BTX vs SPY
BlackRock Technology and Private Equity Term Trust vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. BTX delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | BTX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.35% | 0.09% | |
| AUM | $1.1B | $789.1B | |
| Dividend Yield | 6.72% | 1.01% | |
| Holdings | 82 | 505 | |
| YTD Return | +34.70% | +13.79% | |
| 1Y Return | +27.15% | +23.66% | |
| 3Y Return (annualized) | +14.15% | +21.40% | |
| 5Y Return (annualized) | -5.76% | +13.37% | |
| Volatility (annualized) | 27.7% | 15.3% | |
| Max Drawdown | -67.3% | -56.5% | |
| Fund Family | BlackRock, Inc. (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 26, 2021 | Jan 22, 1993 |
BTX vs SPY Performance
BlackRock Technology and Private Equity Term Trust (BTX) 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 BTX returned +27.15% while SPY returned +23.66%. Year to date, BTX is up 34.70% versus a gain of 13.79% for SPY.
Over three years, BTX compounded at +14.15% per year against +21.40% for SPY; over five years the annualized figures are -5.76% and +13.37% respectively. Across the full 5-year window we track, SPY has the edge at +8.85% annualized vs -5.54%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BTX has been the more volatile fund, with annualized monthly volatility of 27.7% 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 -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 0.77. 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 6.72% against 1.01% for SPY.
Holdings Overlap
BTX and SPY share 13 holdings out of 547 unique holdings combined, representing a 11.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $126 per year of difference.
Which performed better, BTX or SPY?
Over the past year BTX returned +27.15% vs +23.66% for SPY, so BTX leads on 1-year performance. Over the longest common window we track (5 years), BTX annualized -5.54% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, BTX or SPY?
BTX has been the more volatile fund at 27.7% annualized versus 15.3% for SPY. Worst drawdown: BTX -67.3% vs SPY -56.5%.
Should I hold both BTX and SPY?
BTX and SPY have a monthly-return correlation of 0.77, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BTX and SPY?
BTX and SPY share 13 common holdings with a 11.8% weight overlap. Combined, they hold 547 unique securities.
Which pays a higher dividend, BTX or SPY?
BTX yields 6.72% while SPY yields 1.01%, so BTX currently pays the higher dividend yield.
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