PFM vs SPYD: Grades, Fees and Holdings Compared

Invesco Dividend Achievers ETF

PFMCNasdaq

State Street SPDR Portfolio S&P 500 High Dividend ETF

SPYDANYSE Arca

Overlap

9.2%by weight

Expense ratio

SPYD −0.45pt a year

PFM0.52%SPYD0.07%

Avg volume · 30D

SPYD 53.7×the volume

PFM18.7KSPYD1M

10Y return · a year

PFM +3.4pt

PFM+12.3%SPYD+8.9%

PFM vs SPYD Performance

Oct 29, 2021 – Oct 30, 2026

+66.5%PFM+52.1%SPYD

Expense ratio: PFM 0.52%; SPYD 0.07%, better
Fund size: PFM $815M; SPYD $7.61B
1Y total return: PFM +16.4%; SPYD +20.6%, better
Yield (12M): PFM 1.29%; SPYD 4.20%, better
Holdings: PFM 431; SPYD 81
Avg volume (30D): PFM 18.7K sh; SPYD 1M sh, better
NAV per share: PFM $58.41; SPYD $48.88
52W range

ETF.net Grade

Pillar letters and Scores for PFM, SPYD, with each pillar’s weight
Pillar	PFM	SPYD
Cost30% weight	F18	A88Higher
Mission25% weight	A84	A88Higher
Risk15% weight	B62Higher	C40
Tradability15% weight	C50	A92Higher
Holdings10% weight	B57	A73Higher
Durability5% weight	B64	A83Higher

Rank among US Dividend Index funds

How we build Categories ›

Same Category. PFM and SPYD are both graded against the same 52 US Dividend Index funds, so their Grades compare head to head.

US Dividend Index⁠

Category · 52 funds

See all 52 ›

SPYD ranks 4th and PFM 30th of 52 funds in the US Dividend Index Category.

Rank 1ADGROiShares Core Dividend Growth ETFScore 86
Rank 2ASCHDSchwab U.S. Dividend Equity ETFScore 81
Rank 3ADIVBiShares Core Dividend ETFScore 80
Rank 4ASPYDState Street SPDR Portfolio S&P 500 High Dividend ETFScore 79
Rank 5AVIGVanguard Dividend Appreciation ETFScore 78
Rank 30CFDLFirst Trust Morningstar Dividend Leaders Index FundScore 52
Rank 30CPFMInvesco Dividend Achievers ETFScore 52
Rank 32CQDEFNorthern Trust Quality Dividend Defensive ETFScore 51

Our read on each fund

ETF.net Research

PFMCInvesco Dividend Achievers ETF

SPYDAState Street SPDR Portfolio S&P 500 High Dividend ETF

In short

PFM A 2005-vintage dividend fund that casts a wide net: roughly 400 US dividend payers from the Nasdaq Dividend Achievers family, held close to the index. The trade-off is price, in a corner of the market that has gotten very cheap.

SPYD Most dividend ETFs hunt for companies that keep raising payouts. SPYD skips the courtship and goes straight for the yield: roughly 80 high-dividend names out of the S&P 500, for 0.07% a year.

Stated mandate

PFM The Fund seeks to replicate the NASDAQ US Broad Dividend Achievers Index before fees and expenses and normally invests at least 90% of assets in dividend-paying common stocks in that Index.

SPYD The fund seeks to provide returns that generally correspond to the total return of the S&P 500 High Dividend Index before fees and expenses.

Why people hold it

PFM Wide net, not a narrow screen: about 400 US dividend payers, with at least 90% of assets in the common stocks of its Nasdaq Broad Dividend Achievers index.
Trading since 2005, so the record spans several market cycles. Dividends are passed through quarterly.
Sticks to the script. The portfolio has stayed tight to the index it promises to replicate, which is the entire job description for a fund like this.

