 years	-35.61%	-33.72%	-1.89%
Current Drawdown Current decline from peak	-2.66%	-3.17%	+0.51%
Average Drawdown Average peak-to-trough decline	-8.45%	-9.04%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.86%	1.98%	+2.88%

Volatility

PUI vs. SPY - Volatility Comparison

Invesco DWA Utilities Momentum ETF (PUI) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.70% and 4.87%, 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

	PUI	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	4.87%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	11.04%	9.85%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	15.07%	12.50%	+2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.62%	17.15%	-0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.09%	17.95%	+1.14%

PUI vs. SPY - Expense Ratio Comparison

PUI has a 0.60% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

PUI vs. SPY - Dividend Comparison

PUI's dividend yield for the trailing twelve months is around 1.98%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PUI Invesco DWA Utilities Momentum ETF	1.98%	2.22%	2.06%	2.36%	2.16%	2.03%	2.42%	2.02%	1.87%	2.98%	3.35%	2.82%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both PUI and SPY in my portfolio?

PUI and SPY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PUI or SPY?

SPY has higher volatility (4.87%) compared to PUI (4.70%). In terms of maximum drawdown, PUI dropped -43.20% vs SPY's -55.19%.

Which ETF is better, PUI or SPY?

On 10-year performance, SPY leads with 15.53% vs 8.41% for PUI. On fees, SPY is cheaper at 0.09% per year. On volatility, PUI has been the lower-risk option at 4.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PUI or SPY?

Over the 10-year period, SPY has performed better with a 15.53% return vs 8.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PUI or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.60% for PUI.

Which ETF pays a higher dividend yield, PUI or SPY?

PUI has the higher dividend yield at 1.98%, compared with 1.03% for SPY.

What is the main difference between PUI and SPY?

PUI is categorized as Momentum, while SPY is S&P 500. PUI tracks DWA Utilities Technical Leaders Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.60% for PUI and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.04), 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.