SPY vs TFI
State Street SPDR S&P 500 ETF Trust vs State Street SPDR Nuveen ICE Municipal Bond ETF
Which is better, SPY or TFI?
Large Cap Blend against Municipal Bond.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | TFI |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.23% |
| AUM | $804.7B | $3.0B |
| Dividend Yield | 0.98% | 3.59% |
| Holdings | 505 | 1,954 |
| YTD Return | +12.09%Best | -2.37% |
| 1Y Return | +16.29%Best | -1.12% |
| 3Y Return (annualized) | +21.20%Best | +2.18% |
| 5Y Return (annualized) | +13.37%Best | -0.87% |
| Volatility (annualized) | 15.6% | 5.8%Best |
| Max Drawdown | -56.5% | -17.1%Best |
| $10,000 over 5 years | $18,728Best | $9,573 |
| Fund Family | State Street Investment Management | State Street Investment Management |
| Category | Equity | Tax Preferred |
| Style | Large Cap Blend | Municipal Bond |
| Inception | Jan 22, 1993 | Sep 11, 2007 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Sep 13, 2007 to Sep 18, 2026 (19 years).
SPY vs TFI 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 TFI Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) is an ETF from State Street Investment Management. Over the past year SPY returned +16.29% while TFI returned -1.12%. Year to date, SPY is up 12.09% versus a loss of 2.37% for TFI.
Over three years, SPY compounded at +21.20% per year against +2.18% for TFI; over five years the annualized figures are +13.37% and -0.87% respectively. Across the full 19-year window we track, SPY has the edge at +9.39% annualized vs +0.66%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 5.8% for TFI. 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 -17.1% for TFI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.26. They move largely independently of each other.
Fees and Cost Over Time
SPY charges 0.09% per year while TFI charges 0.23%. On a $10,000 position that is $9 vs $23 annually, a gap of $14 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 3.59% for TFI.
You are not choosing between two funds in isolation.
Whichever of SPY and TFI 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 TFI?
SPY has an expense ratio of 0.09% while TFI charges 0.23%. SPY is the cheaper option, by $14 a year on a $10,000 investment.
Which performed better, SPY or TFI?
Over the past year SPY returned +16.29% vs -1.12% for TFI, so SPY leads on 1-year performance. Over the longest common window we track (19 years), SPY annualized +9.39% vs +0.66% for TFI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TFI?
SPY has been the more volatile fund at 15.6% annualized versus 5.8% for TFI. Worst drawdown: SPY -56.5% vs TFI -17.1%.
Should I hold both SPY and TFI?
SPY and TFI have a monthly-return correlation of 0.26, 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 TFI?
SPY yields 0.98% while TFI yields 3.59%, so TFI currently pays the higher dividend yield.
Is TFI better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.