MULT vs SPY
Franklin Multisector Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, MULT or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y 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 | MULT | SPY |
|---|---|---|
| Expense Ratio | 0.39% | 0.09%Best |
| AUM | $10M | $777.9B |
| Dividend Yield | 4.92% | 1.00% |
| Holdings | 408 | 1,011 |
| Volatility (annualized) | 3.1%Best | 12.3% |
| Max Drawdown | -2.7%Best | -8.9% |
| $10,000 over 1.2 years | $10,248 | $12,092Best |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Blend |
| Inception | Aug 26, 2025 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 15 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. MULT has data through Oct 27, 2026 and SPY through Nov 11, 2026.
Volatility and max drawdown, and the $10,000 over 1.2 years row, are measured over the window both funds cover: Aug 28, 2025 to Oct 27, 2026 (1.2 years).
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.3% compared with 3.1% 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 -2.7% for MULT and -8.9% 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 0.33. They move together some of the time, and apart the rest.
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 4.92% against 1.00% for SPY.
Holdings Overlap
We hold position weights for 21 holdings in MULT and 504 in SPY, totalling 42.3% and 100.1% 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 21 positions we hold weights for in MULT and 504 in SPY, against full books of 408 and 1,011.
You are not choosing between two funds in isolation.
Whichever of MULT 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, MULT or SPY?
MULT has an expense ratio of 0.39% while SPY charges 0.09%. SPY is the cheaper option, by $30 a year on a $10,000 investment.
Which is riskier, MULT or SPY?
SPY has been the more volatile fund at 12.3% annualized versus 3.1% for MULT. Worst drawdown: MULT -2.7% vs SPY -8.9%.
Should I hold both MULT and SPY?
MULT and SPY have a monthly-return correlation of 0.33, 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, MULT or SPY?
MULT yields 4.92% while SPY yields 1.00%, so MULT currently pays the higher dividend yield.
Is SPY better than MULT?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.