SPY vs TBT
State Street SPDR S&P 500 ETF Trust vs ProShares UltraShort 20+ Year Treasury ETF
Which is better, SPY or TBT?
Large Cap Blend against Trading-Inverse Debt.
SPY has a lower expense ratio. SPY led over 3Y and the full window, TBT over 1Y and 5Y.
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 | TBT |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.93% |
| AUM | $811.2B | $362M |
| Dividend Yield | 0.98% | 2.54% |
| Holdings | 1,515 | 10 |
| YTD Return | +13.54% | +23.91%Best |
| 1Y Return | +16.25% | +30.27%Best |
| 3Y Return (annualized) | +23.72%Best | +3.75% |
| 5Y Return (annualized) | +13.95% | +22.03%Best |
| Volatility (annualized) | 15.7%Best | 28.1% |
| Max Drawdown | -52.4%Best | -95.2% |
| $10,000 over 5 years | $19,212 | $27,060Best |
| Fund Family | State Street Investment Management | ProShares |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Trading-Inverse Debt |
| Inception | Jan 22, 1993 | Apr 29, 2008 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: May 1, 2008 to Oct 2, 2026 (18.4 years).
SPY vs TBT 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 covers the 18.4 years both funds cover.
SPY vs TBT Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and ProShares UltraShort 20+ Year Treasury ETF (TBT) is an ETF from ProShares. Over the past year SPY returned +16.25% while TBT returned +30.27%. Year to date, SPY is up 13.54% versus a gain of 23.91% for TBT.
Over three years, SPY compounded at +23.72% per year against +3.75% for TBT; over five years the annualized figures are +13.95% and +22.03% respectively. Across the full 18-year window we track, SPY has the edge at +10.10% annualized vs -8.96%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TBT has been the more volatile fund, with annualized monthly volatility of 28.1% compared with 15.7% 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 -52.4% for SPY and -95.2% for TBT. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.07. They move largely independently of each other.
Fees and Cost Over Time
SPY charges 0.09% per year while TBT charges 0.93%. On a $10,000 position that is $9 vs $93 annually, a gap of $84 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 2.54% for TBT.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 1 in TBT, totalling 99.8% and 72.5% 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 TBT, against full books of 1,515 and 10.
You are not choosing between two funds in isolation.
Whichever of SPY and TBT 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 TBT?
SPY has an expense ratio of 0.09% while TBT charges 0.93%. SPY is the cheaper option, by $84 a year on a $10,000 investment.
Which performed better, SPY or TBT?
Over the past year SPY returned +16.25% vs +30.27% for TBT, so TBT leads on 1-year performance. Over the longest common window we track (18 years), SPY annualized +10.10% vs -8.96% for TBT. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TBT?
TBT has been the more volatile fund at 28.1% annualized versus 15.7% for SPY. Worst drawdown: SPY -52.4% vs TBT -95.2%.
Should I hold both SPY and TBT?
SPY and TBT have a monthly-return correlation of 0.07, 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 TBT?
SPY yields 0.98% while TBT yields 2.54%, so TBT currently pays the higher dividend yield.
Is TBT better than SPY?
SPY has a lower expense ratio. SPY led over 3Y and the full window, TBT over 1Y and 5Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.