SPY vs TCAF
State Street SPDR S&P 500 ETF Trust vs T. Rowe Price Capital Appreciation Equity ETF
Which is better, SPY or TCAF?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.98. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 38.7%.
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 | TCAF |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.31% |
| AUM | $804.7B | $8.6B |
| Dividend Yield | 0.98% | 0.47% |
| Holdings | 505 | 105 |
| YTD Return | +10.96%Best | +9.97% |
| 1Y Return | +15.52%Best | +13.65% |
| 3Y Return (annualized) | +20.73%Best | +17.98% |
| 5Y Return (annualized) | +12.53% | - |
| Volatility (annualized) | 12.7% | 12.2%Best |
| Max Drawdown | -18.8% | -16.6%Best |
| $10,000 over 3.3 years | $17,893Best | $16,642 |
| Top 10 Weight | 37.8%Best | 38.7% |
| Fund Family | State Street Investment Management | T.Rowe Price |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Jun 14, 2023 |
Volatility and max drawdown, and the $10,000 over 3.3 years row, are measured over the window both funds cover: Jun 15, 2023 to Sep 16, 2026 (3.3 years).
SPY vs TCAF 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 3.3 years both funds cover.
SPY vs TCAF Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and T. Rowe Price Capital Appreciation Equity ETF (TCAF) is an ETF from T.Rowe Price. Over the past year SPY returned +15.52% while TCAF returned +13.65%. Year to date, SPY is up 10.96% versus a gain of 9.97% for TCAF.
Over three years, SPY compounded at +20.73% per year against +17.98% for TCAF.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.7% compared with 12.2% for TCAF. 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 -18.8% for SPY and -16.6% for TCAF. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.98. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while TCAF charges 0.31%. On a $10,000 position that is $9 vs $31 annually, a gap of $22 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.47% for TCAF.
Holdings Overlap
46.7% of SPY's money is in holdings TCAF also owns. 78.3% of TCAF's money is in holdings SPY also owns.
Most of TCAF is already inside SPY. Owning both mostly buys the same companies twice.
64 positions in common, counted across the 504 positions we hold weights for in SPY and 98 in TCAF, against full books of 505 and 105.
What only one of them owns
Our book lists 26 positions for TCAF that do not appear in our book for SPY (9.7% of the fund), and 434 for SPY that do not appear in TCAF (52.7%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in SPY | Weight in TCAF | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.01% | 5.44% | 2.57% |
| AAPLApple, Inc | 7.26% | 4.66% | 2.60% |
| MSFTMicrosoft Corp | 5.66% | 6.16% | 0.50% |
| AMZNAmazon.Com Inc | 3.79% | 5.15% | 1.36% |
| GOOGLAlphabet Inc,class A | 2.99% | 3.19% | 0.20% |
| AVGOBroadcom Inc | 2.66% | 3.32% | 0.66% |
| METAMeta Platforms Inc | 1.93% | 3.10% | 1.17% |
| GOOGAlphabet Inc | 2.39% | 1.65% | 0.74% |
| MUMicron Technology, Inc. | 1.60% | 1.32% | 0.28% |
| JPMJpmorgan Chase | 1.45% | 1.45% | 0.00% |
78.3% of TCAF is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or TCAF?
SPY has an expense ratio of 0.09% while TCAF charges 0.31%. SPY is the cheaper option, by $22 a year on a $10,000 investment.
Which performed better, SPY or TCAF?
Over the past year SPY returned +15.52% vs +13.65% for TCAF, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TCAF?
SPY has been the more volatile fund at 12.7% annualized versus 12.2% for TCAF. Worst drawdown: SPY -18.8% vs TCAF -16.6%.
Should I hold both SPY and TCAF?
SPY and TCAF have a monthly-return correlation of 0.98, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between SPY and TCAF?
78.3% of TCAF's money is in holdings SPY also owns. 78.3% of TCAF's is in holdings SPY also owns. They hold 64 positions in common, counted across the 504 positions we hold weights for in SPY and 98 in TCAF.
Which pays a higher dividend, SPY or TCAF?
SPY yields 0.98% while TCAF yields 0.47%, so SPY currently pays the higher dividend yield.
Is TCAF better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.98. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 38.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.