SPY vs TBLL
State Street SPDR S&P 500 ETF Trust vs Invesco Short Term Treasury ETF
Quick Verdict
TBLL has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | TBLL | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.08% | |
| AUM | $789.1B | $2.6B | |
| Dividend Yield | 1.01% | 3.76% | |
| Holdings | 505 | 86 | |
| YTD Return | +14.47% | +2.13% | |
| 1Y Return | +21.96% | +3.79% | |
| 3Y Return (annualized) | +21.70% | +4.56% | |
| 5Y Return (annualized) | +13.30% | +3.50% | |
| Volatility (annualized) | 15.3% | 0.8% | |
| Max Drawdown | -56.5% | -1.0% | |
| Fund Family | State Street Investment Management | Invesco (US) | |
| Category | Equity | Fixed Income | |
| Inception | Jan 22, 1993 | Jan 10, 2017 |
SPY vs TBLL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Invesco Short Term Treasury ETF (TBLL) is a ETF from Invesco (US). Over the past year SPY returned +21.96% while TBLL returned +3.79%. Year to date, SPY is up 14.47% versus a gain of 2.13% for TBLL.
Over three years, SPY compounded at +21.70% per year against +4.56% for TBLL; over five years the annualized figures are +13.30% and +3.50% respectively. Across the full 10-year window we track, SPY has the edge at +8.87% annualized vs +1.84%. 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 0.8% for TBLL. 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 -1.0% for TBLL. 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 0.00. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TBLL charges 0.08%. On a $10,000 position that is $9 vs $8 annually, a gap of $1 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 3.76% for TBLL.
Holdings Overlap
SPY and TBLL share 0 holdings out of 547 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or TBLL?
SPY has an expense ratio of 0.09% while TBLL charges 0.08%. TBLL is the cheaper option. On a $10,000 investment, that is $1 per year of difference.
Which performed better, SPY or TBLL?
Over the past year SPY returned +21.96% vs +3.79% for TBLL, so SPY leads on 1-year performance. Over the longest common window we track (10 years), SPY annualized +8.87% vs +1.84% for TBLL. Past performance does not guarantee future results.
Which is riskier, SPY or TBLL?
SPY has been the more volatile fund at 15.3% annualized versus 0.8% for TBLL. Worst drawdown: SPY -56.5% vs TBLL -1.0%.
Should I hold both SPY and TBLL?
SPY and TBLL have a monthly-return correlation of 0.00, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TBLL?
SPY and TBLL share 0 common holdings with a 0.0% weight overlap. Combined, they hold 547 unique securities.
Which pays a higher dividend, SPY or TBLL?
SPY yields 1.01% while TBLL yields 3.76%, so TBLL currently pays the higher dividend yield.
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