SPY vs TCAI
State Street SPDR S&P 500 ETF Trust vs Tortoise AI Infrastructure ETF
Which is better, SPY or TCAI?
Each has led over a different period.
SPY has a lower expense ratio. SPY led over 1Y, TCAI over the full window. SPY is less concentrated, with 38.9% of the fund in its ten largest positions against 40.9%.
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 | TCAI |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.65% |
| AUM | $777.9B | $177M |
| Dividend Yield | 1.00% | 0.04% |
| Holdings | 1,011 | 98 |
| YTD Return | +10.63% | +12.17%Best |
| 1Y Return | +11.24%Best | +7.01% |
| 3Y Return (annualized) | +20.94% | - |
| 5Y Return (annualized) | +11.58% | - |
| Volatility (annualized) | 12.2%Best | 48.0% |
| Max Drawdown | -8.9%Best | -46.4% |
| $10,000 over 1.3 years | $12,169 | $13,945Best |
| Top 10 Weight | 38.9%Best | 40.9% |
| Fund Family | State Street Investment Management | Tortoise Capital |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Aug 4, 2025 |
Volatility and max drawdown, and the $10,000 over 1.3 years row, are measured over the window both funds cover: Aug 5, 2025 to Nov 10, 2026 (1.3 years).
SPY vs TCAI 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 1.3 years both funds cover.
SPY vs TCAI Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Tortoise AI Infrastructure ETF (TCAI) is an ETF from Tortoise Capital. Over the past year SPY returned +11.24% while TCAI returned +7.01%. Year to date, SPY is up 10.63% versus a gain of 12.17% for TCAI.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TCAI has been the more volatile fund, with annualized monthly volatility of 48.0% compared with 12.2% 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 -8.9% for SPY and -46.4% for TCAI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while TCAI charges 0.65%. On a $10,000 position that is $9 vs $65 annually, a gap of $56 per year that compounds over a long holding period. On income, SPY currently yields 1.00% against 0.04% for TCAI.
Holdings Overlap
12.8% of SPY's money is in holdings TCAI also owns. 58.7% of TCAI's money is in holdings SPY also owns.
The two portfolios partly overlap.
21 positions in common, counted across the 504 positions we hold weights for in SPY and 48 in TCAI, against full books of 1,011 and 98.
What only one of them owns
Our book lists 19 positions for TCAI that do not appear in our book for SPY (30.9% of the fund), and 478 for SPY that do not appear in TCAI (86.9%).
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 TCAI | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.05% | 1.10% | 6.95% |
| MUMicron Technology, Inc. | 1.55% | 4.58% | 3.03% |
| DELLDell Technologies Inc | 0.23% | 5.40% | 5.17% |
| VRTVertiv Holdings Co | 0.13% | 5.11% | 4.98% |
| PWRQuanta Services Inc | 0.15% | 4.66% | 4.51% |
| SNDKVSandisk Corp. | 0.31% | 4.04% | 3.73% |
| GEVGe Vernova | 0.38% | 3.60% | 3.22% |
| CIENCiena Corp | 0.08% | 3.84% | 3.76% |
| STXSeagate Technolo | 0.24% | 3.50% | 3.26% |
| WDCWestern Digital Corp. | 0.20% | 3.04% | 2.84% |
58.7% of TCAI 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 TCAI?
SPY has an expense ratio of 0.09% while TCAI charges 0.65%. SPY is the cheaper option, by $56 a year on a $10,000 investment.
Which performed better, SPY or TCAI?
Over the past year SPY returned +11.24% vs +7.01% for TCAI, so SPY leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +16.30% vs +29.15% for TCAI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TCAI?
TCAI has been the more volatile fund at 48.0% annualized versus 12.2% for SPY. Worst drawdown: SPY -8.9% vs TCAI -46.4%.
Should I hold both SPY and TCAI?
SPY and TCAI have a monthly-return correlation of 0.75, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPY and TCAI?
58.7% of TCAI's money is in holdings SPY also owns. 58.7% of TCAI's is in holdings SPY also owns. They hold 21 positions in common, counted across the 504 positions we hold weights for in SPY and 48 in TCAI.
Which pays a higher dividend, SPY or TCAI?
SPY yields 1.00% while TCAI yields 0.04%, so SPY currently pays the higher dividend yield.
Is TCAI better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, TCAI over the full window. SPY is less concentrated, with 38.9% of the fund in its ten largest positions against 40.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.