SMAY vs SPY
FT Vest US Small Cap Moderate Buffer ETF - May vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SMAY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.90% | 0.09% | |
| AUM | $110M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 5 | 505 | |
| YTD Return | +10.41% | +14.47% | |
| 1Y Return | +15.83% | +21.96% | |
| 3Y Return (annualized) | +10.94% | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 9.8% | 15.3% | |
| Max Drawdown | -14.4% | -56.5% | |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | May 19, 2023 | Jan 22, 1993 |
SMAY vs SPY Performance
FT Vest US Small Cap Moderate Buffer ETF - May (SMAY) is a ETF from First Trust Portfolios (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SMAY returned +15.83% while SPY returned +21.96%. Year to date, SMAY is up 10.41% versus a gain of 14.47% for SPY.
Over three years, SMAY compounded at +10.94% per year against +21.70% for SPY. Across the full 3-year window we track, SMAY has the edge at +11.52% annualized vs +8.87%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 9.8% for SMAY. 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 -14.4% for SMAY and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SMAY charges 0.90% per year while SPY charges 0.09%. On a $10,000 position that is $90 vs $9 annually, a gap of $81 per year that compounds over a long holding period. On income, SMAY currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
SMAY and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SMAY or SPY?
SMAY has an expense ratio of 0.90% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $81 per year of difference.
Which performed better, SMAY or SPY?
Over the past year SMAY returned +15.83% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), SMAY annualized +11.52% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, SMAY or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.8% for SMAY. Worst drawdown: SMAY -14.4% vs SPY -56.5%.
Should I hold both SMAY and SPY?
SMAY and SPY have a monthly-return correlation of 0.77, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SMAY and SPY?
SMAY and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, SMAY or SPY?
SMAY yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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