SPY vs TDF
State Street SPDR S&P 500 ETF Trust vs Templeton Dragon Fund
Which is better, SPY or TDF?
Large Cap Blend against Large Cap Growth.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 45.6%.
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 | TDF |
|---|---|---|
| Expense Ratio | 0.09%Best | 1.33% |
| AUM | $811.2B | $5,054.4 |
| Dividend Yield | 0.98% | 3.61% |
| Holdings | 1,515 | 68 |
| YTD Return | +13.54%Best | -15.52% |
| 1Y Return | +16.25%Best | -16.13% |
| 3Y Return (annualized) | +23.72%Best | +7.63% |
| 5Y Return (annualized) | +13.95%Best | -8.17% |
| Volatility (annualized) | 15.2%Best | 26.9% |
| Max Drawdown | -56.5%Best | -75.1% |
| $10,000 over 5 years | $19,212Best | $6,530 |
| Top 10 Weight | 38.2%Best | 45.6% |
| Fund Family | State Street Investment Management | Franklin Templeton Investments (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Growth |
| Inception | Jan 22, 1993 | Sep 8, 1994 |
Volatility and max drawdown are measured over the window both funds cover: Jan 4, 1996 to Oct 2, 2026 (30.7 years).
SPY vs TDF 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 30.7 years both funds cover.
SPY vs TDF Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Templeton Dragon Fund (TDF) is an ETF from Franklin Templeton Investments (US). Over the past year SPY returned +16.25% while TDF returned -16.13%. Year to date, SPY is up 13.54% versus a loss of 15.52% for TDF.
Over three years, SPY compounded at +23.72% per year against +7.63% for TDF; over five years the annualized figures are +13.95% and -8.17% respectively. Across the full 31-year window we track, SPY has the edge at +8.82% annualized vs -0.11%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TDF has been the more volatile fund, with annualized monthly volatility of 26.9% compared with 15.2% 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 -56.5% for SPY and -75.1% for TDF. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.53. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while TDF charges 1.33%. On a $10,000 position that is $9 vs $133 annually, a gap of $124 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 3.61% for TDF.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 62 in TDF, totalling 99.8% and 95.4% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 227 days apart, SPY as of Sep 14, 2026 and TDF as of Jan 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 62 in TDF, against full books of 1,515 and 68.
What only one of them owns
Our book lists 5 positions for TDF that do not appear in our book for SPY (11.4% of the fund), and 497 for SPY that do not appear in TDF (99.2%).
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.
You are not choosing between two funds in isolation.
Whichever of SPY and TDF you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or TDF?
SPY has an expense ratio of 0.09% while TDF charges 1.33%. SPY is the cheaper option, by $124 a year on a $10,000 investment.
Which performed better, SPY or TDF?
Over the past year SPY returned +16.25% vs -16.13% for TDF, so SPY leads on 1-year performance. Over the longest common window we track (31 years), SPY annualized +8.82% vs -0.11% for TDF. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TDF?
TDF has been the more volatile fund at 26.9% annualized versus 15.2% for SPY. Worst drawdown: SPY -56.5% vs TDF -75.1%.
Should I hold both SPY and TDF?
SPY and TDF have a monthly-return correlation of 0.53, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or TDF?
SPY yields 0.98% while TDF yields 3.61%, so TDF currently pays the higher dividend yield.
Is TDF better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 45.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.