PWB vs SPYG: Grades, Fees and Holdings Compared

Invesco Large Cap Growth ETF

PWBCNYSE Arca

State Street SPDR Portfolio S&P 500 Growth ETF

SPYGANYSE Arca

Overlap

40.8%by weight

Expense ratio

SPYG −0.51pt a year

PWB0.55%SPYG0.04%

Avg volume · 30D

SPYG 21.3×the volume

PWB107KSPYG2.28M

10Y return · a year

SPYG +0.2pt

PWB+17.3%SPYG+17.5%

PWB vs SPYG Performance

Oct 29, 2021 – Oct 30, 2026

+88.0%PWB+73.4%SPYG

Expense ratio: PWB 0.55%; SPYG 0.04%, better
Fund size: PWB $2.53B; SPYG $55.5B
1Y total return: PWB +13.2%, better; SPYG +8.3%
Yield (12M): PWB 0.00%; SPYG 0.50%, better
Holdings: PWB 52; SPYG 154
Avg volume (30D): PWB 107K sh; SPYG 2.28M sh, better
NAV per share: PWB $147.74; SPYG $119.59
52W range

ETF.net Grade

Pillar letters and Scores for PWB, SPYG, with each pillar’s weight
Pillar	PWB	SPYG
Cost30% weight	F12	A96Higher
Mission25% weight	A84	A98Higher
Risk15% weight	C51	B62Higher
Tradability15% weight	A73	A95Higher
Holdings10% weight	B66Higher	D38
Durability5% weight	B59	A79Higher

Rank among US Growth Index funds

How we build Categories ›

Same Category. PWB and SPYG are both graded against the same 35 US Growth Index funds, so their Grades compare head to head.

US Growth Index⁠

Category · 35 funds

See all 35 ›

SPYG ranks 1st and PWB 26th of 35 funds in the US Growth Index Category.

Rank 1ASPYGState Street SPDR Portfolio S&P 500 Growth ETFScore 84
Rank 2AILCGiShares Morningstar Growth ETFScore 78
Rank 24CGFLWVictoryshares Free Cash Flow Growth ETFScore 53
Rank 26CPWBInvesco Large Cap Growth ETFScore 52
Rank 27CBKLGBNY Mellon US Large Cap Equity Growth ETFScore 51

Our read on each fund

ETF.net Research

PWBCInvesco Large Cap Growth ETF

SPYGAState Street SPDR Portfolio S&P 500 Growth ETF

In short

PWB Smart beta before it had a name. Since 2005, PWB has run a rules-based Intellidex screen down to about 50 large-cap growth names instead of owning the whole growth index by size.

SPYG The growth half of the S&P 500 for 0.04% a year, running since 2000. No exotic screen, no reinvention: just the index's fastest-growing names, in the cheapest wrapper tracking that index.

Stated mandate

PWB The Fund seeks capital appreciation by tracking the Dynamic Large Cap Growth IntellidexSM Index.

SPYG The fund seeks to track, before fees and expenses, the total return of the S&P 500 Growth Index. It provides exposure to S&P 500 companies selected for strong growth characteristics.

Why people hold it

PWB Live since 2005, making it one of the longest-running rules-based growth ETFs on the market, with two decades of history through multiple full market cycles.invesco.com
The Intellidex screen lands on roughly 50 names, so it behaves less like a cap-weighted growth index and more like a quant stock-picker in an index wrapper.
A billion-dollar-plus fund with moderate trading activity and one clearly stated job: capital appreciation by tracking the Dynamic Large Cap Growth Intellidex Index.

SPYG Costs 0.04% a year, well under the typical fee in the US growth-ETF group.
The cheapest way to buy the S&P 500 Growth Index: VOOG follows the same benchmark at 0.07%.
Has tracked its index tightly, one of the strongest implementations among growth funds we grade.
Trading since 2000, now a multi-billion-dollar fund that changes hands actively, so spreads stay thin. Pays quarterly.

Worth knowing

PWB At 0.55% a year, it runs roughly three times the 0.18% median for its growth cohort, and the cheapest peers (VUG, SCHG) charge 0.03% to 0.04%.
With about 50 holdings, single names and sector tilts carry real weight, so the ride can look quite different from a broad cap-weighted growth index.
The stated mandate is capital appreciation, not income, and the fund has not been a regular distribution payer.

SPYG About 150 stocks, not 500. You get the growth slice, which means heavier single-name and sector concentration than the full index.
The index screens on growth and momentum, so rebalances lean into names that have already run and the ride is bumpier than the broad market.
Large-cap US only. No small caps, no international, no bonds.

