MULT vs SPY
Franklin Multisector Income 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 | MULT | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.39% | 0.09% | |
| AUM | $12M | $821.1B | |
| Dividend Yield | 3.83% | 1.01% | |
| Holdings | 338 | 505 | |
| YTD Return | +1.31% | +12.68% | |
| 1Y Return | +3.40% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 1.9% | 15.3% | |
| Max Drawdown | -1.7% | -56.5% | |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Aug 26, 2025 | Jan 22, 1993 |
MULT vs SPY Performance
Franklin Multisector Income ETF (MULT) is a ETF from Franklin Templeton Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MULT returned +3.40% while SPY returned +21.82%. Year to date, MULT is up 1.31% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 1.9% for MULT. 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 -1.7% for MULT 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 0.52. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MULT charges 0.39% per year while SPY charges 0.09%. On a $10,000 position that is $39 vs $9 annually, a gap of $30 per year that compounds over a long holding period. On income, MULT currently yields 3.83% against 1.01% for SPY.
Holdings Overlap
MULT and SPY share 0 holdings out of 692 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, MULT or SPY?
MULT has an expense ratio of 0.39% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $30 per year of difference.
Which performed better, MULT or SPY?
Over the past year MULT returned +3.40% vs +21.82% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results.
Which is riskier, MULT or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 1.9% for MULT. Worst drawdown: MULT -1.7% vs SPY -56.5%.
Should I hold both MULT and SPY?
MULT and SPY have a monthly-return correlation of 0.52, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MULT and SPY?
MULT and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 692 unique securities.
Which pays a higher dividend, MULT or SPY?
MULT yields 3.83% while SPY yields 1.01%, so MULT currently pays the higher dividend yield.
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