SPY vs TFNS
State Street SPDR S&P 500 ETF Trust vs T. Rowe Price Financials ETF
Which is better, SPY or TFNS?
Large Cap Blend against Large Cap Value.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 49.9%.
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 | TFNS |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.44% |
| AUM | $804.7B | $19M |
| Dividend Yield | 0.98% | 0.46% |
| Holdings | 505 | 84 |
| YTD Return | +11.97%Best | +6.22% |
| 1Y Return | +16.40%Best | +11.22% |
| 3Y Return (annualized) | +21.10% | - |
| 5Y Return (annualized) | +12.88% | - |
| Volatility (annualized) | 12.0% | 11.7%Best |
| Max Drawdown | -8.9%Best | -14.0% |
| $10,000 over 1.3 years | $12,888Best | $11,830 |
| Top 10 Weight | 37.8%Best | 49.9% |
| Fund Family | State Street Investment Management | T.Rowe Price |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Value |
| Inception | Jan 22, 1993 | Jun 11, 2025 |
Volatility and max drawdown, and the $10,000 over 1.3 years row, are measured over the window both funds cover: Jun 12, 2025 to Sep 14, 2026 (1.3 years).
SPY vs TFNS 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 1.3 years both funds cover.
SPY vs TFNS Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and T. Rowe Price Financials ETF (TFNS) is an ETF from T.Rowe Price. Over the past year SPY returned +16.40% while TFNS returned +11.22%. Year to date, SPY is up 11.97% versus a gain of 6.22% for TFNS.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.0% compared with 11.7% for TFNS. 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 -8.9% for SPY and -14.0% for TFNS. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.34. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while TFNS charges 0.44%. On a $10,000 position that is $9 vs $44 annually, a gap of $35 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.46% for TFNS.
Holdings Overlap
10.7% of SPY's money is in holdings TFNS also owns. 83.5% of TFNS's money is in holdings SPY also owns.
Most of TFNS is already inside SPY. Owning both mostly buys the same companies twice.
50 positions in common, counted across the 504 positions we hold weights for in SPY and 82 in TFNS, against full books of 505 and 84.
What only one of them owns
Our book lists 26 positions for TFNS that do not appear in our book for SPY (10.2% of the fund), and 448 for SPY that do not appear in TFNS (88.7%).
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 TFNS | Difference |
|---|---|---|---|
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 1.40% | 9.65% | 8.25% |
| VVisa Inc Class A | 0.94% | 6.97% | 6.03% |
| MAMastercard Inc | 0.71% | 6.28% | 5.57% |
| JPMJpmorgan Chase | 1.45% | 4.88% | 3.43% |
| BACBank of America Corp.: Financials | 0.62% | 4.52% | 3.90% |
| WFCWells Fargo & Co. | 0.40% | 4.42% | 4.02% |
| GSGoldman Sachs Group Inc/The | 0.45% | 3.67% | 3.22% |
| SCHWSchwab Strategic T | 0.27% | 3.60% | 3.33% |
| MSMorgan Stanley | 0.38% | 2.69% | 2.31% |
| COFCapital One Financial Corp. | 0.20% | 2.76% | 2.56% |
83.5% of TFNS 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 TFNS?
SPY has an expense ratio of 0.09% while TFNS charges 0.44%. SPY is the cheaper option, by $35 a year on a $10,000 investment.
Which performed better, SPY or TFNS?
Over the past year SPY returned +16.40% vs +11.22% for TFNS, so SPY leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +21.55% vs +13.80% for TFNS. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TFNS?
SPY has been the more volatile fund at 12.0% annualized versus 11.7% for TFNS. Worst drawdown: SPY -8.9% vs TFNS -14.0%.
Should I hold both SPY and TFNS?
SPY and TFNS have a monthly-return correlation of 0.34, 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 TFNS?
83.5% of TFNS's money is in holdings SPY also owns. 83.5% of TFNS's is in holdings SPY also owns. They hold 50 positions in common, counted across the 504 positions we hold weights for in SPY and 82 in TFNS.
Which pays a higher dividend, SPY or TFNS?
SPY yields 0.98% while TFNS yields 0.46%, so SPY currently pays the higher dividend yield.
Is TFNS better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 49.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.