LTPZ vs SPY
PIMCO 15+ Year US TIPS Index Exchange-Traded Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, LTPZ or SPY?
US Inflation Protection against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 77.4%.
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 | LTPZ | SPY |
|---|---|---|
| Expense Ratio | 0.20% | 0.09%Best |
| AUM | $849M | $804.7B |
| Dividend Yield | 6.33% | 0.98% |
| Holdings | 17 | 505 |
| YTD Return | -4.26% | +12.47%Best |
| 1Y Return | -6.86% | +17.51%Best |
| 3Y Return (annualized) | -0.82% | +21.18%Best |
| 5Y Return (annualized) | -7.65% | +12.88%Best |
| Volatility (annualized) | 11.8%Best | 14.4% |
| Max Drawdown | -41.0% | -34.1%Best |
| $10,000 over 5 years | $6,717 | $18,327Best |
| Top 10 Weight | 77.4% | 38.0%Best |
| Fund Family | PIMCO (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | US Inflation Protection | Large Cap Blend |
| Inception | Sep 3, 2009 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 8, 2009 to Sep 11, 2026 (17 years).
LTPZ 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 years both funds cover.
LTPZ vs SPY Performance
PIMCO 15+ Year US TIPS Index Exchange-Traded Fund (LTPZ) is an ETF from PIMCO (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year LTPZ returned -6.86% while SPY returned +17.51%. Year to date, LTPZ is down 4.26% versus a gain of 12.47% for SPY.
Over three years, LTPZ compounded at -0.82% per year against +21.18% for SPY; over five years the annualized figures are -7.65% and +12.88% respectively. Across the full 17-year window we track, SPY has the edge at +13.00% annualized vs +1.25%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.4% compared with 11.8% for LTPZ. 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 -41.0% for LTPZ 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 0.30. They move together some of the time, and apart the rest.
Fees and Cost Over Time
LTPZ charges 0.20% per year while SPY charges 0.09%. On a $10,000 position that is $20 vs $9 annually, a gap of $11 per year that compounds over a long holding period. On income, LTPZ currently yields 6.33% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 14 holdings in LTPZ and 504 in SPY, totalling 96.7% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 14 positions we hold weights for in LTPZ and 504 in SPY, against full books of 17 and 505.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for LTPZ (99.5% of the fund), and 14 for LTPZ that do not appear in SPY (96.7%).
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.
You are not choosing between two funds in isolation.
Whichever of LTPZ 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, LTPZ or SPY?
LTPZ has an expense ratio of 0.20% while SPY charges 0.09%. SPY is the cheaper option, by $11 a year on a $10,000 investment.
Which performed better, LTPZ or SPY?
Over the past year LTPZ returned -6.86% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), LTPZ annualized +1.25% vs +13.00% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, LTPZ or SPY?
SPY has been the more volatile fund at 14.4% annualized versus 11.8% for LTPZ. Worst drawdown: LTPZ -41.0% vs SPY -34.1%.
Should I hold both LTPZ and SPY?
LTPZ and SPY have a monthly-return correlation of 0.30, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, LTPZ or SPY?
LTPZ yields 6.33% while SPY yields 0.98%, so LTPZ currently pays the higher dividend yield.
Is SPY better than LTPZ?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 77.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.