SPY vs SYLD
State Street SPDR S&P 500 ETF Trust vs Cambria Shareholder Yield ETF
Quick Verdict
SPY has a lower expense ratio. SYLD delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | SYLD | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.59% | |
| AUM | $789.1B | $998M | |
| Dividend Yield | 1.01% | 1.84% | |
| Holdings | 505 | 102 | |
| YTD Return | +13.68% | +21.00% | |
| 1Y Return | +21.53% | +29.57% | |
| 3Y Return (annualized) | +21.44% | +12.04% | |
| 5Y Return (annualized) | +13.18% | +8.20% | |
| Volatility (annualized) | 15.3% | 19.8% | |
| Max Drawdown | -56.5% | -45.4% | |
| Fund Family | State Street Investment Management | Cambria Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | May 13, 2013 |
SPY vs SYLD Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Cambria Shareholder Yield ETF (SYLD) is a ETF from Cambria Investment Management. Over the past year SPY returned +21.53% while SYLD returned +29.57%. Year to date, SPY is up 13.68% versus a gain of 21.00% for SYLD.
Over three years, SPY compounded at +21.44% per year against +12.04% for SYLD; over five years the annualized figures are +13.18% and +8.20% respectively. Across the full 13-year window we track, SYLD has the edge at +12.50% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SYLD has been the more volatile fund, with annualized monthly volatility of 19.8% 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 -45.4% for SYLD. 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 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while SYLD charges 0.59%. On a $10,000 position that is $9 vs $59 annually, a gap of $50 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 1.84% for SYLD.
Holdings Overlap
SPY and SYLD share 40 holdings out of 562 unique holdings combined, representing a 3.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or SYLD?
SPY has an expense ratio of 0.09% while SYLD charges 0.59%. SPY is the cheaper option. On a $10,000 investment, that is $50 per year of difference.
Which performed better, SPY or SYLD?
Over the past year SPY returned +21.53% vs +29.57% for SYLD, so SYLD leads on 1-year performance. Over the longest common window we track (13 years), SPY annualized +8.85% vs +12.50% for SYLD. Past performance does not guarantee future results.
Which is riskier, SPY or SYLD?
SYLD has been the more volatile fund at 19.8% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs SYLD -45.4%.
Should I hold both SPY and SYLD?
SPY and SYLD have a monthly-return correlation of 0.80, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and SYLD?
SPY and SYLD share 40 common holdings with a 3.9% weight overlap. Combined, they hold 562 unique securities.
Which pays a higher dividend, SPY or SYLD?
SPY yields 1.01% while SYLD yields 1.84%, so SYLD currently pays the higher dividend yield.
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