SPY vs TBG
State Street SPDR S&P 500 ETF Trust vs TBG Dividend Focus ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | TBG | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.45% | |
| AUM | $821.1B | $275M | |
| Dividend Yield | 1.01% | 2.60% | |
| Holdings | 505 | 40 | |
| YTD Return | +12.22% | +18.04% | |
| 1Y Return | +20.83% | +20.71% | |
| 3Y Return (annualized) | +21.70% | - | |
| 5Y Return (annualized) | +12.98% | - | |
| Volatility (annualized) | 15.3% | 11.5% | |
| Max Drawdown | -56.5% | -14.8% | |
| Fund Family | State Street Investment Management | EA Series Trust | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Nov 6, 2023 |
SPY vs TBG Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and TBG Dividend Focus ETF (TBG) is a ETF from EA Series Trust. Over the past year SPY returned +20.83% while TBG returned +20.71%. Year to date, SPY is up 12.22% versus a gain of 18.04% for TBG.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 11.5% for TBG. 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 -14.8% for TBG. 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 0.59. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TBG charges 0.45%. On a $10,000 position that is $9 vs $45 annually, a gap of $36 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 2.60% for TBG.
Holdings Overlap
SPY and TBG share 26 holdings out of 516 unique holdings combined, representing a 9.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or TBG?
SPY has an expense ratio of 0.09% while TBG charges 0.45%. SPY is the cheaper option. On a $10,000 investment, that is $36 per year of difference.
Which performed better, SPY or TBG?
Over the past year SPY returned +20.83% vs +20.71% for TBG, so SPY leads on 1-year performance. Over the longest common window we track (3 years), SPY annualized +8.79% vs +20.37% for TBG. Past performance does not guarantee future results.
Which is riskier, SPY or TBG?
SPY has been the more volatile fund at 15.3% annualized versus 11.5% for TBG. Worst drawdown: SPY -56.5% vs TBG -14.8%.
Should I hold both SPY and TBG?
SPY and TBG have a monthly-return correlation of 0.59, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TBG?
SPY and TBG share 26 common holdings with a 9.6% weight overlap. Combined, they hold 516 unique securities.
Which pays a higher dividend, SPY or TBG?
SPY yields 1.01% while TBG yields 2.60%, so TBG currently pays the higher dividend yield.
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