SMAP vs SPY
Amplify Small-Mid Cap Equity ETF vs State Street SPDR S&P 500 ETF Trust
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%.
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 | SMAP | SPY |
|---|---|---|
| Expense Ratio | 0.60% | 0.09%Best |
| AUM | $1M | $804.7B |
| Dividend Yield | 0.42% | 0.98% |
| Holdings | 57 | 505 |
| 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 Weight | 32.8%Best | 37.8% |
| Fund Family | Amplify ETFs | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | Oct 23, 2024 | Jan 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
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
| Stock | Weight in SMAP | Weight in SPY | Difference |
|---|---|---|---|
| MPWRMonolithic Power Systems Inc | 4.85% | 0.09% | 4.76% |
| CASYCaseys General | 3.69% | 0.04% | 3.65% |
| WSTWest Pharmaceutical Services Inc | 3.55% | 0.04% | 3.51% |
| STLDSteel Dynamics, Inc. | 2.83% | 0.05% | 2.78% |
| ODFLOld Dominion Freig | 2.10% | 0.05% | 2.05% |
| IDXXIdexx Labs | 1.85% | 0.07% | 1.78% |
| NVRNvr Inc. | 1.84% | 0.03% | 1.81% |
| TECHBio-Techne Corp | 1.52% | 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.
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.