BTX vs SPY
BlackRock Technology and Private Equity Term Trust vs State Street SPDR S&P 500 ETF Trust
Which is better, BTX or SPY?
Mid Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. BTX led over 1Y, SPY over 3Y, 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 | BTX | SPY |
|---|---|---|
| Expense Ratio | 1.35% | 0.09%Best |
| AUM | $1.1B | $804.7B |
| Dividend Yield | 6.62% | 0.98% |
| Holdings | 82 | 505 |
| YTD Return | +41.49%Best | +12.19% |
| 1Y Return | +37.68%Best | +18.53% |
| 3Y Return (annualized) | +19.24% | +20.88%Best |
| 5Y Return (annualized) | -5.03% | +12.69%Best |
| Volatility (annualized) | 27.8% | 15.3%Best |
| Max Drawdown | -67.3% | -24.5%Best |
| $10,000 over 5 years | $7,726 | $18,173Best |
| Fund Family | BlackRock, Inc. (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Mar 26, 2021 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Mar 26, 2021 to Sep 9, 2026 (5.5 years).
BTX 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 5.5 years both funds cover.
BTX vs SPY Performance
BlackRock Technology and Private Equity Term Trust (BTX) is an ETF from BlackRock, Inc. (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year BTX returned +37.68% while SPY returned +18.53%. Year to date, BTX is up 41.49% versus a gain of 12.19% for SPY.
Over three years, BTX compounded at +19.24% per year against +20.88% for SPY; over five years the annualized figures are -5.03% and +12.69% respectively. Across the full 6-year window we track, SPY has the edge at +14.23% annualized vs -4.59%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BTX has been the more volatile fund, with annualized monthly volatility of 27.8% compared with 15.3% 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 -67.3% for BTX and -24.5% 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 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
BTX charges 1.35% per year while SPY charges 0.09%. On a $10,000 position that is $135 vs $9 annually, a gap of $126 per year that compounds over a long holding period. On income, BTX currently yields 6.62% against 0.98% for SPY.
Holdings Overlap
At least 13.4% of SPY's money is in holdings BTX also owns.
Stated as a floor: for BTX, our book for it covers 68.9% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and BTX share little of their money.
The two holdings books were reported 216 days apart, BTX as of Dec 31, 2025 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
13 positions in common, counted across the 57 positions we hold weights for in BTX and 504 in SPY, against full books of 82 and 505.
Top Shared Holdings
| Stock | Weight in BTX | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 8.47% | 7.71% | 0.76% |
| LITELumentum Holdings Inc | 4.00% | 0.10% | 3.90% |
| TSLATesla Motors Inc | 1.50% | 1.38% | 0.12% |
| MUMicron Technology, Inc. | 0.70% | 1.51% | 0.81% |
| APPAppLovin Corp. Com Cl A | 1.92% | 0.17% | 1.75% |
| AMDAdvanced Micro Devices Inc | 0.73% | 1.27% | 0.54% |
| KLACKla-tencor | 1.57% | 0.38% | 1.19% |
| MPWRMonolithic Power Systems Inc | 1.61% | 0.10% | 1.51% |
| PLTRPalantir Technologies Inc | 1.13% | 0.56% | 0.57% |
| TTWOTake-Two Interactive Software, Inc. | 1.58% | 0.06% | 1.52% |
You are not choosing between two funds in isolation.
Whichever of BTX 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, BTX or SPY?
BTX has an expense ratio of 1.35% while SPY charges 0.09%. SPY is the cheaper option, by $126 a year on a $10,000 investment.
Which performed better, BTX or SPY?
Over the past year BTX returned +37.68% vs +18.53% for SPY, so BTX leads on 1-year performance. Over the longest common window we track (6 years), BTX annualized -4.59% vs +14.23% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BTX or SPY?
BTX has been the more volatile fund at 27.8% annualized versus 15.3% for SPY. Worst drawdown: BTX -67.3% vs SPY -24.5%.
Should I hold both BTX and SPY?
BTX and SPY have a monthly-return correlation of 0.76, 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 BTX and SPY?
At least 13.4% of SPY's money is in holdings BTX also owns. Our book for BTX is partial, so the real figure is this or higher. They hold 13 positions in common, counted across the 57 positions we hold weights for in BTX and 504 in SPY.
Which pays a higher dividend, BTX or SPY?
BTX yields 6.62% while SPY yields 0.98%, so BTX currently pays the higher dividend yield.
Is SPY better than BTX?
SPY has a lower expense ratio. BTX led over 1Y, SPY over 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.