SPY vs SUSA
State Street SPDR S&P 500 ETF Trust vs iShares ESG Optimized MSCI USA ETF
Which is better, SPY or SUSA?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.99. SUSA is less concentrated, with 33.1% 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 | SUSA |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.25% |
| AUM | $804.7B | $4.1B |
| Dividend Yield | 0.98% | 0.82% |
| Holdings | 505 | 198 |
| YTD Return | +12.47%Best | +12.30% |
| 1Y Return | +17.51%Best | +17.34% |
| 3Y Return (annualized) | +21.18%Best | +19.63% |
| 5Y Return (annualized) | +12.88%Best | +10.55% |
| Volatility (annualized) | 14.9%Best | 15.2% |
| Max Drawdown | -56.5% | -54.9%Best |
| $10,000 over 5 years | $18,327Best | $16,512 |
| Top 10 Weight | 38.0% | 33.1%Best |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Jan 24, 2005 |
Volatility and max drawdown are measured over the window both funds cover: Jan 28, 2005 to Sep 11, 2026 (21.6 years).
SPY vs SUSA 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 21.6 years both funds cover.
SPY vs SUSA Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and iShares ESG Optimized MSCI USA ETF (SUSA) is an ETF from iShares by BlackRock (US). Over the past year SPY returned +17.51% while SUSA returned +17.34%. Year to date, SPY is up 12.47% versus a gain of 12.30% for SUSA.
Over three years, SPY compounded at +21.18% per year against +19.63% for SUSA; over five years the annualized figures are +12.88% and +10.55% respectively. Across the full 22-year window we track, SPY has the edge at +9.43% annualized vs +9.18%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SUSA has been the more volatile fund, with annualized monthly volatility of 15.2% compared with 14.9% 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 -54.9% for SUSA. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.99. 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 SUSA charges 0.25%. On a $10,000 position that is $9 vs $25 annually, a gap of $16 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.82% for SUSA.
Holdings Overlap
61.8% of SPY's money is in holdings SUSA also owns. 96.0% of SUSA's money is in holdings SPY also owns.
Most of SUSA is already inside SPY. Owning both mostly buys the same companies twice.
174 positions in common, counted across the 504 positions we hold weights for in SPY and 193 in SUSA, against full books of 505 and 198.
What only one of them owns
Our book lists 15 positions for SUSA that do not appear in our book for SPY (3.1% of the fund), and 322 for SPY that do not appear in SUSA (37.9%).
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 SUSA | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.71% | 7.82% | 0.11% |
| AAPLApple, Inc | 6.83% | 6.54% | 0.29% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.50% | 4.39% | 1.11% |
| GOOGAlphabet Inc | 2.67% | 3.36% | 0.69% |
| GOOGLAlphabet A Usd 0.001 | 3.33% | 2.57% | 0.76% |
| AVGOBroadcom Inc | 2.97% | 2.86% | 0.11% |
| MUMicron Technology, Inc. | 1.51% | 1.46% | 0.05% |
| TSLATesla Inc | 1.38% | 1.36% | 0.02% |
| LLYEli Lilly & Co. | 1.33% | 1.40% | 0.07% |
| AMDAdvanced Micro Devices Inc. | 1.27% | 1.32% | 0.05% |
96.0% of SUSA 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 SUSA?
SPY has an expense ratio of 0.09% while SUSA charges 0.25%. SPY is the cheaper option, by $16 a year on a $10,000 investment.
Which performed better, SPY or SUSA?
Over the past year SPY returned +17.51% vs +17.34% for SUSA, so SPY leads on 1-year performance. Over the longest common window we track (22 years), SPY annualized +9.43% vs +9.18% for SUSA. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or SUSA?
SUSA has been the more volatile fund at 15.2% annualized versus 14.9% for SPY. Worst drawdown: SPY -56.5% vs SUSA -54.9%.
Should I hold both SPY and SUSA?
SPY and SUSA have a monthly-return correlation of 0.99, 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 SUSA?
96.0% of SUSA's money is in holdings SPY also owns. 96.0% of SUSA's is in holdings SPY also owns. They hold 174 positions in common, counted across the 504 positions we hold weights for in SPY and 193 in SUSA.
Which pays a higher dividend, SPY or SUSA?
SPY yields 0.98% while SUSA yields 0.82%, so SPY currently pays the higher dividend yield.
Is SUSA 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 0.99. SUSA is less concentrated, with 33.1% 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.