SPY vs SPYM
State Street SPDR S&P 500 ETF Trust vs State Street SPDR Portfolio S&P 500 ETF
Which is better, SPY or SPYM?
Nearly the same fund. SPYM costs less.
SPYM has a lower expense ratio. SPY led over the full window, SPYM over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 1.00. SPY is less concentrated, with 37.8% 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 | SPYM |
|---|---|---|
| Expense Ratio | 0.09% | 0.02%Best |
| AUM | $804.7B | $168.9B |
| Dividend Yield | 0.98% | 1.01% |
| Holdings | 505 | 508 |
| YTD Return | +11.45% | +11.49%Best |
| 1Y Return | +15.87% | +15.97%Best |
| 3Y Return (annualized) | +20.93% | +21.02%Best |
| 5Y Return (annualized) | +12.59% | +12.68%Best |
| Volatility (annualized) | 14.6%Best | 14.8% |
| Max Drawdown | -34.1%Best | -34.3% |
| $10,000 over 5 years | $18,093 | $18,165Best |
| Top 10 Weight | 37.8%Best | 38.0% |
| Fund Family | State Street Investment Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Nov 8, 2005 |
Volatility and max drawdown are measured over the window both funds cover: Feb 18, 2014 to Sep 15, 2026 (12.6 years).
SPY vs SPYM 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 12.6 years both funds cover.
SPY vs SPYM 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 ETF (SPYM) is an ETF from State Street Investment Management. Over the past year SPY returned +15.87% while SPYM returned +15.97%. Year to date, SPY is up 11.45% versus a gain of 11.49% for SPYM.
Over three years, SPY compounded at +20.93% per year against +21.02% for SPYM; over five years the annualized figures are +12.59% and +12.68% respectively. Across the full 13-year window we track, SPY has the edge at +12.56% annualized vs +12.54%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPYM has been the more volatile fund, with annualized monthly volatility of 14.8% compared with 14.6% 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 -34.3% for SPYM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 1.00. 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 SPYM charges 0.02%. On a $10,000 position that is $9 vs $2 annually, a gap of $7 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 1.01% for SPYM.
Holdings Overlap
99.2% of SPY's money is in holdings SPYM also owns. 99.3% of SPYM's money is in holdings SPY also owns.
Most of SPYM is already inside SPY. Owning both mostly buys the same companies twice.
502 positions in common, counted across the 504 positions we hold weights for in SPY and 505 in SPYM, against full books of 505 and 508.
What only one of them owns
Our book lists 3 positions for SPYM that do not appear in our book for SPY (0.7% of the fund), and 2 for SPY that do not appear in SPYM (0.7%).
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 SPYM | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.01% | 7.71% | 0.30% |
| AAPLApple, Inc | 7.26% | 6.83% | 0.43% |
| MSFTMicrosoft Corp | 5.66% | 5.50% | 0.16% |
| AMZNAmazon.Com Inc | 3.79% | 4.08% | 0.29% |
| GOOGLAlphabet Inc,class A | 2.99% | 3.33% | 0.34% |
| AVGOBroadcom Inc | 2.66% | 2.97% | 0.31% |
| GOOGAlphabet Inc | 2.39% | 2.66% | 0.27% |
| METAMeta Platforms Inc | 1.93% | 1.94% | 0.01% |
| MUMicron Technology, Inc. | 1.60% | 1.51% | 0.09% |
| TSLATesla Inc | 1.52% | 1.38% | 0.14% |
99.3% of SPYM 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 SPYM?
SPY has an expense ratio of 0.09% while SPYM charges 0.02%. SPYM is the cheaper option, by $7 a year on a $10,000 investment.
Which performed better, SPY or SPYM?
Over the past year SPY returned +15.87% vs +15.97% for SPYM, so SPYM leads on 1-year performance. Over the longest common window we track (13 years), SPY annualized +12.56% vs +12.54% for SPYM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or SPYM?
SPYM has been the more volatile fund at 14.8% annualized versus 14.6% for SPY. Worst drawdown: SPY -34.1% vs SPYM -34.3%.
Should I hold both SPY and SPYM?
SPY and SPYM have a monthly-return correlation of 1.00, 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 SPY and SPYM?
99.3% of SPYM's money is in holdings SPY also owns. 99.3% of SPYM's is in holdings SPY also owns. They hold 502 positions in common, counted across the 504 positions we hold weights for in SPY and 505 in SPYM.
Which pays a higher dividend, SPY or SPYM?
SPY yields 0.98% while SPYM yields 1.01%, so SPYM currently pays the higher dividend yield.
Is SPYM better than SPY?
SPYM has a lower expense ratio. SPY led over the full window, SPYM over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 1.00. SPY is less concentrated, with 37.8% 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.