BTT vs SPY
BlackRock Municipal 2030 Target Term Trust vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. BTT offers more diversification with 557 holdings.
Side-by-Side Comparison
| Metric | BTT | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.34% | 0.09% | |
| AUM | $1.6B | $821.1B | |
| Dividend Yield | 2.28% | 1.01% | |
| Holdings | 557 | 505 | |
| YTD Return | +0.57% | +12.93% | |
| 1Y Return | +4.38% | +20.62% | |
| 3Y Return (annualized) | +6.17% | +22.00% | |
| 5Y Return (annualized) | -0.36% | +13.33% | |
| Volatility (annualized) | 10.2% | 15.3% | |
| Max Drawdown | -35.0% | -56.5% | |
| Fund Family | BlackRock, Inc. (US) | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Aug 29, 2012 | Jan 22, 1993 |
BTT vs SPY Performance
BlackRock Municipal 2030 Target Term Trust (BTT) is a ETF from BlackRock, Inc. (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BTT returned +4.38% while SPY returned +20.62%. Year to date, BTT is up 0.57% versus a gain of 12.93% for SPY.
Over three years, BTT compounded at +6.17% per year against +22.00% for SPY; over five years the annualized figures are -0.36% and +13.33% respectively. Across the full 14-year window we track, SPY has the edge at +8.82% annualized vs +0.41%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 10.2% for BTT. 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 -35.0% for BTT and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.37. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BTT charges 1.34% per year while SPY charges 0.09%. On a $10,000 position that is $134 vs $9 annually, a gap of $125 per year that compounds over a long holding period. On income, BTT currently yields 2.28% against 1.01% for SPY.
Holdings Overlap
BTT and SPY share 0 holdings out of 629 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, BTT or SPY?
BTT has an expense ratio of 1.34% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $125 per year of difference.
Which performed better, BTT or SPY?
Over the past year BTT returned +4.38% vs +20.62% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (14 years), BTT annualized +0.41% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, BTT or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 10.2% for BTT. Worst drawdown: BTT -35.0% vs SPY -56.5%.
Should I hold both BTT and SPY?
BTT and SPY have a monthly-return correlation of 0.37, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BTT and SPY?
BTT and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 629 unique securities.
Which pays a higher dividend, BTT or SPY?
BTT yields 2.28% while SPY yields 1.01%, so BTT currently pays the higher dividend yield.
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