SPY vs SWZ
State Street SPDR S&P 500 ETF Trust vs Total Return Securities Fund
Which is better, SPY or SWZ?
Large Cap Blend against Large Cap Growth.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and 5Y, SWZ over the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 61.1%.
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 | SWZ |
|---|---|---|
| Expense Ratio | 0.09%Best | 1.62% |
| AUM | $804.7B | $96M |
| Dividend Yield | 0.98% | 0.00% |
| Holdings | 505 | 27 |
| YTD Return | +12.09%Best | -5.30% |
| 1Y Return | +16.29%Best | -3.67% |
| 3Y Return (annualized) | +21.20%Best | +6.98% |
| 5Y Return (annualized) | +13.37%Best | +3.62% |
| Volatility (annualized) | 15.3%Best | 27.8% |
| Max Drawdown | -56.5%Best | -57.7% |
| $10,000 over 5 years | $18,728Best | $11,946 |
| Top 10 Weight | 37.8%Best | 61.1% |
| Fund Family | State Street Investment Management | Total Return Securities Fund |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Growth |
| Inception | Jan 22, 1993 | Aug 27, 1987 |
Volatility and max drawdown are measured over the window both funds cover: Jan 4, 1996 to Sep 18, 2026 (30.7 years).
SPY vs SWZ 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 30.7 years both funds cover.
SPY vs SWZ Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Total Return Securities Fund (SWZ) is an ETF from Total Return Securities Fund. Over the past year SPY returned +16.29% while SWZ returned -3.67%. Year to date, SPY is up 12.09% versus a loss of 5.30% for SWZ.
Over three years, SPY compounded at +21.20% per year against +6.98% for SWZ; over five years the annualized figures are +13.37% and +3.62% respectively. Across the full 31-year window we track, SWZ has the edge at +11.53% annualized vs +8.79%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SWZ has been the more volatile fund, with annualized monthly volatility of 27.8% 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 -57.7% for SWZ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.48. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while SWZ charges 1.62%. On a $10,000 position that is $9 vs $162 annually, a gap of $153 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.00% for SWZ.
Holdings Overlap
0.4% of SPY's money is in holdings SWZ also owns. 11.4% of SWZ's money is in holdings SPY also owns.
SWZ and SPY share little of their money.
The two holdings books were reported 154 days apart, SPY as of Sep 1, 2026 and SWZ as of Mar 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
3 positions in common, counted across the 504 positions we hold weights for in SPY and 24 in SWZ, against full books of 505 and 27.
What only one of them owns
Our book lists 16 positions for SWZ that do not appear in our book for SPY (72.7% of the fund), and 494 for SPY that do not appear in SWZ (98.9%).
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.
You are not choosing between two funds in isolation.
Whichever of SPY and SWZ 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 SWZ?
SPY has an expense ratio of 0.09% while SWZ charges 1.62%. SPY is the cheaper option, by $153 a year on a $10,000 investment.
Which performed better, SPY or SWZ?
Over the past year SPY returned +16.29% vs -3.67% for SWZ, so SPY leads on 1-year performance. Over the longest common window we track (31 years), SPY annualized +8.79% vs +11.53% for SWZ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or SWZ?
SWZ has been the more volatile fund at 27.8% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs SWZ -57.7%.
Should I hold both SPY and SWZ?
SPY and SWZ have a monthly-return correlation of 0.48, 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 SWZ?
11.4% of SWZ's money is in holdings SPY also owns. 11.4% of SWZ's is in holdings SPY also owns. They hold 3 positions in common, counted across the 504 positions we hold weights for in SPY and 24 in SWZ.
Which pays a higher dividend, SPY or SWZ?
SPY yields 0.98% while SWZ yields 0.00%, so SPY currently pays the higher dividend yield.
Is SWZ better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and 5Y, SWZ over the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 61.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.