SLX vs SPY
VanEck Steel ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SLX or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SLX led over 1Y and 5Y, SPY over 3Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 58.3%.
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 | SLX | SPY |
|---|---|---|
| Expense Ratio | 0.55% | 0.09%Best |
| AUM | $165M | $814.4B |
| Dividend Yield | 1.27% | 1.01% |
| Holdings | 40 | 505 |
| YTD Return | +28.45%Best | +13.34% |
| 1Y Return | +59.89%Best | +19.97% |
| 3Y Return (annualized) | +19.74% | +21.20%Best |
| 5Y Return (annualized) | +15.98%Best | +12.81% |
| Volatility (annualized) | 33.7% | 15.4%Best |
| Max Drawdown | -82.1% | -56.5%Best |
| $10,000 over 5 years | $20,985Best | $18,270 |
| Top 10 Weight | 58.3% | 38.0%Best |
| Fund Family | VanEck | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Oct 10, 2006 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Oct 16, 2006 to Sep 4, 2026 (19.9 years).
SLX 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 covers the 19.9 years both funds cover.
SLX vs SPY Performance
VanEck Steel ETF (SLX) is an ETF from VanEck and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SLX returned +59.89% while SPY returned +19.97%. Year to date, SLX is up 28.45% versus a gain of 13.34% for SPY.
Over three years, SLX compounded at +19.74% per year against +21.20% for SPY; over five years the annualized figures are +15.98% and +12.81% respectively. Across the full 20-year window we track, SPY has the edge at +9.49% annualized vs +7.87%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SLX has been the more volatile fund, with annualized monthly volatility of 33.7% compared with 15.4% 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 -82.1% for SLX 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 0.71. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SLX charges 0.55% per year while SPY charges 0.09%. On a $10,000 position that is $55 vs $9 annually, a gap of $46 per year that compounds over a long holding period. On income, SLX currently yields 1.27% against 1.01% for SPY.
Holdings Overlap
12.5% of SLX's money is in holdings SPY also owns. 0.1% of SPY's money is in holdings SLX also owns.
SLX and SPY share little of their money.
2 positions in common, counted across the 39 positions we hold weights for in SLX and 504 in SPY, against full books of 40 and 505.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for SLX (99.3% of the fund), and 4 for SLX that do not appear in SPY (9.1%).
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.
You are not choosing between two funds in isolation.
Whichever of SLX 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, SLX or SPY?
SLX has an expense ratio of 0.55% while SPY charges 0.09%. SPY is the cheaper option, by $46 a year on a $10,000 investment.
Which performed better, SLX or SPY?
Over the past year SLX returned +59.89% vs +19.97% for SPY, so SLX leads on 1-year performance. Over the longest common window we track (20 years), SLX annualized +7.87% vs +9.49% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SLX or SPY?
SLX has been the more volatile fund at 33.7% annualized versus 15.4% for SPY. Worst drawdown: SLX -82.1% vs SPY -56.5%.
Should I hold both SLX and SPY?
SLX and SPY have a monthly-return correlation of 0.71, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SLX and SPY?
12.5% of SLX's money is in holdings SPY also owns. 0.1% of SPY's is in holdings SLX also owns. They hold 2 positions in common, counted across the 39 positions we hold weights for in SLX and 504 in SPY.
Which pays a higher dividend, SLX or SPY?
SLX yields 1.27% while SPY yields 1.01%, so SLX currently pays the higher dividend yield.
Is SPY better than SLX?
SPY has a lower expense ratio. SLX led over 1Y and 5Y, SPY over 3Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 58.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.