Full PWB profile⁠

Full SPYG profile⁠

PWB vs SPYG Holdings

How PWB and SPYG differ

Overlap by weight

40.8%

Shared holdings make up 78.2% of PWB and 59.0% of SPYG.

Level by level

Holdings38 in both40.8%
Asset classEquity100%
Countryby domicile99.8%

Sector

No Sector split for PWB.

Country, concentration and asset class

Country by domicile

Country weights in PWB and SPYG, widest gap first
Country	More in PWBMore in SPYG	PWB	SPYG
United States	PWB +0.2 points	100.0%	99.8%
China	SPYG +0.1 points	0.0%	0.1%
Mexico	SPYG +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

PWB36.1%
SPYG58.9%

Securities held

PWB51
SPYG152

Asset class

PWB: Equity
SPYG: Equity

Holdings

Only in PWB13
In both38
Only in SPYG114

Only in PWB

13 securities, 21.8% of PWB by weight

Intel Corp3.54%
Costco Wholesale Corp3.49%
Texas Instruments Inc1.73%
Analog Devices Inc1.67%
Lockheed Martin Corp1.67%
Dell Technologies Inc1.52%
AMETEK Inc1.50%
Keysight Technologies Inc1.49%
Starbucks Corp1.44%
Westinghouse Air Brake Technologies Corp1.39%
Western Digital Corp1.26%
Nebius Group NV1.12%
Invesco Government & Agency Portfolio0.03%

Only in SPYG

114 securities, 41.0% of SPYG by weight

Microsoft Corp10.99%
Alphabet Inc Class C3.75%
Berkshire Hathaway Inc Class B2.82%
Tesla Inc1.97%
JPMorgan Chase & Co1.73%
Johnson & Johnson1.09%
Crowdstrike Holdings Inc A0.74%
Netflix Inc0.72%
AbbVie Inc0.66%
Cisco Systems Inc0.63%
Sandisk Corp0.54%
Philip Morris International0.51%
Goldman Sachs Group Inc0.49%
Palo Alto Networks Inc0.48%
Amgen Inc0.47%
General Electric0.47%
Welltower Inc0.47%
Intuitive Surgical Inc0.44%
Coca Cola Co/The0.42%
Morgan Stanley0.38%
Uber Technologies Inc0.37%
Intl Business Machines Corp0.35%
Oracle Corp0.35%
Newmont Corp0.33%
American Express Co0.32%
Booking Holdings Inc0.32%
Gilead Sciences Inc0.31%
Marvell Technology Inc0.25%
Datadog Inc Class A0.25%
Marriott International Class A0.24%
Hilton Worldwide Holdings In0.22%
McDonald’s Corp0.22%
Royal Caribbean Cruises Ltd0.22%
Progressive Corp0.21%
Robinhood Markets Inc A0.20%
O Reilly Automotive Inc0.20%
Hca Healthcare Inc0.20%
Servicenow Inc0.19%
Applovin Corp Class A0.19%
Doordash Inc A0.19%
Parker Hannifin Corp0.18%
Bloom Energy Corp A0.18%
Transdigm Group Inc0.18%
Bank of New York Mellon Corp0.18%
S+p Global Inc0.17%
Boeing Co/The0.17%
Cme Group Inc0.17%
Cadence Design Sys Inc0.17%
Constellation Energy0.16%
Intuit Inc0.14%

Weight gaps

All 38 Holdings in both funds, largest gap first.

