SPY vs TFLR
State Street SPDR S&P 500 ETF Trust vs T. Rowe Price Floating Rate ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | TFLR | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.61% | |
| AUM | $821.1B | $689M | |
| Dividend Yield | 1.01% | 6.70% | |
| Holdings | 505 | 347 | |
| YTD Return | +12.68% | +2.46% | |
| 1Y Return | +21.82% | +4.96% | |
| 3Y Return (annualized) | +21.98% | +7.16% | |
| 5Y Return (annualized) | +12.89% | - | |
| Volatility (annualized) | 15.3% | 2.5% | |
| Max Drawdown | -56.5% | -4.0% | |
| Fund Family | State Street Investment Management | T.Rowe Price | |
| Category | Equity | Fixed Income | |
| Inception | Jan 22, 1993 | Nov 16, 2022 |
SPY vs TFLR Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and T. Rowe Price Floating Rate ETF (TFLR) is a ETF from T.Rowe Price. Over the past year SPY returned +21.82% while TFLR returned +4.96%. Year to date, SPY is up 12.68% versus a gain of 2.46% for TFLR.
Over three years, SPY compounded at +21.98% per year against +7.16% for TFLR. Across the full 4-year window we track, SPY has the edge at +8.81% annualized vs +7.57%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 2.5% for TFLR. 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 -4.0% for TFLR. 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 0.62. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TFLR charges 0.61%. On a $10,000 position that is $9 vs $61 annually, a gap of $52 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 6.70% for TFLR.
Holdings Overlap
SPY and TFLR share 0 holdings out of 675 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or TFLR?
SPY has an expense ratio of 0.09% while TFLR charges 0.61%. SPY is the cheaper option. On a $10,000 investment, that is $52 per year of difference.
Which performed better, SPY or TFLR?
Over the past year SPY returned +21.82% vs +4.96% for TFLR, so SPY leads on 1-year performance. Over the longest common window we track (4 years), SPY annualized +8.81% vs +7.57% for TFLR. Past performance does not guarantee future results.
Which is riskier, SPY or TFLR?
SPY has been the more volatile fund at 15.3% annualized versus 2.5% for TFLR. Worst drawdown: SPY -56.5% vs TFLR -4.0%.
Should I hold both SPY and TFLR?
SPY and TFLR have a monthly-return correlation of 0.62, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TFLR?
SPY and TFLR share 0 common holdings with a 0.0% weight overlap. Combined, they hold 675 unique securities.
Which pays a higher dividend, SPY or TFLR?
SPY yields 1.01% while TFLR yields 6.70%, so TFLR currently pays the higher dividend yield.
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