SPY vs SPYC
State Street SPDR S&P 500 ETF Trust vs Simplify US Equity PLUS Convexity ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | SPYC | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.53% | |
| AUM | $821.1B | $120M | |
| Dividend Yield | 1.01% | 0.89% | |
| Holdings | 505 | 24 | |
| YTD Return | +13.17% | +10.21% | |
| 1Y Return | +21.53% | +15.21% | |
| 3Y Return (annualized) | +22.06% | +19.16% | |
| 5Y Return (annualized) | +13.35% | +9.49% | |
| Volatility (annualized) | 15.3% | 16.6% | |
| Max Drawdown | -56.5% | -28.5% | |
| Fund Family | State Street Investment Management | Simplify Exchange Traded Funds | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Sep 3, 2020 |
SPY vs SPYC Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Simplify US Equity PLUS Convexity ETF (SPYC) is a ETF from Simplify Exchange Traded Funds. Over the past year SPY returned +21.53% while SPYC returned +15.21%. Year to date, SPY is up 13.17% versus a gain of 10.21% for SPYC.
Over three years, SPY compounded at +22.06% per year against +19.16% for SPYC; over five years the annualized figures are +13.35% and +9.49% respectively. Across the full 6-year window we track, SPYC has the edge at +12.59% annualized vs +8.82%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPYC has been the more volatile fund, with annualized monthly volatility of 16.6% compared with 15.3% 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 -56.5% for SPY and -28.5% for SPYC. 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 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while SPYC charges 0.53%. On a $10,000 position that is $9 vs $53 annually, a gap of $44 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.89% for SPYC.
Holdings Overlap
SPY and SPYC share 0 holdings out of 505 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, SPY or SPYC?
SPY has an expense ratio of 0.09% while SPYC charges 0.53%. SPY is the cheaper option. On a $10,000 investment, that is $44 per year of difference.
Which performed better, SPY or SPYC?
Over the past year SPY returned +21.53% vs +15.21% for SPYC, so SPY leads on 1-year performance. Over the longest common window we track (6 years), SPY annualized +8.82% vs +12.59% for SPYC. Past performance does not guarantee future results.
Which is riskier, SPY or SPYC?
SPYC has been the more volatile fund at 16.6% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs SPYC -28.5%.
Should I hold both SPY and SPYC?
SPY and SPYC have a monthly-return correlation of 0.92, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between SPY and SPYC?
SPY and SPYC share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, SPY or SPYC?
SPY yields 1.01% while SPYC yields 0.89%, so SPY currently pays the higher dividend yield.
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