MMT vs SPY
MFS Multimarket Income Trust vs State Street SPDR S&P 500 ETF Trust
Which is better, MMT or SPY?
Diversified Sectoral Bond against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | MMT | SPY |
|---|---|---|
| Expense Ratio | 1.17% | 0.09%Best |
| AUM | $266M | $804.7B |
| Dividend Yield | 8.69% | 0.98% |
| Holdings | 920 | 505 |
| YTD Return | +0.41% | +11.52%Best |
| 1Y Return | -0.33% | +17.48%Best |
| 3Y Return (annualized) | +8.97% | +20.62%Best |
| 5Y Return (annualized) | +0.79% | +12.73%Best |
| Volatility (annualized) | 10.8%Best | 15.3% |
| Max Drawdown | -47.7%Best | -56.5% |
| $10,000 over 5 years | $10,401 | $18,205Best |
| Fund Family | MFS Investment Management | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | Diversified Sectoral Bond | Large Cap Blend |
| Inception | Mar 12, 1987 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Sep 10, 2026 (30.7 years).
MMT 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
MMT vs SPY Performance
MFS Multimarket Income Trust (MMT) is an ETF from MFS Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year MMT returned -0.33% while SPY returned +17.48%. Year to date, MMT is up 0.41% versus a gain of 11.52% for SPY.
Over three years, MMT compounded at +8.97% per year against +20.62% for SPY; over five years the annualized figures are +0.79% and +12.73% respectively. Across the full 31-year window we track, SPY has the edge at +8.75% annualized vs +0.32%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 10.8% for MMT. 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 -47.7% for MMT and -56.5% 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 0.52. They move together some of the time, and apart the rest.
Fees and Cost Over Time
MMT charges 1.17% per year while SPY charges 0.09%. On a $10,000 position that is $117 vs $9 annually, a gap of $108 per year that compounds over a long holding period. On income, MMT currently yields 8.69% against 0.98% for SPY.
Holdings Overlap
At least 0.1% of SPY's money is in holdings MMT also owns.
Stated as a floor: for MMT, our book for it covers 88.0% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 185 days apart, MMT as of Jan 31, 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.
1 positions in common, counted across the 547 positions we hold weights for in MMT and 504 in SPY, against full books of 920 and 505.
Top Shared Holdings
| Stock | Weight in MMT | Weight in SPY | Difference |
|---|---|---|---|
| TMUST-Mobile Usa Inc Esrw Usd Npv Ref Sm#585558 | 0.04% | 0.12% | 0.08% |
You are not choosing between two funds in isolation.
Whichever of MMT 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, MMT or SPY?
MMT has an expense ratio of 1.17% while SPY charges 0.09%. SPY is the cheaper option, by $108 a year on a $10,000 investment.
Which performed better, MMT or SPY?
Over the past year MMT returned -0.33% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), MMT annualized +0.32% vs +8.75% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MMT or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 10.8% for MMT. Worst drawdown: MMT -47.7% vs SPY -56.5%.
Should I hold both MMT and SPY?
MMT and SPY have a monthly-return correlation of 0.52, 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, MMT or SPY?
MMT yields 8.69% while SPY yields 0.98%, so MMT currently pays the higher dividend yield.
Is SPY better than MMT?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.