SPY vs TCAL
State Street SPDR S&P 500 ETF Trust vs T. Rowe Price Capital Appreciation Premium Income ETF
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 | TCAL | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.31% | |
| AUM | $821.1B | $303M | |
| Dividend Yield | 1.01% | 11.52% | |
| Holdings | 505 | 290 | |
| YTD Return | +13.17% | +4.80% | |
| 1Y Return | +21.53% | +3.85% | |
| 3Y Return (annualized) | +22.06% | - | |
| 5Y Return (annualized) | +13.35% | - | |
| Volatility (annualized) | 15.3% | 7.1% | |
| Max Drawdown | -56.5% | -7.2% | |
| Fund Family | State Street Investment Management | T.Rowe Price | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Mar 26, 2025 |
SPY vs TCAL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) is a ETF from T.Rowe Price. Over the past year SPY returned +21.53% while TCAL returned +3.85%. Year to date, SPY is up 13.17% versus a gain of 4.80% for TCAL.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 7.1% for TCAL. 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 -7.2% for TCAL. 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 0.35. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TCAL 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 1.01% against 11.52% for TCAL.
Holdings Overlap
SPY and TCAL share 91 holdings out of 517 unique holdings combined, representing a 24.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or TCAL?
SPY has an expense ratio of 0.09% while TCAL charges 0.31%. SPY is the cheaper option. On a $10,000 investment, that is $22 per year of difference.
Which performed better, SPY or TCAL?
Over the past year SPY returned +21.53% vs +3.85% for TCAL, so SPY leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +8.82% vs +4.80% for TCAL. Past performance does not guarantee future results.
Which is riskier, SPY or TCAL?
SPY has been the more volatile fund at 15.3% annualized versus 7.1% for TCAL. Worst drawdown: SPY -56.5% vs TCAL -7.2%.
Should I hold both SPY and TCAL?
SPY and TCAL have a monthly-return correlation of 0.35, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TCAL?
SPY and TCAL share 91 common holdings with a 24.2% weight overlap. Combined, they hold 517 unique securities.
Which pays a higher dividend, SPY or TCAL?
SPY yields 1.01% while TCAL yields 11.52%, so TCAL currently pays the higher dividend yield.
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