ARMY vs SPY
Tema International Defense ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, ARMY or SPY?
Mid Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 45.2%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | ARMY | SPY |
|---|---|---|
| Expense Ratio | 0.68% | 0.09%Best |
| AUM | $7M | $804.7B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 34 | 505 |
| YTD Return | -3.39% | +13.81%Best |
| 1Y Return | -6.14% | +16.94%Best |
| 3Y Return (annualized) | - | +22.84% |
| 5Y Return (annualized) | - | +13.50% |
| Volatility (annualized) | 30.8% | 13.1%Best |
| Top 10 Weight | 45.2% | 37.8%Best |
| Fund Family | Tema Global Limited | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Sep 25, 2025 | Jan 22, 1993 |
Not shown on this pair: Max Drawdown, $10,000 over the window.
ARMY vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
ARMY vs SPY Performance
Tema International Defense ETF (ARMY) is an ETF from Tema Global Limited and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year ARMY returned -6.14% while SPY returned +16.94%. Year to date, ARMY is down 3.39% versus a gain of 13.81% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ARMY has been the more volatile fund, with annualized monthly volatility of 30.8% compared with 13.1% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.23. They move largely independently of each other.
Fees and Cost Over Time
ARMY charges 0.68% per year while SPY charges 0.09%. On a $10,000 position that is $68 vs $9 annually, a gap of $59 per year that compounds over a long holding period. On income, ARMY currently yields 0.00% against 0.98% for SPY.
Holdings Overlap
10.9% of ARMY's money is in holdings SPY also owns. 1.8% of SPY's money is in holdings ARMY also owns.
ARMY and SPY share little of their money.
7 positions in common, counted across the 34 positions we hold weights for in ARMY and 504 in SPY, against full books of 34 and 505.
What only one of them owns
Our book lists 490 positions for SPY that do not appear in our book for ARMY (97.5% of the fund), and 4 for ARMY that do not appear in SPY (8.7%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in ARMY | Weight in SPY | Difference |
|---|---|---|---|
| PLTRPalantir Technologies Inc | 2.80% | 0.63% | 2.17% |
| RTXRaytheon Co. | 1.64% | 0.42% | 1.22% |
| LMTLockheed Martin Corp | 1.77% | 0.17% | 1.60% |
| GDGeneral Dynamics Corp. | 1.32% | 0.14% | 1.18% |
| LHXL3Harris Technologies Inc. | 1.27% | 0.07% | 1.20% |
| BABoeing Co | 1.07% | 0.25% | 0.82% |
| NOCNorthrop Grumman Corp. | 1.07% | 0.11% | 0.96% |
You are not choosing between two funds in isolation.
Whichever of ARMY and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, ARMY or SPY?
ARMY has an expense ratio of 0.68% while SPY charges 0.09%. SPY is the cheaper option, by $59 a year on a $10,000 investment.
Which performed better, ARMY or SPY?
Over the past year ARMY returned -6.14% vs +16.94% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ARMY or SPY?
ARMY has been the more volatile fund at 30.8% annualized versus 13.1% for SPY.
Should I hold both ARMY and SPY?
ARMY and SPY have a monthly-return correlation of 0.23, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between ARMY and SPY?
10.9% of ARMY's money is in holdings SPY also owns. 1.8% of SPY's is in holdings ARMY also owns. They hold 7 positions in common, counted across the 34 positions we hold weights for in ARMY and 504 in SPY.
Which pays a higher dividend, ARMY or SPY?
ARMY yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than ARMY?
SPY has a lower expense ratio. SPY led over 1Y. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 45.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.