SPY vs TBLD
State Street SPDR S&P 500 ETF Trust vs Thornburg Income Builder Opportunities Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | TBLD | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 1.65% | |
| AUM | $789.1B | $746M | |
| Dividend Yield | 1.01% | 5.40% | |
| Holdings | 505 | 176 | |
| YTD Return | +13.68% | +14.85% | |
| 1Y Return | +21.53% | +18.98% | |
| 3Y Return (annualized) | +21.44% | +21.86% | |
| 5Y Return (annualized) | +13.18% | +9.80% | |
| Volatility (annualized) | 15.3% | 15.2% | |
| Max Drawdown | -56.5% | -33.6% | |
| Fund Family | State Street Investment Management | Thornburg Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jul 27, 2021 |
SPY vs TBLD Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Thornburg Income Builder Opportunities Trust (TBLD) is a ETF from Thornburg Investment Management. Over the past year SPY returned +21.53% while TBLD returned +18.98%. Year to date, SPY is up 13.68% versus a gain of 14.85% for TBLD.
Over three years, SPY compounded at +21.44% per year against +21.86% for TBLD; over five years the annualized figures are +13.18% and +9.80% respectively. Across the full 5-year window we track, TBLD has the edge at +10.03% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 15.2% for TBLD. 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 -33.6% for TBLD. 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 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while TBLD charges 1.65%. On a $10,000 position that is $9 vs $165 annually, a gap of $156 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 5.40% for TBLD.
Holdings Overlap
SPY and TBLD share 14 holdings out of 596 unique holdings combined, representing a 5.7% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or TBLD?
SPY has an expense ratio of 0.09% while TBLD charges 1.65%. SPY is the cheaper option. On a $10,000 investment, that is $156 per year of difference.
Which performed better, SPY or TBLD?
Over the past year SPY returned +21.53% vs +18.98% for TBLD, so SPY leads on 1-year performance. Over the longest common window we track (5 years), SPY annualized +8.85% vs +10.03% for TBLD. Past performance does not guarantee future results.
Which is riskier, SPY or TBLD?
SPY has been the more volatile fund at 15.3% annualized versus 15.2% for TBLD. Worst drawdown: SPY -56.5% vs TBLD -33.6%.
Should I hold both SPY and TBLD?
SPY and TBLD have a monthly-return correlation of 0.72, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TBLD?
SPY and TBLD share 14 common holdings with a 5.7% weight overlap. Combined, they hold 596 unique securities.
Which pays a higher dividend, SPY or TBLD?
SPY yields 1.01% while TBLD yields 5.40%, so TBLD currently pays the higher dividend yield.
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