SPY vs TEQI
State Street SPDR S&P 500 ETF Trust vs T. Rowe Price Equity Income ETF
Which is better, SPY or TEQI?
Large Cap Blend against Large Cap Value.
SPY has a lower expense ratio. SPY led over 3Y, 5Y and the full window, TEQI over 1Y. TEQI is less concentrated, with 28.5% of the fund in its ten largest positions against 38.2%.
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 | TEQI |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.54% |
| AUM | $811.2B | $479M |
| Dividend Yield | 0.98% | 1.46% |
| Holdings | 1,515 | 115 |
| YTD Return | +14.79% | +14.95%Best |
| 1Y Return | +18.62% | +21.62%Best |
| 3Y Return (annualized) | +23.21%Best | +17.99% |
| 5Y Return (annualized) | +13.92%Best | +10.60% |
| Volatility (annualized) | 15.3%Best | 15.5% |
| Max Drawdown | -24.5% | -17.8%Best |
| $10,000 over 5 years | $19,187Best | $16,549 |
| Top 10 Weight | 38.2% | 28.5%Best |
| Fund Family | State Street Investment Management | T.Rowe Price |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Value |
| Inception | Jan 22, 1993 | Aug 4, 2020 |
Volatility and max drawdown are measured over the window both funds cover: Aug 5, 2020 to Oct 12, 2026 (6.2 years).
SPY vs TEQI 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 6.2 years both funds cover.
SPY vs TEQI Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and T. Rowe Price Equity Income ETF (TEQI) is an ETF from T.Rowe Price. Over the past year SPY returned +18.62% while TEQI returned +21.62%. Year to date, SPY is up 14.79% versus a gain of 14.95% for TEQI.
Over three years, SPY compounded at +23.21% per year against +17.99% for TEQI; over five years the annualized figures are +13.92% and +10.60% respectively. Across the full 6-year window we track, SPY has the edge at +16.19% annualized vs +14.52%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TEQI has been the more volatile fund, with annualized monthly volatility of 15.5% 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 -24.5% for SPY and -17.8% for TEQI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while TEQI charges 0.54%. On a $10,000 position that is $9 vs $54 annually, a gap of $45 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 1.46% for TEQI.
Holdings Overlap
41.6% of SPY's money is in holdings TEQI also owns. 86.8% of TEQI's money is in holdings SPY also owns.
Most of TEQI is already inside SPY. Owning both mostly buys the same companies twice.
93 positions in common, counted across the 504 positions we hold weights for in SPY and 111 in TEQI, against full books of 1,515 and 115.
What only one of them owns
Our book lists 11 positions for TEQI that do not appear in our book for SPY (4.9% of the fund), and 405 for SPY that do not appear in TEQI (57.8%).
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 TEQI | Difference |
|---|---|---|---|
| AAPLApple, Inc | 7.45% | 4.22% | 3.23% |
| MSFTMicrosoft Corp | 5.71% | 5.80% | 0.09% |
| AMZNAmazon.Com Inc | 3.78% | 6.19% | 2.41% |
| JPMJpmorgan Chase | 1.43% | 1.79% | 0.36% |
| METAMeta Platforms Inc | 2.22% | 0.46% | 1.76% |
| GOOGAlphabet Inc. C | 2.49% | 0.02% | 2.47% |
| METMetlife Inc. | 0.08% | 2.25% | 2.17% |
| XOMExxon Mobil Corp. | 1.04% | 1.26% | 0.22% |
| INTCIntel Corporation | 0.73% | 1.30% | 0.57% |
| SCHWSchwab Strategic T | 0.27% | 1.75% | 1.48% |
86.8% of TEQI 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 TEQI?
SPY has an expense ratio of 0.09% while TEQI charges 0.54%. SPY is the cheaper option, by $45 a year on a $10,000 investment.
Which performed better, SPY or TEQI?
Over the past year SPY returned +18.62% vs +21.62% for TEQI, so TEQI leads on 1-year performance. Over the longest common window we track (6 years), SPY annualized +16.19% vs +14.52% for TEQI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TEQI?
TEQI has been the more volatile fund at 15.5% annualized versus 15.3% for SPY. Worst drawdown: SPY -24.5% vs TEQI -17.8%.
Should I hold both SPY and TEQI?
SPY and TEQI have a monthly-return correlation of 0.82, 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 TEQI?
86.8% of TEQI's money is in holdings SPY also owns. 86.8% of TEQI's is in holdings SPY also owns. They hold 93 positions in common, counted across the 504 positions we hold weights for in SPY and 111 in TEQI.
Which pays a higher dividend, SPY or TEQI?
SPY yields 0.98% while TEQI yields 1.46%, so TEQI currently pays the higher dividend yield.
Is TEQI better than SPY?
SPY has a lower expense ratio. SPY led over 3Y, 5Y and the full window, TEQI over 1Y. TEQI is less concentrated, with 28.5% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.