SPXN vs SPY
ProShares S&P 500 Ex-Financials ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SPXN or SPY?
SPXN has been ahead.
SPXN led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.96. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 44.0%.
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 | SPXN | SPY |
|---|---|---|
| Expense Ratio | 0.09%Tie | 0.09%Tie |
| AUM | $79M | $804.7B |
| Dividend Yield | 0.88% | 0.98% |
| Holdings | 397 | 505 |
| YTD Return | +12.33%Best | +10.96% |
| 1Y Return | +17.13%Best | +15.52% |
| 3Y Return (annualized) | +21.12%Best | +20.73% |
| 5Y Return (annualized) | +13.07%Best | +12.53% |
| Volatility (annualized) | 15.6% | 15.2%Best |
| Max Drawdown | -32.1%Best | -34.1% |
| $10,000 over 5 years | $18,481Best | $18,044 |
| Top 10 Weight | 44.0% | 37.8%Best |
| Fund Family | ProShares | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 22, 2015 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 24, 2015 to Sep 16, 2026 (11 years).
SPXN 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 11 years both funds cover.
SPXN vs SPY Performance
ProShares S&P 500 Ex-Financials ETF (SPXN) is an ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SPXN returned +17.13% while SPY returned +15.52%. Year to date, SPXN is up 12.33% versus a gain of 10.96% for SPY.
Over three years, SPXN compounded at +21.12% per year against +20.73% for SPY; over five years the annualized figures are +13.07% and +12.53% respectively. Across the full 11-year window we track, SPXN has the edge at +14.52% annualized vs +13.99%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXN has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 15.2% 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 -32.1% for SPXN and -34.1% 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 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPXN charges 0.09% per year while SPY charges 0.09%. On a $10,000 position that is $9 vs $9 annually. On income, SPXN currently yields 0.88% against 0.98% for SPY.
Holdings Overlap
99.2% of SPXN's money is in holdings SPY also owns. 85.2% of SPY's money is in holdings SPXN also owns.
Most of SPXN is already inside SPY. Owning both mostly buys the same companies twice.
389 positions in common, counted across the 397 positions we hold weights for in SPXN and 504 in SPY, against full books of 397 and 505.
What only one of them owns
Our book lists 112 positions for SPY that do not appear in our book for SPXN (14.4% of the fund), and 1 for SPXN that do not appear in SPY (0.2%).
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 SPXN | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 9.40% | 8.01% | 1.39% |
| AAPLApple, Inc | 8.18% | 7.26% | 0.92% |
| MSFTMicrosoft Corp | 6.63% | 5.66% | 0.97% |
| AMZNAmazon.Com Inc | 4.47% | 3.79% | 0.68% |
| GOOGLAlphabet Inc,class A | 3.50% | 2.99% | 0.51% |
| AVGOBroadcom Inc | 3.08% | 2.66% | 0.42% |
| GOOGAlphabet Inc | 2.79% | 2.39% | 0.40% |
| METAMeta Platforms Inc | 2.21% | 1.93% | 0.28% |
| MUMicron Technology, Inc. | 1.90% | 1.60% | 0.30% |
| TSLATesla Inc | 1.82% | 1.52% | 0.30% |
99.2% of SPXN 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, SPXN or SPY?
SPXN has an expense ratio of 0.09% while SPY charges 0.09%. At the precision these are quoted to, they cost the same.
Which performed better, SPXN or SPY?
Over the past year SPXN returned +17.13% vs +15.52% for SPY, so SPXN leads on 1-year performance. Over the longest common window we track (11 years), SPXN annualized +14.52% vs +13.99% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPXN or SPY?
SPXN has been the more volatile fund at 15.6% annualized versus 15.2% for SPY. Worst drawdown: SPXN -32.1% vs SPY -34.1%.
Should I hold both SPXN and SPY?
SPXN and SPY have a monthly-return correlation of 0.96, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between SPXN and SPY?
99.2% of SPXN's money is in holdings SPY also owns. 85.2% of SPY's is in holdings SPXN also owns. They hold 389 positions in common, counted across the 397 positions we hold weights for in SPXN and 504 in SPY.
Which pays a higher dividend, SPXN or SPY?
SPXN yields 0.88% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than SPXN?
SPXN led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.96. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 44.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.