SPY vs TENM
State Street SPDR S&P 500 ETF Trust vs iShares Large Cap 10% Target Buffer Mar ETF
Which is better, SPY or TENM?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. SPY led over 1Y. The two have moved almost in lockstep, correlation 0.98.
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 | TENM |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.50% |
| AUM | $811.2B | $47M |
| Dividend Yield | 0.98% | 0.27% |
| Holdings | 1,515 | 8 |
| YTD Return | +12.70%Best | +9.22% |
| 1Y Return | +15.53%Best | +11.36% |
| 3Y Return (annualized) | +22.86% | - |
| 5Y Return (annualized) | +13.47% | - |
| Volatility (annualized) | 13.2% | 7.0%Best |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Oct 21, 2025 |
Not shown on this pair: Max Drawdown, $10,000 over the window, Top 10 Weight.
SPY vs TENM 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs TENM Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and iShares Large Cap 10% Target Buffer Mar ETF (TENM) is an ETF from iShares by BlackRock (US). Over the past year SPY returned +15.53% while TENM returned +11.36%. Year to date, SPY is up 12.70% versus a gain of 9.22% for TENM.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 13.2% compared with 7.0% for TENM. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
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 TENM charges 0.50%. On a $10,000 position that is $9 vs $50 annually, a gap of $41 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.27% for TENM.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 2 in TENM, totalling 99.8% and 104.4% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 2 in TENM, against full books of 1,515 and 8.
You are not choosing between two funds in isolation.
Whichever of SPY and TENM 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 TENM?
SPY has an expense ratio of 0.09% while TENM charges 0.50%. SPY is the cheaper option, by $41 a year on a $10,000 investment.
Which performed better, SPY or TENM?
Over the past year SPY returned +15.53% vs +11.36% for TENM, 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 TENM?
SPY has been the more volatile fund at 13.2% annualized versus 7.0% for TENM.
Should I hold both SPY and TENM?
SPY and TENM 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.
Which pays a higher dividend, SPY or TENM?
SPY yields 0.98% while TENM yields 0.27%, so SPY currently pays the higher dividend yield.
Is TENM better than SPY?
SPY has a lower expense ratio. SPY led over 1Y. The two have moved almost in lockstep, correlation 0.98. Which one suits a particular account depends on what it is for. This is information, not a recommendation.