SPYD 0.07% a year against a 0.39% median across dividend-screen peers. It undercuts DGRO's 0.08% and sits a hair above SCHD.
A pure yield screen, not a growth screen. Where VIG and DGRO buy payout raisers, SPYD takes the high-dividend end of the S&P 500. Different flavor of the same food group.
Running since 2015, now a multi-billion-dollar fund and one of the more actively traded names in its cohort, so getting in and out is rarely the hard part.
Pays quarterly and has tracked the S&P 500 High Dividend Index closely, which is the whole job for a fund like this.

Worth knowing

PFM 0.52% a year sits above the median for its dividend-screen peers, and the category's anchors (VIG at 0.04%, SCHD at 0.06%) charge a small fraction of that.
Thinly traded next to the category's giants, so limit orders and patience matter more here than they would in a household-name dividend fund.
Overall it lands in the lower half of its dividend-screen peer group, driven by cost and trading friction rather than by how it runs the index.

SPYD About 80 stocks is a narrow slice. Screening on yield pulls the sector mix away from the broad S&P 500, and the ride can be bumpier than the index it comes from.
A high yield is a ranking, not a promise. The index sorts on payout size, not on how reliably a company has grown or defended that payout.

Full PFM profile⁠

Full SPYD profile⁠

PFM vs SPYD Holdings

How PFM and SPYD differ

Overlap by weight

9.2%

Shared holdings make up 53.4% of SPYD and 9.2% of PFM.

Level by level

Holdings41 in both9.2%
Sector11 Sectors57.2%
Countryby domicile97.4%
Asset classEquity100%

Sector

Sector weights in PFM and SPYD, widest gap first
Sector	More in PFMMore in SPYD	PFM	SPYD
Real Estate	SPYD +22.6 points	1.8%	24.4%
Technology	PFM +18.6 points	22.6%	4.0%
Health Care	PFM +13.3 points	17.7%	4.4%
Utilities	SPYD +7.1 points	3.8%	10.9%
Financials	PFM +6.0 points	19.3%	13.3%
Industrials	PFM +4.9 points	10.1%	5.2%
Materials	SPYD +4.5 points	3.0%	7.5%
Communication	SPYD +4.1 points	1.0%	5.1%
Consumer Staples	SPYD +2.3 points	11.7%	14.0%
Consumer Discretionary	SPYD +1.8 points	3.6%	5.4%
Energy	SPYD +0.5 points	5.3%	5.8%

Country, concentration and asset class

Country by domicile

Country weights in PFM and SPYD, widest gap first
Country	More in PFMMore in SPYD	PFM	SPYD
United States	PFM +1.9 points	99.3%	97.4%
United Kingdom	SPYD +1.4 points	0.0%	1.4%
Ireland	SPYD +1.2 points	0.0%	1.2%
Other countries (3)	PFM +0.7 points	0.7%	0.0%

Concentration

Weight in the 10 largest Holdings

PFM32.2%
SPYD16.2%

Securities held

PFM429
SPYD79

Asset class

PFM: Equity
SPYD: Equity

Holdings

Only in PFM388
In both41
Only in SPYD38

Only in PFM

388 securities, 90.7% of PFM by weight

Eli Lilly & Co4.48%
Apple Inc4.27%
Microsoft Corp4.06%
Broadcom Inc3.62%
Walmart Inc3.33%
JPMorgan Chase & Co3.16%
ExxonMobil Holdings Corp2.61%
Visa Inc2.42%
Johnson & Johnson2.30%
Mastercard Inc1.91%
AbbVie Inc1.78%
Costco Wholesale Corp1.53%
Cisco Systems Inc1.48%
Oracle Corp1.39%
Coca-Cola Co/The1.38%
Procter & Gamble Co/The1.29%
UnitedHealth Group Inc1.28%
Merck & Co Inc1.25%
Bank of America Corp1.24%
Home Depot Inc/The1.14%
Philip Morris International Inc1.12%
Lam Research Corp1.10%
Morgan Stanley1.03%
Caterpillar Inc1.03%
Texas Instruments Inc0.99%
Goldman Sachs Group Inc/The0.93%
RTX Corp0.93%
Amgen Inc0.86%
International Business Machines Corp0.84%
Linde PLC0.80%
KLA Corp0.76%
Analog Devices Inc0.73%
Gilead Sciences Inc0.71%
Amphenol Corp0.70%
QUALCOMM Inc0.67%
Blackrock Inc0.63%
McDonald's Corp0.63%
Abbott Laboratories0.63%
Union Pacific Corp0.62%
NextEra Energy Inc0.59%
Danaher Corp0.58%
Eaton Corp PLC0.53%
Lockheed Martin Corp0.51%
Chubb Ltd0.48%
S&P Global Inc0.47%
Prologis Inc0.42%
Starbucks Corp0.42%
Stryker Corp0.41%
Lowe's Cos Inc0.40%
McKesson Corp0.39%

