SPY vs TBX
State Street SPDR S&P 500 ETF Trust vs ProShares Short 7-10 Year Treasury
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 | TBX | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.95% | |
| AUM | $789.1B | $16M | |
| Dividend Yield | 1.01% | 2.89% | |
| Holdings | 505 | 5 | |
| YTD Return | +14.47% | +4.19% | |
| 1Y Return | +21.96% | +4.71% | |
| 3Y Return (annualized) | +21.70% | +2.43% | |
| 5Y Return (annualized) | +13.30% | +6.04% | |
| Volatility (annualized) | 15.3% | 6.4% | |
| Max Drawdown | -56.5% | -42.4% | |
| Fund Family | State Street Investment Management | ProShares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Apr 4, 2011 |
SPY vs TBX Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and ProShares Short 7-10 Year Treasury (TBX) is a ETF from ProShares. Over the past year SPY returned +21.96% while TBX returned +4.71%. Year to date, SPY is up 14.47% versus a gain of 4.19% for TBX.
Over three years, SPY compounded at +21.70% per year against +2.43% for TBX; over five years the annualized figures are +13.30% and +6.04% respectively. Across the full 15-year window we track, SPY has the edge at +8.87% annualized vs -1.40%. 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 6.4% for TBX. 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 -42.4% for TBX. 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 0.01. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TBX 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 1.01% against 2.89% for TBX.
Holdings Overlap
SPY and TBX share 0 holdings out of 504 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 TBX?
SPY has an expense ratio of 0.09% while TBX charges 0.95%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, SPY or TBX?
Over the past year SPY returned +21.96% vs +4.71% for TBX, so SPY leads on 1-year performance. Over the longest common window we track (15 years), SPY annualized +8.87% vs -1.40% for TBX. Past performance does not guarantee future results.
Which is riskier, SPY or TBX?
SPY has been the more volatile fund at 15.3% annualized versus 6.4% for TBX. Worst drawdown: SPY -56.5% vs TBX -42.4%.
Should I hold both SPY and TBX?
SPY and TBX have a monthly-return correlation of 0.01, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TBX?
SPY and TBX share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, SPY or TBX?
SPY yields 1.01% while TBX yields 2.89%, so TBX currently pays the higher dividend yield.
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