SMAP vs SPY

SMAP vs SPY

Which is better, SMAP or SPY?

Small Cap Blend against Large Cap Blend.

SPY has a lower expense ratio. SPY led over 1Y and the full window. SMAP is less concentrated, with 32.8% of the fund in its ten largest positions against 37.8%.

Lower Fees: SPYHigher Returns: SPYLess Concentrated: SMAP

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

MetricSMAPSPY
Expense Ratio0.60%0.09%Best
AUM$1M$804.7B
Dividend Yield0.42%0.98%
Holdings57505
Volatility (annualized)15.0%13.5%Best
Max Drawdown-24.2%-18.8%Best
$10,000 over 1.6 years$10,833$13,303Best
Top 10 Weight32.8%Best37.8%
Fund FamilyAmplify ETFsState Street Investment Management
CategoryEquityEquity
StyleSmall Cap BlendLarge Cap Blend
InceptionOct 23, 2024Jan 22, 1993

Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).

The two price series end 106 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. SMAP has data through Jun 4, 2026 and SPY through Sep 18, 2026.

Volatility and max drawdown, and the $10,000 over 1.6 years row, are measured over the window both funds cover: Oct 23, 2024 to Jun 4, 2026 (1.6 years).

Risk: Volatility and Drawdowns

SMAP has been the more volatile fund, with annualized monthly volatility of 15.0% compared with 13.5% 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 -24.2% for SMAP 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 0.79. They usually move together, but the gap leaves some room for diversification.

Fees and Cost Over Time

SMAP charges 0.60% per year while SPY charges 0.09%. On a $10,000 position that is $60 vs $9 annually, a gap of $51 per year that compounds over a long holding period. On income, SMAP currently yields 0.42% against 0.98% for SPY.

Holdings Overlap

SMAP already in SPY26.4%
SPY already in SMAP0.5%

26.4% of SMAP's money is in holdings SPY also owns. 0.5% of SPY's money is in holdings SMAP also owns.

SMAP and SPY share little of their money.

The two holdings books were reported 124 days apart, SMAP as of Apr 30, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.

12 positions in common, counted across the 56 positions we hold weights for in SMAP and 504 in SPY, against full books of 57 and 505.

What only one of them owns

Our book lists 485 positions for SPY that do not appear in our book for SMAP (98.8% of the fund), and 42 for SMAP that do not appear in SPY (71.4%).

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

StockWeight in SMAPWeight in SPYDifference
MPWRMonolithic Power Systems Inc4.85%0.09%4.76%
CASYCaseys General3.69%0.04%3.65%
WSTWest Pharmaceutical Services Inc3.55%0.04%3.51%
STLDSteel Dynamics, Inc.2.83%0.05%2.78%
ODFLOld Dominion Freig2.10%0.05%2.05%
IDXXIdexx Labs1.85%0.07%1.78%
NVRNvr Inc.1.84%0.03%1.81%
TECHBio-Techne Corp1.52%0.02%1.50%
TRMBTrimble Inc.1.46%0.02%1.44%
FICOFair Isaac Corp.1.14%0.04%1.10%

26.4% of SMAP 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.

SMAPSPY

Free for up to 10 holdings. No account needed.

Frequently Asked Questions

Which is cheaper, SMAP or SPY?

SMAP has an expense ratio of 0.60% while SPY charges 0.09%. SPY is the cheaper option, by $51 a year on a $10,000 investment.

Which is riskier, SMAP or SPY?

SMAP has been the more volatile fund at 15.0% annualized versus 13.5% for SPY. Worst drawdown: SMAP -24.2% vs SPY -18.8%.

Should I hold both SMAP and SPY?

SMAP and SPY have a monthly-return correlation of 0.79, 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 SMAP and SPY?

26.4% of SMAP's money is in holdings SPY also owns. 0.5% of SPY's is in holdings SMAP also owns. They hold 12 positions in common, counted across the 56 positions we hold weights for in SMAP and 504 in SPY.

Which pays a higher dividend, SMAP or SPY?

SMAP yields 0.42% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.

Is SPY better than SMAP?

SPY has a lower expense ratio. SPY led over 1Y and the full window. SMAP is less concentrated, with 32.8% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.