SPY vs TCV
State Street SPDR S&P 500 ETF Trust vs Towle Value ETF
Quick Verdict
SPY has a lower expense ratio. TCV delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | TCV | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.85% | |
| AUM | $789.1B | $209M | |
| Dividend Yield | 1.01% | 0.58% | |
| Holdings | 505 | 43 | |
| YTD Return | +14.47% | +30.40% | |
| 1Y Return | +21.96% | +39.11% | |
| 3Y Return (annualized) | +21.70% | - | |
| 5Y Return (annualized) | +13.30% | - | |
| Volatility (annualized) | 15.3% | 15.8% | |
| Max Drawdown | -56.5% | -12.2% | |
| Fund Family | State Street Investment Management | Towle | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jul 16, 2025 |
SPY vs TCV Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Towle Value ETF (TCV) is a ETF from Towle. Over the past year SPY returned +21.96% while TCV returned +39.11%. Year to date, SPY is up 14.47% versus a gain of 30.40% for TCV.
Risk: Volatility and Drawdowns
TCV has been the more volatile fund, with annualized monthly volatility of 15.8% compared with 15.3% 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 -56.5% for SPY and -12.2% for TCV. 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 0.64. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TCV charges 0.85%. On a $10,000 position that is $9 vs $85 annually, a gap of $76 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.58% for TCV.
Holdings Overlap
SPY and TCV share 1 holdings out of 544 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in SPY | Weight in TCV | Difference |
|---|---|---|---|
| BG | 0.02% | 2.25% | 2.23% |
Frequently Asked Questions
Which is cheaper, SPY or TCV?
SPY has an expense ratio of 0.09% while TCV charges 0.85%. SPY is the cheaper option. On a $10,000 investment, that is $76 per year of difference.
Which performed better, SPY or TCV?
Over the past year SPY returned +21.96% vs +39.11% for TCV, so TCV leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +8.87% vs +34.51% for TCV. Past performance does not guarantee future results.
Which is riskier, SPY or TCV?
TCV has been the more volatile fund at 15.8% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs TCV -12.2%.
Should I hold both SPY and TCV?
SPY and TCV have a monthly-return correlation of 0.64, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TCV?
SPY and TCV share 1 common holdings with a 0.0% weight overlap. Combined, they hold 544 unique securities.
Which pays a higher dividend, SPY or TCV?
SPY yields 1.01% while TCV yields 0.58%, so SPY currently pays the higher dividend yield.
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