FIVY vs SPY
YieldMax Dorsey Wright Hybrid 5 Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, FIVY or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 99.0%.
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 | FIVY | SPY |
|---|---|---|
| Expense Ratio | 0.70% | 0.09%Best |
| AUM | $5M | $804.7B |
| Dividend Yield | 46.67% | 0.98% |
| Holdings | 12 | 505 |
| Volatility (annualized) | 24.9% | 13.4%Best |
| Max Drawdown | -32.8% | -18.8%Best |
| $10,000 over 1.5 years | $8,199 | $12,732Best |
| Top 10 Weight | 99.0% | 38.0%Best |
| Fund Family | YieldMax ETF | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Dec 16, 2024 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 88 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. FIVY has data through Jun 15, 2026 and SPY through Sep 11, 2026.
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Dec 17, 2024 to Jun 15, 2026 (1.5 years).
Risk: Volatility and Drawdowns
FIVY has been the more volatile fund, with annualized monthly volatility of 24.9% compared with 13.4% 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 -32.8% for FIVY 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 0.67. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FIVY charges 0.70% per year while SPY charges 0.09%. On a $10,000 position that is $70 vs $9 annually, a gap of $61 per year that compounds over a long holding period. On income, FIVY currently yields 46.67% against 0.98% for SPY.
Holdings Overlap
25.3% of FIVY's money is in holdings SPY also owns. 11.1% of SPY's money is in holdings FIVY also owns.
FIVY and SPY share little of their money.
The two holdings books were reported 96 days apart, FIVY as of Apr 30, 2026 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.
3 positions in common, counted across the 11 positions we hold weights for in FIVY and 504 in SPY, against full books of 12 and 505.
What only one of them owns
Our book lists 491 positions for SPY that do not appear in our book for FIVY (88.4% of the fund), and 7 for FIVY that do not appear in SPY (65.4%).
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.
25.3% of FIVY 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, FIVY or SPY?
FIVY has an expense ratio of 0.70% while SPY charges 0.09%. SPY is the cheaper option, by $61 a year on a $10,000 investment.
Which is riskier, FIVY or SPY?
FIVY has been the more volatile fund at 24.9% annualized versus 13.4% for SPY. Worst drawdown: FIVY -32.8% vs SPY -18.8%.
Should I hold both FIVY and SPY?
FIVY and SPY have a monthly-return correlation of 0.67, 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 FIVY and SPY?
25.3% of FIVY's money is in holdings SPY also owns. 11.1% of SPY's is in holdings FIVY also owns. They hold 3 positions in common, counted across the 11 positions we hold weights for in FIVY and 504 in SPY.
Which pays a higher dividend, FIVY or SPY?
FIVY yields 46.67% while SPY yields 0.98%, so FIVY currently pays the higher dividend yield.
Is SPY better than FIVY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 99.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.