SPY vs SSPY
State Street SPDR S&P 500 ETF Trust vs Stratified LargeCap Index ETF
Which is better, SPY or SSPY?
Large Cap Blend against Large Cap Value.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.93. SSPY is less concentrated, with 8.7% 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 | SSPY |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.45% |
| AUM | $804.7B | $131M |
| Dividend Yield | 0.98% | 1.20% |
| Holdings | 505 | 507 |
| YTD Return | +12.47% | +13.15%Best |
| 1Y Return | +17.51%Best | +15.88% |
| 3Y Return (annualized) | +21.18%Best | +14.61% |
| 5Y Return (annualized) | +12.88%Best | +9.18% |
| Volatility (annualized) | 16.3%Best | 16.9% |
| Max Drawdown | -34.1%Best | -36.7% |
| $10,000 over 5 years | $18,327Best | $15,514 |
| Top 10 Weight | 38.0% | 8.7%Best |
| Fund Family | State Street Investment Management | Syntax Stratified |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Value |
| Inception | Jan 22, 1993 | Jan 2, 2019 |
Volatility and max drawdown are measured over the window both funds cover: Jan 4, 2019 to Sep 11, 2026 (7.7 years).
SPY vs SSPY 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 7.7 years both funds cover.
SPY vs SSPY Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Stratified LargeCap Index ETF (SSPY) is an ETF from Syntax Stratified. Over the past year SPY returned +17.51% while SSPY returned +15.88%. Year to date, SPY is up 12.47% versus a gain of 13.15% for SSPY.
Over three years, SPY compounded at +21.18% per year against +14.61% for SSPY; over five years the annualized figures are +12.88% and +9.18% respectively. Across the full 8-year window we track, SPY has the edge at +16.63% annualized vs +13.59%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SSPY has been the more volatile fund, with annualized monthly volatility of 16.9% compared with 16.3% 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 -34.1% for SPY and -36.7% for SSPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.93. 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 SSPY charges 0.45%. On a $10,000 position that is $9 vs $45 annually, a gap of $36 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 1.20% for SSPY.
Holdings Overlap
99.6% of SPY's money is in holdings SSPY also owns. 98.3% of SSPY's money is in holdings SPY also owns.
Most of SPY is already inside SSPY. Owning both mostly buys the same companies twice.
497 positions in common, counted across the 504 positions we hold weights for in SPY and 505 in SSPY, against full books of 505 and 507.
What only one of them owns
Our book lists 4 positions for SSPY that do not appear in our book for SPY (0.6% of the fund), and 3 for SPY that do not appear in SSPY (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 SPY | Weight in SSPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.71% | 0.12% | 7.59% |
| AAPLApple, Inc | 6.83% | 0.53% | 6.30% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.50% | 1.24% | 4.26% |
| AMZNAmazon.Com Inc | 4.08% | 0.26% | 3.82% |
| GOOGLAlphabet A Usd 0.001 | 3.33% | 0.32% | 3.01% |
| AVGOBroadcom Inc | 2.97% | 0.33% | 2.64% |
| GOOGAlphabet Inc | 2.67% | 0.32% | 2.35% |
| METAMeta Platforms, Inc. | 1.94% | 0.64% | 1.30% |
| BRK.BBerkshire Hathaway B | 1.42% | 0.52% | 0.90% |
| TSLATesla Inc | 1.38% | 0.31% | 1.07% |
99.6% of SPY is already inside SSPY.
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 SSPY?
SPY has an expense ratio of 0.09% while SSPY charges 0.45%. SPY is the cheaper option, by $36 a year on a $10,000 investment.
Which performed better, SPY or SSPY?
Over the past year SPY returned +17.51% vs +15.88% for SSPY, so SPY leads on 1-year performance. Over the longest common window we track (8 years), SPY annualized +16.63% vs +13.59% for SSPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or SSPY?
SSPY has been the more volatile fund at 16.9% annualized versus 16.3% for SPY. Worst drawdown: SPY -34.1% vs SSPY -36.7%.
Should I hold both SPY and SSPY?
SPY and SSPY have a monthly-return correlation of 0.93, 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 SSPY?
99.6% of SPY's money is in holdings SSPY also owns. 98.3% of SSPY's is in holdings SPY also owns. They hold 497 positions in common, counted across the 504 positions we hold weights for in SPY and 505 in SSPY.
Which pays a higher dividend, SPY or SSPY?
SPY yields 0.98% while SSPY yields 1.20%, so SSPY currently pays the higher dividend yield.
Is SSPY better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.93. SSPY is less concentrated, with 8.7% 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.