EQL vs SPY
ALPS Equal Sector Weight ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, EQL or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.97. EQL is less concentrated, with 23.0% of the fund in its ten largest positions against 38.0%.
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 | EQL | SPY |
|---|---|---|
| Expense Ratio | 0.19% | 0.09%Best |
| AUM | $768M | $814.4B |
| Dividend Yield | 1.36% | 1.01% |
| Holdings | 12 | 505 |
| YTD Return | +11.96% | +13.34%Best |
| 1Y Return | +16.40% | +19.97%Best |
| 3Y Return (annualized) | +16.15% | +21.20%Best |
| 5Y Return (annualized) | +10.58% | +12.81%Best |
| Volatility (annualized) | 13.6%Best | 14.3% |
| Max Drawdown | -36.4% | -34.1%Best |
| $10,000 over 5 years | $16,534 | $18,270Best |
| Top 10 Weight | 23.0%Best | 38.0% |
| Fund Family | ALPS Advisors | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jul 6, 2009 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jul 7, 2009 to Sep 4, 2026 (17.2 years).
EQL 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 17.2 years both funds cover.
EQL vs SPY Performance
ALPS Equal Sector Weight ETF (EQL) is an ETF from ALPS Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year EQL returned +16.40% while SPY returned +19.97%. Year to date, EQL is up 11.96% versus a gain of 13.34% for SPY.
Over three years, EQL compounded at +16.15% per year against +21.20% for SPY; over five years the annualized figures are +10.58% and +12.81% respectively. Across the full 17-year window we track, SPY has the edge at +13.96% annualized vs +12.03%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.3% compared with 13.6% for EQL. 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 -36.4% for EQL and -34.1% 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 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
EQL charges 0.19% per year while SPY charges 0.09%. On a $10,000 position that is $19 vs $9 annually, a gap of $10 per year that compounds over a long holding period. On income, EQL currently yields 1.36% against 1.01% for SPY.
Holdings Overlap
95.1% of EQL's money is in holdings SPY also owns. 94.7% of SPY's money is in holdings EQL also owns.
Most of EQL is already inside SPY. Owning both mostly buys the same companies twice.
419 positions in common, counted across the 497 positions we hold weights for in EQL and 504 in SPY, against full books of 12 and 505.
What only one of them owns
Our book lists 80 positions for SPY that do not appear in our book for EQL (5.0% of the fund), and 71 for EQL that do not appear in SPY (4.0%).
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 EQL | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 1.91% | 7.71% | 5.80% |
| AAPLApple, Inc | 1.64% | 6.83% | 5.19% |
| GOOGLAlphabet Inc.Class A | 4.92% | 3.33% | 1.59% |
| AMZNAmazon.Com Inc | 3.67% | 4.08% | 0.41% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 1.33% | 5.50% | 4.17% |
| XOMExxonmobil Holdings Corp Common Stock Usd | 2.75% | 0.96% | 1.79% |
| AVGOBroadcom Inc | 0.67% | 2.97% | 2.30% |
| METAMeta Platform Inc | 1.69% | 1.94% | 0.25% |
| LLYEli Lilly & Co. | 1.52% | 1.33% | 0.19% |
| TSLATesla Motors Inc | 1.42% | 1.38% | 0.04% |
95.1% of EQL 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, EQL or SPY?
EQL has an expense ratio of 0.19% while SPY charges 0.09%. SPY is the cheaper option, by $10 a year on a $10,000 investment.
Which performed better, EQL or SPY?
Over the past year EQL returned +16.40% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), EQL annualized +12.03% vs +13.96% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EQL or SPY?
SPY has been the more volatile fund at 14.3% annualized versus 13.6% for EQL. Worst drawdown: EQL -36.4% vs SPY -34.1%.
Should I hold both EQL and SPY?
EQL and SPY have a monthly-return correlation of 0.97, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between EQL and SPY?
95.1% of EQL's money is in holdings SPY also owns. 94.7% of SPY's is in holdings EQL also owns. They hold 419 positions in common, counted across the 497 positions we hold weights for in EQL and 504 in SPY.
Which pays a higher dividend, EQL or SPY?
EQL yields 1.36% while SPY yields 1.01%, so EQL currently pays the higher dividend yield.
Is SPY better than EQL?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.97. EQL is less concentrated, with 23.0% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.