MSTP vs SPY
GraniteShares 2x Long MSTR Daily ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | MSTP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.50% | 0.09% | |
| AUM | $7M | $821.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 2 | 505 | |
| YTD Return | -79.53% | +14.24% | |
| 1Y Return | -97.10% | +21.71% | |
| 3Y Return (annualized) | - | +22.10% | |
| 5Y Return (annualized) | - | +13.21% | |
| Volatility (annualized) | 114.4% | 15.3% | |
| Max Drawdown | -98.4% | -56.5% | |
| Fund Family | GraniteShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 9, 2025 | Jan 22, 1993 |
MSTP vs SPY Performance
GraniteShares 2x Long MSTR Daily ETF (MSTP) is a ETF from GraniteShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MSTP returned -97.10% while SPY returned +21.71%. Year to date, MSTP is down 79.53% versus a gain of 14.24% for SPY.
Risk: Volatility and Drawdowns
MSTP has been the more volatile fund, with annualized monthly volatility of 114.4% compared with 15.3% 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 -98.4% for MSTP and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.64. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MSTP charges 1.50% per year while SPY charges 0.09%. On a $10,000 position that is $150 vs $9 annually, a gap of $141 per year that compounds over a long holding period. On income, MSTP currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
MSTP and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, MSTP or SPY?
MSTP has an expense ratio of 1.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $141 per year of difference.
Which performed better, MSTP or SPY?
Over the past year MSTP returned -97.10% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), MSTP annualized -95.77% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, MSTP or SPY?
MSTP has been the more volatile fund at 114.4% annualized versus 15.3% for SPY. Worst drawdown: MSTP -98.4% vs SPY -56.5%.
Should I hold both MSTP and SPY?
MSTP and SPY have a monthly-return correlation of 0.64, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MSTP and SPY?
MSTP and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, MSTP or SPY?
MSTP yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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