NZUS vs SPY
State Street SPDR MSCI USA Climate Paris Aligned ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, NZUS or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. NZUS led over 1Y, SPY over the full window. The two have moved almost in lockstep, correlation 0.98. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 46.8%.
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 | NZUS | SPY |
|---|---|---|
| Expense Ratio | 0.10% | 0.09%Best |
| AUM | $3M | $804.7B |
| Dividend Yield | 0.88% | 0.98% |
| Holdings | 146 | 505 |
| Volatility (annualized) | 16.8% | 15.5%Best |
| Max Drawdown | -21.0% | -18.8%Best |
| $10,000 over 4.1 years | $17,372 | $18,436Best |
| Top 10 Weight | 46.8% | 38.0%Best |
| Fund Family | State Street Investment Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Apr 21, 2022 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 121 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. NZUS has data through May 12, 2026 and SPY through Sep 10, 2026.
Volatility and max drawdown, and the $10,000 over 4.1 years row, are measured over the window both funds cover: Apr 22, 2022 to May 12, 2026 (4.1 years).
Risk: Volatility and Drawdowns
NZUS has been the more volatile fund, with annualized monthly volatility of 16.8% compared with 15.5% 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 -21.0% for NZUS and -18.8% 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 0.98. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
NZUS charges 0.10% per year while SPY charges 0.09%. On a $10,000 position that is $10 vs $9 annually, a gap of $1 per year that compounds over a long holding period. On income, NZUS currently yields 0.88% against 0.98% for SPY.
Holdings Overlap
96.8% of NZUS's money is in holdings SPY also owns. 58.6% of SPY's money is in holdings NZUS also owns.
Most of NZUS is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 186 days apart, NZUS as of Jan 30, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
124 positions in common, counted across the 150 positions we hold weights for in NZUS and 504 in SPY, against full books of 146 and 505.
What only one of them owns
Our book lists 369 positions for SPY that do not appear in our book for NZUS (40.9% of the fund), and 21 for NZUS that do not appear in SPY (2.1%).
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 NZUS | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 9.68% | 7.71% | 1.97% |
| AAPLApple, Inc | 7.37% | 6.83% | 0.54% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 6.81% | 5.50% | 1.31% |
| AMZNAmazon.Com Inc | 3.68% | 4.08% | 0.40% |
| GOOGAlphabet Inc | 4.09% | 2.67% | 1.42% |
| AVGOBroadcom Inc | 2.54% | 2.97% | 0.43% |
| TSLATesla Inc | 4.05% | 1.38% | 2.67% |
| GOOGLAlphabet A Usd 0.001 | 2.09% | 3.33% | 1.24% |
| LLYEli Lilly & Co. | 3.43% | 1.33% | 2.10% |
| METAMeta Platforms, Inc. | 2.82% | 1.94% | 0.88% |
96.8% of NZUS is already inside SPY.
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, NZUS or SPY?
NZUS has an expense ratio of 0.10% while SPY charges 0.09%. SPY is the cheaper option, by $1 a year on a $10,000 investment.
Which is riskier, NZUS or SPY?
NZUS has been the more volatile fund at 16.8% annualized versus 15.5% for SPY. Worst drawdown: NZUS -21.0% vs SPY -18.8%.
Should I hold both NZUS and SPY?
NZUS and SPY have a monthly-return correlation of 0.98, 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 NZUS and SPY?
96.8% of NZUS's money is in holdings SPY also owns. 58.6% of SPY's is in holdings NZUS also owns. They hold 124 positions in common, counted across the 150 positions we hold weights for in NZUS and 504 in SPY.
Which pays a higher dividend, NZUS or SPY?
NZUS yields 0.88% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than NZUS?
SPY has a lower expense ratio. NZUS led over 1Y, SPY over the full window. The two have moved almost in lockstep, correlation 0.98. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 46.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.