BTO vs SPY
John Hancock Financial Opportunities Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, BTO or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. BTO led over 1Y and 3Y, SPY over 5Y and the full window.
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 | BTO | SPY |
|---|---|---|
| Expense Ratio | 2.96% | 0.09%Best |
| AUM | $816M | $777.9B |
| Dividend Yield | 6.27% | 1.00% |
| Holdings | 173 | 1,011 |
| YTD Return | +12.91%Best | +12.09% |
| 1Y Return | +18.97%Best | +12.45% |
| 3Y Return (annualized) | +22.38%Best | +21.45% |
| 5Y Return (annualized) | +3.96% | +11.87%Best |
| Volatility (annualized) | 31.0% | 14.5%Best |
| Max Drawdown | -95.5% | -56.5%Best |
| $10,000 over 5 years | $12,143 | $17,521Best |
| Fund Family | John Hancock Investment Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Aug 18, 1994 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Dec 16, 2003 to Nov 11, 2026 (22.9 years).
BTO 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 covers the 22.9 years both funds cover.
BTO vs SPY Performance
John Hancock Financial Opportunities Fund (BTO) is an ETF from John Hancock Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year BTO returned +18.97% while SPY returned +12.45%. Year to date, BTO is up 12.91% versus a gain of 12.09% for SPY.
Over three years, BTO compounded at +22.38% per year against +21.45% for SPY; over five years the annualized figures are +3.96% and +11.87% respectively. Across the full 23-year window we track, SPY has the edge at +9.25% annualized vs -4.26%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BTO has been the more volatile fund, with annualized monthly volatility of 31.0% compared with 14.5% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -95.5% for BTO and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.59. They move together some of the time, and apart the rest.
Fees and Cost Over Time
BTO charges 2.96% per year while SPY charges 0.09%. On a $10,000 position that is $296 vs $9 annually, a gap of $287 per year that compounds over a long holding period. On income, BTO currently yields 6.27% against 1.00% for SPY.
Holdings Overlap
At least 0.5% of SPY's money is in holdings BTO also owns.
Stated as a floor: for BTO, our book for it covers 91.8% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 46 days apart, BTO as of Aug 31, 2026 and SPY as of Oct 16, 2026, so some of the difference between them is the time between the two reports rather than the funds.
9 positions in common, counted across the 136 positions we hold weights for in BTO and 504 in SPY, against full books of 173 and 1,011.
Top Shared Holdings
| Stock | Weight in BTO | Weight in SPY | Difference |
|---|---|---|---|
| MTBM&T Bank Corp | 1.30% | 0.05% | 1.25% |
| USBUS Bancorp | 1.22% | 0.13% | 1.09% |
| CFGCitizens Financial Group Inc. | 1.27% | 0.04% | 1.23% |
| RFRegions Financia | 1.24% | 0.03% | 1.21% |
| FITBFifth Third Bancorp | 1.16% | 0.07% | 1.09% |
| HBANHuntington Bancshares Inc./Oh | 1.14% | 0.05% | 1.09% |
| ARESAres Management Corp Common Stock | 0.67% | 0.04% | 0.63% |
| FIFiserv, Inc. (United States) | 0.66% | 0.04% | 0.62% |
| DOCHealthpeak Properties Inc | 0.29% | 0.02% | 0.27% |
You are not choosing between two funds in isolation.
Whichever of BTO 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, BTO or SPY?
BTO has an expense ratio of 2.96% while SPY charges 0.09%. SPY is the cheaper option, by $287 a year on a $10,000 investment.
Which performed better, BTO or SPY?
Over the past year BTO returned +18.97% vs +12.45% for SPY, so BTO leads on 1-year performance. Over the longest common window we track (23 years), BTO annualized -4.26% vs +9.25% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BTO or SPY?
BTO has been the more volatile fund at 31.0% annualized versus 14.5% for SPY. Worst drawdown: BTO -95.5% vs SPY -56.5%.
Should I hold both BTO and SPY?
BTO and SPY have a monthly-return correlation of 0.59, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, BTO or SPY?
BTO yields 6.27% while SPY yields 1.00%, so BTO currently pays the higher dividend yield.
Is SPY better than BTO?
SPY has a lower expense ratio. BTO led over 1Y and 3Y, SPY over 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.