PRVT vs SPY
Tema Listed Private Managers ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PRVT or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SPY led over the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 52.1%.
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 | PRVT | SPY |
|---|---|---|
| Expense Ratio | 0.75% | 0.09%Best |
| AUM | $233,024.57 | $804.7B |
| Dividend Yield | 0.86% | 0.98% |
| Holdings | 28 | 505 |
| Volatility (annualized) | - | 12.6% |
| Max Drawdown | -20.4% | -18.8%Best |
| $10,000 over 3.2 years | $11,858 | $18,181Best |
| Top 10 Weight | 52.1% | 37.8%Best |
| Fund Family | Tema Global Limited | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Oct 1, 2025 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 16 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. PRVT has data through Sep 2, 2026 and SPY through Sep 18, 2026.
Volatility and max drawdown, and the $10,000 over 3.2 years row, are measured over the window both funds cover: Jun 13, 2023 to Sep 2, 2026 (3.2 years).
Risk: Volatility and Drawdowns
The deepest peak-to-trough decline in our data was -20.4% for PRVT and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
Fees and Cost Over Time
PRVT charges 0.75% per year while SPY charges 0.09%. On a $10,000 position that is $75 vs $9 annually, a gap of $66 per year that compounds over a long holding period. On income, PRVT currently yields 0.86% against 0.98% for SPY.
Holdings Overlap
24.4% of PRVT's money is in holdings SPY also owns. 0.6% of SPY's money is in holdings PRVT also owns.
PRVT and SPY share little of their money.
5 positions in common, counted across the 27 positions we hold weights for in PRVT and 504 in SPY, against full books of 28 and 505.
What only one of them owns
Our book lists 492 positions for SPY that do not appear in our book for PRVT (98.7% of the fund), and 7 for PRVT that do not appear in SPY (31.0%).
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.
24.4% of PRVT 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, PRVT or SPY?
PRVT has an expense ratio of 0.75% while SPY charges 0.09%. SPY is the cheaper option, by $66 a year on a $10,000 investment.
What is the holdings overlap between PRVT and SPY?
24.4% of PRVT's money is in holdings SPY also owns. 0.6% of SPY's is in holdings PRVT also owns. They hold 5 positions in common, counted across the 27 positions we hold weights for in PRVT and 504 in SPY.
Which pays a higher dividend, PRVT or SPY?
PRVT yields 0.86% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than PRVT?
SPY has a lower expense ratio. SPY led over the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 52.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.