SPY vs STEW
State Street SPDR S&P 500 ETF Trust vs SRH Total Return Fund
Which is better, SPY or STEW?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | STEW |
|---|---|---|
| Expense Ratio | 0.09%Best | 2.28% |
| AUM | $814.4B | $2.3B |
| Dividend Yield | 1.01% | 3.20% |
| Holdings | 505 | 24 |
| YTD Return | +12.71%Best | +2.61% |
| 1Y Return | +19.36%Best | +3.57% |
| 3Y Return (annualized) | +21.09%Best | +15.07% |
| 5Y Return (annualized) | +12.69%Best | +10.04% |
| Volatility (annualized) | 15.2%Best | 18.3% |
| Max Drawdown | -56.5%Best | -78.2% |
| $10,000 over 5 years | $18,173Best | $16,134 |
| Fund Family | State Street Investment Management | Paralel Advisors LLC |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Jan 31, 2002 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Dec 29, 1999 to Sep 8, 2026 (26.7 years).
SPY vs STEW 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 26.7 years both funds cover.
SPY vs STEW Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and SRH Total Return Fund (STEW) is an ETF from Paralel Advisors LLC. Over the past year SPY returned +19.36% while STEW returned +3.57%. Year to date, SPY is up 12.71% versus a gain of 2.61% for STEW.
Over three years, SPY compounded at +21.09% per year against +15.07% for STEW; over five years the annualized figures are +12.69% and +10.04% respectively. Across the full 27-year window we track, SPY has the edge at +6.68% annualized vs +3.73%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
STEW has been the more volatile fund, with annualized monthly volatility of 18.3% compared with 15.2% 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 -78.2% for STEW. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.68. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while STEW charges 2.28%. On a $10,000 position that is $9 vs $228 annually, a gap of $219 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 3.20% for STEW.
Holdings Overlap
At least 11.0% of SPY's money is in holdings STEW also owns.
Only one direction is shown: for STEW, our book for it lists positions totalling 111.3% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
SPY and STEW share little of their money.
The two holdings books were reported 65 days apart, SPY as of Aug 4, 2026 and STEW as of May 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
12 positions in common, counted across the 503 positions we hold weights for in SPY and 23 in STEW, against full books of 505 and 24.
Top Shared Holdings
| Stock | Weight in SPY | Weight in STEW | Difference |
|---|---|---|---|
| JPMJpmorgan Chase & Co. | 1.44% | 14.28% | 12.84% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.50% | 2.30% | 3.20% |
| BRK.BBerkshire Hathaway, Inc., Class B | 1.42% | 5.53% | 4.11% |
| CSCOCisco Systems Inc | 0.72% | 5.59% | 4.87% |
| CATCaterpillar, Inc. | 0.61% | 4.07% | 3.46% |
| EBAYEbay Inc | 0.07% | 3.30% | 3.23% |
| SCHWCharles Schwab Corp. | 0.26% | 3.04% | 2.78% |
| TRVTravelers Cos., Inc. | 0.12% | 2.98% | 2.86% |
| YUMYum! Brands, Inc. | 0.06% | 2.92% | 2.86% |
| SWKStanley Black & Decker Inc. | 0.02% | 1.95% | 1.93% |
You are not choosing between two funds in isolation.
Whichever of SPY and STEW you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or STEW?
SPY has an expense ratio of 0.09% while STEW charges 2.28%. SPY is the cheaper option, by $219 a year on a $10,000 investment.
Which performed better, SPY or STEW?
Over the past year SPY returned +19.36% vs +3.57% for STEW, so SPY leads on 1-year performance. Over the longest common window we track (27 years), SPY annualized +6.68% vs +3.73% for STEW. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or STEW?
STEW has been the more volatile fund at 18.3% annualized versus 15.2% for SPY. Worst drawdown: SPY -56.5% vs STEW -78.2%.
Should I hold both SPY and STEW?
SPY and STEW have a monthly-return correlation of 0.68, 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 STEW?
At least 11.0% of SPY's money is in holdings STEW also owns. Our book for STEW is partial, so the real figure is this or higher. They hold 12 positions in common, counted across the 503 positions we hold weights for in SPY and 23 in STEW.
Which pays a higher dividend, SPY or STEW?
SPY yields 1.01% while STEW yields 3.20%, so STEW currently pays the higher dividend yield.
Is STEW better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.