SPY vs SPYD
State Street SPDR S&P 500 ETF Trust vs State Street SPDR Portfolio S&P 500 High Dividend ETF
Which is better, SPY or SPYD?
Large Cap Blend against Large Cap Value.
SPYD has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPYD is less concentrated, with 13.8% of the fund in its ten largest positions against 38.0%.
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 | SPY | SPYD |
|---|---|---|
| Expense Ratio | 0.09% | 0.07%Best |
| AUM | $804.7B | $7.6B |
| Dividend Yield | 0.98% | 4.09% |
| Holdings | 505 | 81 |
| YTD Return | +12.47% | +13.62%Best |
| 1Y Return | +17.51%Best | +12.93% |
| 3Y Return (annualized) | +21.18%Best | +14.67% |
| 5Y Return (annualized) | +12.88%Best | +8.61% |
| Volatility (annualized) | 15.0%Best | 17.8% |
| Max Drawdown | -34.1%Best | -47.3% |
| $10,000 over 5 years | $18,327Best | $15,113 |
| Top 10 Weight | 38.0% | 13.8%Best |
| Fund Family | State Street Investment Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Value |
| Inception | Jan 22, 1993 | Oct 21, 2015 |
Volatility and max drawdown are measured over the window both funds cover: Oct 22, 2015 to Sep 11, 2026 (10.9 years).
SPY vs SPYD 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 10.9 years both funds cover.
SPY vs SPYD Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) is an ETF from State Street Investment Management. Over the past year SPY returned +17.51% while SPYD returned +12.93%. Year to date, SPY is up 12.47% versus a gain of 13.62% for SPYD.
Over three years, SPY compounded at +21.18% per year against +14.67% for SPYD; over five years the annualized figures are +12.88% and +8.61% respectively. Across the full 11-year window we track, SPY has the edge at +13.60% annualized vs +6.79%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPYD has been the more volatile fund, with annualized monthly volatility of 17.8% compared with 15.0% 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 -34.1% for SPY and -47.3% for SPYD. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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
SPY charges 0.09% per year while SPYD charges 0.07%. On a $10,000 position that is $9 vs $7 annually, a gap of $2 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 4.09% for SPYD.
Holdings Overlap
5.9% of SPY's money is in holdings SPYD also owns. 99.5% of SPYD's money is in holdings SPY also owns.
Most of SPYD is already inside SPY. Owning both mostly buys the same companies twice.
80 positions in common, counted across the 504 positions we hold weights for in SPY and 81 in SPYD, against full books of 505 and 81.
What only one of them owns
Our book lists 1 positions for SPYD that do not appear in our book for SPY (0.3% of the fund), and 415 for SPY that do not appear in SPYD (93.7%).
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 SPY | Weight in SPYD | Difference |
|---|---|---|---|
| CVXChevron Corp. | 0.54% | 1.20% | 0.66% |
| ACNAccenture Plc | 0.16% | 1.48% | 1.32% |
| VZVerizon Communications, Inc. | 0.29% | 1.29% | 1.00% |
| PEPPepsico Inc. | 0.29% | 1.25% | 0.96% |
| BMYBristol-Myers Squibb Co. | 0.20% | 1.32% | 1.12% |
| BXBlackstone Group Inc/the Common Stock | 0.15% | 1.36% | 1.21% |
| ARESAres Management Corp Common Stock | 0.05% | 1.46% | 1.41% |
| TAt&t, Inc. | 0.24% | 1.24% | 1.00% |
| PFEPfizer, Inc. | 0.22% | 1.25% | 1.03% |
| MDTMedtronic Plc Ordinary Shares | 0.17% | 1.28% | 1.11% |
99.5% of SPYD 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, SPY or SPYD?
SPY has an expense ratio of 0.09% while SPYD charges 0.07%. SPYD is the cheaper option, by $2 a year on a $10,000 investment.
Which performed better, SPY or SPYD?
Over the past year SPY returned +17.51% vs +12.93% for SPYD, so SPY leads on 1-year performance. Over the longest common window we track (11 years), SPY annualized +13.60% vs +6.79% for SPYD. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or SPYD?
SPYD has been the more volatile fund at 17.8% annualized versus 15.0% for SPY. Worst drawdown: SPY -34.1% vs SPYD -47.3%.
Should I hold both SPY and SPYD?
SPY and SPYD have a monthly-return correlation of 0.77, 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 SPY and SPYD?
99.5% of SPYD's money is in holdings SPY also owns. 99.5% of SPYD's is in holdings SPY also owns. They hold 80 positions in common, counted across the 504 positions we hold weights for in SPY and 81 in SPYD.
Which pays a higher dividend, SPY or SPYD?
SPY yields 0.98% while SPYD yields 4.09%, so SPYD currently pays the higher dividend yield.
Is SPYD better than SPY?
SPYD has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPYD is less concentrated, with 13.8% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.