BWEB vs SPY
Bitwise Web3 ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, BWEB or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. BWEB led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 56.3%.
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 | BWEB | SPY |
|---|---|---|
| Expense Ratio | 0.85% | 0.09%Best |
| AUM | $6M | $804.7B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 41 | 505 |
| Volatility (annualized) | 35.6% | 13.3%Best |
| Max Drawdown | -33.7% | -18.8%Best |
| $10,000 over 3.6 years | $28,396Best | $20,478 |
| Top 10 Weight | 56.3% | 37.8%Best |
| Fund Family | Bitwise | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Oct 3, 2022 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 120 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. BWEB has data through May 21, 2026 and SPY through Sep 18, 2026.
Volatility and max drawdown, and the $10,000 over 3.6 years row, are measured over the window both funds cover: Oct 4, 2022 to May 21, 2026 (3.6 years).
Risk: Volatility and Drawdowns
BWEB has been the more volatile fund, with annualized monthly volatility of 35.6% compared with 13.3% 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 -33.7% for BWEB and -18.8% 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 0.79. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
BWEB charges 0.85% per year while SPY charges 0.09%. On a $10,000 position that is $85 vs $9 annually, a gap of $76 per year that compounds over a long holding period. On income, BWEB currently yields 0.00% against 0.98% for SPY.
Holdings Overlap
38.5% of BWEB's money is in holdings SPY also owns. 21.1% of SPY's money is in holdings BWEB also owns.
The two portfolios partly overlap.
The two holdings books were reported 336 days apart, BWEB as of Sep 30, 2025 and SPY as of Sep 1, 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 40 positions we hold weights for in BWEB and 504 in SPY, against full books of 41 and 505.
What only one of them owns
Our book lists 484 positions for SPY that do not appear in our book for BWEB (78.2% of the fund), and 17 for BWEB that do not appear in SPY (41.9%).
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 BWEB | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 1.45% | 8.01% | 6.56% |
| METAMeta Platforms Inc | 6.93% | 1.93% | 5.00% |
| COINCoinbase Globa-A | 8.59% | 0.06% | 8.53% |
| MSFTMicrosoft Corp | 1.43% | 5.66% | 4.23% |
| EQIXEquinix Inc. Real Estate Investment Trust | 4.03% | 0.15% | 3.88% |
| HOODRobinhood Markets Inc - A | 4.04% | 0.12% | 3.92% |
| GOOGAlphabet Inc | 1.40% | 2.39% | 0.99% |
| TTWOTake-Two Interactive Software, Inc. | 3.05% | 0.06% | 2.99% |
| SQBlock Inc | 2.75% | 0.06% | 2.69% |
| XOMExxon Mobil Corp. | 1.39% | 1.04% | 0.35% |
38.5% of BWEB is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, BWEB or SPY?
BWEB has an expense ratio of 0.85% while SPY charges 0.09%. SPY is the cheaper option, by $76 a year on a $10,000 investment.
Which is riskier, BWEB or SPY?
BWEB has been the more volatile fund at 35.6% annualized versus 13.3% for SPY. Worst drawdown: BWEB -33.7% vs SPY -18.8%.
Should I hold both BWEB and SPY?
BWEB and SPY have a monthly-return correlation of 0.79, 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 BWEB and SPY?
38.5% of BWEB's money is in holdings SPY also owns. 21.1% of SPY's is in holdings BWEB also owns. They hold 13 positions in common, counted across the 40 positions we hold weights for in BWEB and 504 in SPY.
Which pays a higher dividend, BWEB or SPY?
BWEB yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than BWEB?
SPY has a lower expense ratio. BWEB led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 56.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.