Only in SPYD

38 securities, 46.3% of SPYD by weight

Hasbro Inc1.73%
Crown Castle Inc1.48%
Eog Resources Inc1.45%
Amcor PLC1.40%
Dow Inc1.38%
Ares Management Corp A1.37%
Host Hotels & Resorts Inc1.35%
Kinder Morgan Inc1.35%
Oneok Inc1.34%
Extra Space Storage Inc1.33%
Kenvue Inc1.32%
Omnicom Group1.31%
Public Storage1.31%
Exelon Corp1.27%
Blackstone Inc1.26%
Smurfit Westrock PLC1.23%
Simon Property Group Inc1.23%
Truist Financial Corp1.23%
Firstenergy Corp1.22%
International Paper Co1.21%
Bxp Inc1.20%
Kimco Realty Corp1.20%
Keycorp1.20%
Vici Properties Inc1.19%
Kraft Heinz Co/The1.18%
Dominion Energy Inc1.18%
Fidelity National Info Serv1.18%
At+t Inc1.17%
Vivmark Residential1.16%
Invitation Homes Inc1.16%
General Mills Inc1.16%
Camden Property Trust1.16%
Huntington Bancshares Inc1.12%
Ford Motor Co1.10%
Healthpeak Properties Inc1.09%
Alexandria Real Estate Equit1.05%
Mosaic Co/The1.03%
S+P500 Emini Fut DEC26<0.01%

Weight gaps

All 41 Holdings in both funds, largest gap first.

Holding weights in PFM and SPYD, widest gap first
Holding	More in PFMMore in SPYD	PFM	SPYD
Accenture PLCACN	SPYD +1.75 points	0.52%	2.27%
HP IncHPQ	SPYD +1.53 points	0.10%	1.63%
Stanley Black & Decker IncSWK	SPYD +1.43 points	0.06%	1.49%
Best Buy Co IncBBY	SPYD +1.41 points	0.07%	1.48%
J M Smucker Co/TheSJM	SPYD +1.33 points	0.05%	1.38%
LyondellBasell Industries NVLYB	SPYD +1.28 points	0.07%	1.35%
AES Corp/TheAES	SPYD +1.25 points	0.04%	1.29%
Pinnacle West Capital CorpPNW	SPYD +1.25 points	0.04%	1.29%
Franklin Templeton IncBEN	SPYD +1.23 points	0.06%	1.29%
Evergy IncEVRG	SPYD +1.20 points	0.07%	1.27%
Target CorpTGT	SPYD +1.18 points	0.24%	1.42%
Kimberly-Clark CorpKMB	SPYD +1.17 points	0.13%	1.30%
Clorox Co/TheCLX	SPYD +1.15 points	0.04%	1.19%
American Tower CorpAMT	SPYD +1.14 points	0.30%	1.44%
Paychex IncPAYX	SPYD +1.13 points	0.14%	1.27%
Prudential Financial IncPRU	SPYD +1.13 points	0.14%	1.27%
Regency Centers CorpREG	SPYD +1.12 points	0.05%	1.17%
Regions Financial CorpRF	SPYD +1.11 points	0.09%	1.20%
McCormick & Co Inc/MDMKC	SPYD +1.12 points	0.04%	1.16%
Federal Realty Investment TrustFRT	SPYD +1.11 points	0.03%	1.14%
Mid-America Apartment Communities IncMAA	SPYD +1.11 points	0.05%	1.16%
UDR IncUDR	SPYD +1.11 points	0.04%	1.15%
Essex Property Trust IncESS	SPYD +1.10 points	0.06%	1.16%
T Rowe Price Group IncTROW	SPYD +1.10 points	0.08%	1.18%
Medtronic PLCMDT	SPYD +1.10 points	0.43%	1.53%
Eversource EnergyES	SPYD +1.08 points	0.09%	1.17%
Hormel Foods CorpHRL	SPYD +1.02 points	0.04%	1.06%
NIKE IncNKE	SPYD +1.01 points	0.16%	1.17%
Honeywell International IncHON	SPYD +0.99 points	0.24%	1.23%
Pfizer IncPFE	SPYD +0.96 points	0.59%	1.55%
Comcast CorpCMCSA	SPYD +0.95 points	0.27%	1.22%
Realty Income CorpO	SPYD +0.93 points	0.19%	1.12%
Duke Energy CorpDUK	SPYD +0.93 points	0.34%	1.27%
Altria Group IncMO	SPYD +0.93 points	0.44%	1.37%
United Parcel Service IncUPS	SPYD +0.91 points	0.28%	1.19%
US BancorpUSB	SPYD +0.88 points	0.33%	1.21%
Edison InternationalEIX	SPYD +0.87 points	0.08%	0.95%
Bristol-Myers Squibb CoBMY	SPYD +0.87 points	0.43%	1.30%
Verizon Communications IncVZ	SPYD +0.64 points	0.63%	1.27%
PepsiCo IncPEP	SPYD +0.64 points	0.63%	1.27%
Chevron CorpCVX	PFM +0.04 points	1.58%	1.54%

