SPY vs SWP
State Street SPDR S&P 500 ETF Trust vs SWP Growth & Income ETF
Which is better, SPY or SWP?
Large Cap Blend against Large Cap Growth.
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.90. SWP is less concentrated, with 37.0% of the fund in its ten largest positions against 38.2%.
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 | SWP |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.99% |
| AUM | $811.2B | $143M |
| Dividend Yield | 0.98% | 8.58% |
| Holdings | 1,515 | 150 |
| YTD Return | +13.54%Best | +4.23% |
| 1Y Return | +16.25%Best | +8.23% |
| 3Y Return (annualized) | +23.72% | - |
| 5Y Return (annualized) | +13.95% | - |
| Volatility (annualized) | 12.4% | 11.8%Best |
| Max Drawdown | -18.8% | -15.7%Best |
| $10,000 over 2 years | $13,773Best | $12,645 |
| Top 10 Weight | 38.2% | 37.0%Best |
| Fund Family | State Street Investment Management | GammaRoad |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Growth |
| Inception | Jan 22, 1993 | Sep 24, 2024 |
Volatility and max drawdown, and the $10,000 over 2 years row, are measured over the window both funds cover: Sep 25, 2024 to Oct 2, 2026 (2 years).
SPY vs SWP 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 2 years both funds cover.
SPY vs SWP Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and SWP Growth & Income ETF (SWP) is an ETF from GammaRoad. Over the past year SPY returned +16.25% while SWP returned +8.23%. Year to date, SPY is up 13.54% versus a gain of 4.23% for SWP.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.4% compared with 11.8% for SWP. 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 -18.8% for SPY and -15.7% for SWP. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.90. 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 SWP charges 0.99%. On a $10,000 position that is $9 vs $99 annually, a gap of $90 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 8.58% for SWP.
Holdings Overlap
37.9% of SPY's money is in holdings SWP also owns. 85.2% of SWP's money is in holdings SPY also owns.
Most of SWP is already inside SPY. Owning both mostly buys the same companies twice.
34 positions in common, counted across the 504 positions we hold weights for in SPY and 43 in SWP, against full books of 1,515 and 150.
What only one of them owns
Our book lists 5 positions for SWP that do not appear in our book for SPY (7.6% of the fund), and 463 for SPY that do not appear in SWP (61.3%).
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 SWP | Difference |
|---|---|---|---|
| AAPLApple, Inc | 7.45% | 4.64% | 2.81% |
| NVDANvidia Corp | 7.78% | 4.19% | 3.59% |
| MSFTMicrosoft Corp | 5.71% | 5.30% | 0.41% |
| GOOGLAlphabet Inc,class A | 3.12% | 3.42% | 0.30% |
| AVGOBroadcom Inc | 2.48% | 3.84% | 1.36% |
| METAMeta Platforms Inc | 2.22% | 3.53% | 1.31% |
| JPMJpmorgan Chase | 1.43% | 2.87% | 1.44% |
| IBMInternational Business Machines Corp. | 0.36% | 3.64% | 3.28% |
| LLYEli Lilly & Co. | 1.37% | 2.17% | 0.80% |
| PMPhilip Morris International Inc. | 0.46% | 2.91% | 2.45% |
85.2% of SWP 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 SWP?
SPY has an expense ratio of 0.09% while SWP charges 0.99%. SPY is the cheaper option, by $90 a year on a $10,000 investment.
Which performed better, SPY or SWP?
Over the past year SPY returned +16.25% vs +8.23% for SWP, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +17.36% vs +12.45% for SWP. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or SWP?
SPY has been the more volatile fund at 12.4% annualized versus 11.8% for SWP. Worst drawdown: SPY -18.8% vs SWP -15.7%.
Should I hold both SPY and SWP?
SPY and SWP have a monthly-return correlation of 0.90, 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 SWP?
85.2% of SWP's money is in holdings SPY also owns. 85.2% of SWP's is in holdings SPY also owns. They hold 34 positions in common, counted across the 504 positions we hold weights for in SPY and 43 in SWP.
Which pays a higher dividend, SPY or SWP?
SPY yields 0.98% while SWP yields 8.58%, so SWP currently pays the higher dividend yield.
Is SWP better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.90. SWP is less concentrated, with 37.0% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.