MMTM vs SPY
State Street SPDR S&P 1500 Momentum Tilt ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, MMTM or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.96. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 40.6%.
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 | MMTM | SPY |
|---|---|---|
| Expense Ratio | 0.12% | 0.09%Best |
| AUM | $160M | $804.7B |
| Dividend Yield | 0.89% | 0.98% |
| Holdings | 1,472 | 505 |
| YTD Return | +4.68% | +12.47%Best |
| 1Y Return | +8.85% | +17.51%Best |
| 3Y Return (annualized) | +18.82% | +21.18%Best |
| 5Y Return (annualized) | +11.30% | +12.88%Best |
| Volatility (annualized) | 14.4% | 14.2%Best |
| Max Drawdown | -34.2% | -34.1%Best |
| $10,000 over 5 years | $17,080 | $18,327Best |
| Top 10 Weight | 40.6% | 38.0%Best |
| Fund Family | State Street Investment Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Oct 24, 2012 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Oct 25, 2012 to Sep 11, 2026 (13.9 years).
MMTM 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 13.9 years both funds cover.
MMTM vs SPY Performance
State Street SPDR S&P 1500 Momentum Tilt ETF (MMTM) is an ETF from State Street Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year MMTM returned +8.85% while SPY returned +17.51%. Year to date, MMTM is up 4.68% versus a gain of 12.47% for SPY.
Over three years, MMTM compounded at +18.82% per year against +21.18% for SPY; over five years the annualized figures are +11.30% and +12.88% respectively. Across the full 14-year window we track, SPY has the edge at +13.53% annualized vs +12.94%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MMTM has been the more volatile fund, with annualized monthly volatility of 14.4% compared with 14.2% 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 -34.2% for MMTM 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 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
MMTM charges 0.12% per year while SPY charges 0.09%. On a $10,000 position that is $12 vs $9 annually, a gap of $3 per year that compounds over a long holding period. On income, MMTM currently yields 0.89% against 0.98% for SPY.
Holdings Overlap
90.5% of MMTM's money is in holdings SPY also owns. 98.8% of SPY's money is in holdings MMTM also owns.
Most of SPY is already inside MMTM. Owning both mostly buys the same companies twice.
497 positions in common, counted across the 1,467 positions we hold weights for in MMTM and 504 in SPY, against full books of 1,472 and 505.
What only one of them owns
Our book lists 4 positions for SPY that do not appear in our book for MMTM (1.1% of the fund), and 363 for MMTM that do not appear in SPY (7.3%).
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 MMTM | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 10.00% | 7.71% | 2.29% |
| AAPLApple, Inc | 5.94% | 6.83% | 0.89% |
| GOOGLAlphabet A Usd 0.001 | 5.41% | 3.33% | 2.08% |
| AVGOBroadcom Inc | 3.98% | 2.97% | 1.01% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 1.37% | 5.50% | 4.13% |
| GOOGAlphabet Inc | 4.11% | 2.67% | 1.44% |
| AMZNAmazon.Com Inc | 2.44% | 4.08% | 1.64% |
| MUMicron Technology, Inc. | 2.95% | 1.51% | 1.44% |
| AMDAdvanced Micro Devices Inc. | 2.27% | 1.27% | 1.00% |
| TSLATesla Inc | 2.01% | 1.38% | 0.63% |
98.8% of SPY is already inside MMTM.
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, MMTM or SPY?
MMTM has an expense ratio of 0.12% while SPY charges 0.09%. SPY is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, MMTM or SPY?
Over the past year MMTM returned +8.85% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (14 years), MMTM annualized +12.94% vs +13.53% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MMTM or SPY?
MMTM has been the more volatile fund at 14.4% annualized versus 14.2% for SPY. Worst drawdown: MMTM -34.2% vs SPY -34.1%.
Should I hold both MMTM and SPY?
MMTM and SPY have a monthly-return correlation of 0.96, 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 MMTM and SPY?
98.8% of SPY's money is in holdings MMTM also owns. 98.8% of SPY's is in holdings MMTM also owns. They hold 497 positions in common, counted across the 1,467 positions we hold weights for in MMTM and 504 in SPY.
Which pays a higher dividend, MMTM or SPY?
MMTM yields 0.89% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than MMTM?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.96. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 40.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.