MYI vs SPY
BlackRock MuniYield Quality Fund III, Inc 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 | MYI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.65% | 0.09% | |
| AUM | $1.4B | $821.1B | |
| Dividend Yield | 5.75% | 1.01% | |
| Holdings | 305 | 505 | |
| YTD Return | +2.21% | +12.68% | |
| 1Y Return | +9.63% | +21.82% | |
| 3Y Return (annualized) | +7.05% | +21.98% | |
| 5Y Return (annualized) | -1.44% | +12.89% | |
| Volatility (annualized) | 12.0% | 15.3% | |
| Max Drawdown | -56.0% | -56.5% | |
| Fund Family | BlackRock, Inc. (US) | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Apr 13, 1992 | Jan 22, 1993 |
MYI vs SPY Performance
BlackRock MuniYield Quality Fund III, Inc (MYI) is a ETF from BlackRock, Inc. (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MYI returned +9.63% while SPY returned +21.82%. Year to date, MYI is up 2.21% versus a gain of 12.68% for SPY.
Over three years, MYI compounded at +7.05% per year against +21.98% for SPY; over five years the annualized figures are -1.44% and +12.89% respectively. Across the full 31-year window we track, SPY has the edge at +8.81% annualized vs +0.09%. 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 12.0% for MYI. 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 -56.0% for MYI 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 0.20. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MYI charges 2.65% per year while SPY charges 0.09%. On a $10,000 position that is $265 vs $9 annually, a gap of $256 per year that compounds over a long holding period. On income, MYI currently yields 5.75% against 1.01% for SPY.
Holdings Overlap
MYI and SPY share 0 holdings out of 656 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, MYI or SPY?
MYI has an expense ratio of 2.65% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $256 per year of difference.
Which performed better, MYI or SPY?
Over the past year MYI returned +9.63% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), MYI annualized +0.09% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, MYI or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.0% for MYI. Worst drawdown: MYI -56.0% vs SPY -56.5%.
Should I hold both MYI and SPY?
MYI and SPY have a monthly-return correlation of 0.20, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MYI and SPY?
MYI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 656 unique securities.
Which pays a higher dividend, MYI or SPY?
MYI yields 5.75% while SPY yields 1.01%, so MYI currently pays the higher dividend yield.
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