SPY vs SVAL
State Street SPDR S&P 500 ETF Trust vs iShares US Small Cap Value Factor ETF
Quick Verdict
SPY has a lower expense ratio. SVAL delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | SVAL | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.20% | |
| AUM | $821.1B | $211M | |
| Dividend Yield | 1.01% | 2.05% | |
| Holdings | 505 | 262 | |
| YTD Return | +13.17% | +27.16% | |
| 1Y Return | +21.53% | +36.67% | |
| 3Y Return (annualized) | +22.06% | +18.95% | |
| 5Y Return (annualized) | +13.35% | +10.65% | |
| Volatility (annualized) | 15.3% | 22.0% | |
| Max Drawdown | -56.5% | -27.4% | |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Oct 27, 2020 |
SPY vs SVAL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and iShares US Small Cap Value Factor ETF (SVAL) is a ETF from iShares by BlackRock (US). Over the past year SPY returned +21.53% while SVAL returned +36.67%. Year to date, SPY is up 13.17% versus a gain of 27.16% for SVAL.
Over three years, SPY compounded at +22.06% per year against +18.95% for SVAL; over five years the annualized figures are +13.35% and +10.65% respectively. Across the full 6-year window we track, SVAL has the edge at +17.44% annualized vs +8.82%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SVAL has been the more volatile fund, with annualized monthly volatility of 22.0% compared with 15.3% 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 -56.5% for SPY and -27.4% for SVAL. 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 0.69. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while SVAL charges 0.20%. On a $10,000 position that is $9 vs $20 annually, a gap of $11 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 2.05% for SVAL.
Holdings Overlap
SPY and SVAL share 0 holdings out of 747 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 SVAL?
SPY has an expense ratio of 0.09% while SVAL charges 0.20%. SPY is the cheaper option. On a $10,000 investment, that is $11 per year of difference.
Which performed better, SPY or SVAL?
Over the past year SPY returned +21.53% vs +36.67% for SVAL, so SVAL leads on 1-year performance. Over the longest common window we track (6 years), SPY annualized +8.82% vs +17.44% for SVAL. Past performance does not guarantee future results.
Which is riskier, SPY or SVAL?
SVAL has been the more volatile fund at 22.0% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs SVAL -27.4%.
Should I hold both SPY and SVAL?
SPY and SVAL have a monthly-return correlation of 0.69, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and SVAL?
SPY and SVAL share 0 common holdings with a 0.0% weight overlap. Combined, they hold 747 unique securities.
Which pays a higher dividend, SPY or SVAL?
SPY yields 1.01% while SVAL yields 2.05%, so SVAL currently pays the higher dividend yield.
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