SHV vs SPY
iShares 0-1 Year Treasury Bond ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SHV or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y 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 | SHV | SPY |
|---|---|---|
| Expense Ratio | 0.15% | 0.09%Best |
| AUM | $21.0B | $804.7B |
| Dividend Yield | 3.78% | 0.98% |
| Holdings | 67 | 505 |
| YTD Return | +2.45% | +12.09%Best |
| 1Y Return | +3.62% | +16.29%Best |
| 3Y Return (annualized) | +4.61% | +21.20%Best |
| 5Y Return (annualized) | +3.61% | +13.37%Best |
| Volatility (annualized) | 0.6%Best | 15.4% |
| Max Drawdown | -0.9%Best | -56.5% |
| $10,000 over 5 years | $11,940 | $18,728Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Blend |
| Inception | Jan 5, 2007 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 11, 2007 to Sep 18, 2026 (19.7 years).
SHV vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SHV vs SPY Performance
iShares 0-1 Year Treasury Bond ETF (SHV) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SHV returned +3.62% while SPY returned +16.29%. Year to date, SHV is up 2.45% versus a gain of 12.09% for SPY.
Over three years, SHV compounded at +4.61% per year against +21.20% for SPY; over five years the annualized figures are +3.61% and +13.37% respectively. Across the full 20-year window we track, SPY has the edge at +9.31% annualized vs +0.99%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.4% compared with 0.6% for SHV. 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 -0.9% for SHV and -56.5% 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 0.03. They move largely independently of each other.
Fees and Cost Over Time
SHV charges 0.15% per year while SPY charges 0.09%. On a $10,000 position that is $15 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, SHV currently yields 3.78% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 15 holdings in SHV and 504 in SPY, totalling 13.9% and 99.9% 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 15 positions we hold weights for in SHV and 504 in SPY, against full books of 67 and 505.
You are not choosing between two funds in isolation.
Whichever of SHV 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, SHV or SPY?
SHV has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, SHV or SPY?
Over the past year SHV returned +3.62% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), SHV annualized +0.99% vs +9.31% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SHV or SPY?
SPY has been the more volatile fund at 15.4% annualized versus 0.6% for SHV. Worst drawdown: SHV -0.9% vs SPY -56.5%.
Should I hold both SHV and SPY?
SHV and SPY have a monthly-return correlation of 0.03, 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, SHV or SPY?
SHV yields 3.78% while SPY yields 0.98%, so SHV currently pays the higher dividend yield.
Is SPY better than SHV?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.