SPD vs SPY
Simplify US Equity PLUS Downside Convexity ETF 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 | SPD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.53% | 0.09% | |
| AUM | $104M | $789.1B | |
| Dividend Yield | 0.97% | 1.01% | |
| Holdings | 14 | 505 | |
| YTD Return | +10.58% | +13.79% | |
| 1Y Return | +15.55% | +23.66% | |
| 3Y Return (annualized) | +17.45% | +21.40% | |
| 5Y Return (annualized) | +8.15% | +13.37% | |
| Volatility (annualized) | 14.2% | 15.3% | |
| Max Drawdown | -27.4% | -56.5% | |
| Fund Family | Simplify Exchange Traded Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 3, 2020 | Jan 22, 1993 |
SPD vs SPY Performance
Simplify US Equity PLUS Downside Convexity ETF (SPD) is a ETF from Simplify Exchange Traded Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SPD returned +15.55% while SPY returned +23.66%. Year to date, SPD is up 10.58% versus a gain of 13.79% for SPY.
Over three years, SPD compounded at +17.45% per year against +21.40% for SPY; over five years the annualized figures are +8.15% and +13.37% respectively. Across the full 6-year window we track, SPD has the edge at +11.13% annualized vs +8.85%. 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 14.2% for SPD. 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 -27.4% for SPD 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 0.83. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPD charges 0.53% per year while SPY charges 0.09%. On a $10,000 position that is $53 vs $9 annually, a gap of $44 per year that compounds over a long holding period. On income, SPD currently yields 0.97% against 1.01% for SPY.
Holdings Overlap
SPD 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, SPD or SPY?
SPD has an expense ratio of 0.53% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $44 per year of difference.
Which performed better, SPD or SPY?
Over the past year SPD returned +15.55% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), SPD annualized +11.13% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, SPD or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.2% for SPD. Worst drawdown: SPD -27.4% vs SPY -56.5%.
Should I hold both SPD and SPY?
SPD and SPY have a monthly-return correlation of 0.83, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPD and SPY?
SPD and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, SPD or SPY?
SPD yields 0.97% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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