All 429 PFM holdings⁠All 78 SPYD holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PFM vs SPYD Cost

Overpaying PFM vs SPYD

$8,871

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

PFM 0.52%
$10,351
SPYD 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

PFM 0.52%
SPYD 0.07%
Overpaying

Year by year

Year	PFM	SPYD	Overpaying
10	$935	$128	$807
20	$3,593	$503	$3,090
30	$10,351	$1,480	$8,871

Expense ratio

0.52%PFM
0.07%SPYD, cheaper

SPYD0.07%PFM0.52%

0.04%0.70%

Middle half of US Dividend Index funds
Median 0.35%

SPYD 6th cheapest of 52 funds

PFM 43rd cheapest of 52 funds

PFM vs SPYD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PFM 1.29%; SPYD 4.20%, better
Payout (12M): PFM $0.75; SPYD $2.06
Last payment: PFM $0.18; SPYD $0.52
Ex-dividend: PFM Sep 21, 2026; SPYD Sep 21, 2026
Paid on: PFM Sep 25, 2026; SPYD Sep 23, 2026
Frequency: PFM Quarterly; SPYD Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PFMQuarterly · 39 paymentsAll PFM payments⁠

SPYDQuarterly · 39 paymentsAll SPYD payments⁠

PFM vs SPYD Risk

Fall from peak · 5 years

PFM
SPYD

Risk facts

VolatilityStd dev, 3 years: PFM 10.5%, betterSPYD 14.5%
Return per unit of riskSharpe ratio, 3 years: PFM 1.33, betterSPYD 0.96
Worst fallMax drawdown, 5 years: PFM −17.8%, betterSPYD −22.2%
Market sensitivityBeta, 5 years: PFM 0.78SPYD 0.64; Market = 1

PFM and SPYD in the news

All news⁠

Best ETFs
For a rising dividend, iShares Core Dividend Growth ETF ranks first
Updated Nov 2, 2026SPYD
Best ETFs
Schwab's dividend ETF returned 22.8% in a year. Its income rate still trails a one-month bill.
Updated Oct 2, 2026SPYD

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PFM vs SPYD

In short

Stated mandate

Why people hold it

Worth knowing

How PFM and SPYD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PFM

Only in SPYD

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

For a rising dividend, iShares Core Dividend Growth ETF ranks first

Schwab's dividend ETF returned 22.8% in a year. Its income rate still trails a one-month bill.

How PFM and SPYD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PFM

Only in SPYD

Weight gaps