Holding weights in PWB and SPYG, widest gap first
Holding	More in PWBMore in SPYG	PWB	SPYG
NVIDIA CorpNVDA	SPYG +11.07 points	3.37%	14.44%
Apple IncAAPL	SPYG +3.32 points	3.79%	7.11%
Mastercard IncMA	PWB +2.61 points	3.57%	0.96%
Visa IncV	PWB +2.52 points	3.59%	1.07%
Applied Materials IncAMAT	PWB +2.02 points	2.95%	0.93%
Alphabet IncGOOGL	SPYG +1.90 points	2.75%	4.65%
Caterpillar IncCAT	PWB +1.85 points	2.68%	0.83%
United Rentals IncURI	PWB +1.52 points	1.64%	0.12%
Rockwell Automation IncROK	PWB +1.43 points	1.51%	0.08%
Johnson Controls International plcJCI	PWB +1.43 points	1.61%	0.18%
Advanced Micro Devices IncAMD	PWB +1.39 points	3.97%	2.58%
Broadcom IncAVGO	SPYG +1.33 points	3.25%	4.58%
Ross Stores IncROST	PWB +1.29 points	1.39%	0.10%
Lumentum Holdings IncLITE	PWB +1.27 points	1.50%	0.23%
Quanta Services IncPWR	PWB +1.25 points	1.52%	0.27%
TJX Cos Inc/TheTJX	PWB +1.22 points	1.46%	0.24%
Monster Beverage CorpMNST	PWB +1.18 points	1.37%	0.19%
Airbnb IncABNB	PWB +1.17 points	1.26%	0.09%
Ciena CorpCIEN	PWB +1.16 points	1.30%	0.14%
Monolithic Power Systems IncMPWR	PWB +1.16 points	1.32%	0.16%
Fortinet IncFTNT	PWB +1.15 points	1.30%	0.15%
Vertiv Holdings CoVRT	PWB +1.13 points	1.39%	0.26%
Comfort Systems USA IncFIX	PWB +1.09 points	1.22%	0.13%
Teradyne IncTER	PWB +1.08 points	1.16%	0.07%
Corning IncGLW	PWB +1.06 points	1.26%	0.20%
Seagate Technology Holdings PLCSTX	PWB +0.95 points	1.23%	0.28%
Amphenol CorpAPH	PWB +0.92 points	1.49%	0.57%
Howmet Aerospace IncHWM	PWB +0.89 points	1.12%	0.23%
Arista Networks IncANET	PWB +0.85 points	1.39%	0.54%
GE Vernova IncGEV	PWB +0.72 points	1.38%	0.66%
KLA CorpKLAC	PWB +0.71 points	1.32%	0.61%
Eli Lilly & CoLLY	PWB +0.67 points	3.74%	3.07%
RTX CorpRTX	PWB +0.62 points	1.37%	0.75%
Micron Technology IncMU	PWB +0.42 points	3.37%	2.95%
Amazon.com IncAMZN	SPYG +0.40 points	3.14%	3.54%
Palantir Technologies IncPLTR	PWB +0.38 points	1.64%	1.26%
Lam Research CorpLRCX	PWB +0.27 points	1.16%	0.89%
Meta Platforms IncMETA	SPYG +0.17 points	3.68%	3.85%

All 51 PWB holdings⁠All 152 SPYG 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.

PWB vs SPYG Cost

Overpaying PWB vs SPYG

$10,055

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

PWB 0.55%
$10,904
SPYG 0.04%
$849

Amount$10,000

Years30 years

Cost over time

PWB 0.55%
SPYG 0.04%
Overpaying

Year by year

Year	PWB	SPYG	Overpaying
10	$988	$73	$915
20	$3,790	$288	$3,502
30	$10,904	$849	$10,055

Expense ratio

0.55%PWB
0.04%SPYG, cheaper

SPYG0.04%PWB0.55%

0.03%0.70%

Middle half of US Growth Index funds
Median 0.18%

SPYG 2nd cheapest of 35 funds

PWB 31st cheapest of 35 funds

PWB vs SPYG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PWB 0.00%; SPYG 0.50%, better
Payout (12M): PWB None; SPYG $0.59
Last payment: PWB No data; SPYG $0.15
Ex-dividend: PWB No data; SPYG Sep 21, 2026
Paid on: PWB No data; SPYG Sep 23, 2026
Frequency: PWB No data; SPYG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PWB29 paymentsAll PWB payments⁠

SPYGQuarterly · 39 paymentsAll SPYG payments⁠

PWB vs SPYG Risk

Fall from peak · 5 years

PWB
SPYG

Risk facts

VolatilityStd dev, 3 years: PWB 20.3%SPYG 16.5%, better
Return per unit of riskSharpe ratio, 3 years: PWB 1.19SPYG 1.28, better
Worst fallMax drawdown, 5 years: PWB −31.4%, betterSPYG −32.7%
Market sensitivityBeta, 5 years: PWB 1.22SPYG 1.17; Market = 1

PWB and SPYG in the news

All news⁠

Best ETFs
The best growth ETF is the cheap one on the index you want
Updated Nov 2, 2026SPYG
Best ETFs
The cheap large-cap growth pick is the S&P 500 list
Updated Oct 2, 2026SPYG

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PWB vs SPYG

In short

Stated mandate

Why people hold it

Worth knowing

How PWB and SPYG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PWB

Only in SPYG

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The best growth ETF is the cheap one on the index you want

The cheap large-cap growth pick is the S&P 500 list

How PWB and SPYG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PWB

Only in SPYG

Weight gaps