SPY vs STAX
State Street SPDR S&P 500 ETF Trust vs Nomura Tax-Free USA Short Term ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | STAX | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.29% | |
| AUM | $789.1B | $13M | |
| Dividend Yield | 1.01% | 3.17% | |
| Holdings | 505 | 51 | |
| YTD Return | +13.68% | +1.02% | |
| 1Y Return | +21.53% | +2.19% | |
| 3Y Return (annualized) | +21.44% | - | |
| 5Y Return (annualized) | +13.18% | - | |
| Volatility (annualized) | 15.3% | 1.7% | |
| Max Drawdown | -56.5% | -1.4% | |
| Fund Family | State Street Investment Management | Nomura Asset Management Co Ltd | |
| Category | Equity | Tax Preferred | |
| Inception | Jan 22, 1993 | Nov 28, 2023 |
SPY vs STAX Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Nomura Tax-Free USA Short Term ETF (STAX) is a ETF from Nomura Asset Management Co Ltd. Over the past year SPY returned +21.53% while STAX returned +2.19%. Year to date, SPY is up 13.68% versus a gain of 1.02% for STAX.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 1.7% for STAX. 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 -1.4% for STAX. 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 0.49. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while STAX charges 0.29%. On a $10,000 position that is $9 vs $29 annually, a gap of $20 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 3.17% for STAX.
Holdings Overlap
SPY and STAX share 0 holdings out of 516 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 STAX?
SPY has an expense ratio of 0.09% while STAX charges 0.29%. SPY is the cheaper option. On a $10,000 investment, that is $20 per year of difference.
Which performed better, SPY or STAX?
Over the past year SPY returned +21.53% vs +2.19% for STAX, so SPY leads on 1-year performance. Over the longest common window we track (3 years), SPY annualized +8.85% vs +3.32% for STAX. Past performance does not guarantee future results.
Which is riskier, SPY or STAX?
SPY has been the more volatile fund at 15.3% annualized versus 1.7% for STAX. Worst drawdown: SPY -56.5% vs STAX -1.4%.
Should I hold both SPY and STAX?
SPY and STAX have a monthly-return correlation of 0.49, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and STAX?
SPY and STAX share 0 common holdings with a 0.0% weight overlap. Combined, they hold 516 unique securities.
Which pays a higher dividend, SPY or STAX?
SPY yields 1.01% while STAX yields 3.17%, so STAX currently pays the higher dividend yield.
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