SPY vs TBF
State Street SPDR S&P 500 ETF Trust vs ProShares Short 20+ Year Treasury
Which is better, SPY or TBF?
Large Cap Blend against Trading-Inverse Debt.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | TBF |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.95% |
| AUM | $804.7B | $116M |
| Dividend Yield | 0.98% | 2.66% |
| Holdings | 505 | 10 |
| YTD Return | +12.09%Best | +7.83% |
| 1Y Return | +16.29%Best | +10.71% |
| 3Y Return (annualized) | +21.20%Best | +5.72% |
| 5Y Return (annualized) | +13.37%Best | +12.97% |
| Volatility (annualized) | 14.3% | 13.4%Best |
| Max Drawdown | -34.1%Best | -71.2% |
| $10,000 over 5 years | $18,728Best | $18,400 |
| Fund Family | State Street Investment Management | ProShares |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Trading-Inverse Debt |
| Inception | Jan 22, 1993 | Aug 18, 2009 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Aug 20, 2009 to Sep 18, 2026 (17.1 years).
SPY vs TBF 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs TBF Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and ProShares Short 20+ Year Treasury (TBF) is an ETF from ProShares. Over the past year SPY returned +16.29% while TBF returned +10.71%. Year to date, SPY is up 12.09% versus a gain of 7.83% for TBF.
Over three years, SPY compounded at +21.20% per year against +5.72% for TBF; over five years the annualized figures are +13.37% and +12.97% respectively. Across the full 17-year window we track, SPY has the edge at +13.05% annualized vs -2.97%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.3% compared with 13.4% for TBF. 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 -34.1% for SPY and -71.2% for TBF. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.08. They move largely independently of each other.
Fees and Cost Over Time
SPY charges 0.09% per year while TBF charges 0.95%. On a $10,000 position that is $9 vs $95 annually, a gap of $86 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 2.66% for TBF.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 1 in TBF, totalling 99.9% and 69.1% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 1 in TBF, against full books of 505 and 10.
You are not choosing between two funds in isolation.
Whichever of SPY and TBF 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 TBF?
SPY has an expense ratio of 0.09% while TBF charges 0.95%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, SPY or TBF?
Over the past year SPY returned +16.29% vs +10.71% for TBF, so SPY leads on 1-year performance. Over the longest common window we track (17 years), SPY annualized +13.05% vs -2.97% for TBF. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TBF?
SPY has been the more volatile fund at 14.3% annualized versus 13.4% for TBF. Worst drawdown: SPY -34.1% vs TBF -71.2%.
Should I hold both SPY and TBF?
SPY and TBF have a monthly-return correlation of 0.08, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or TBF?
SPY yields 0.98% while TBF yields 2.66%, so TBF currently pays the higher dividend yield.
Is TBF better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.