SPY vs THRO
State Street SPDR S&P 500 ETF Trust vs iShares US Thematic Rotation Active ETF
Which is better, SPY or THRO?
Large Cap Blend against Large Cap Growth.
SPY has a lower expense ratio. THRO led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.98. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 43.0%.
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 | THRO |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.57% |
| AUM | $804.7B | $6.7B |
| Dividend Yield | 0.98% | 0.25% |
| Holdings | 505 | 244 |
| YTD Return | +11.45% | +12.74%Best |
| 1Y Return | +15.87% | +16.02%Best |
| 3Y Return (annualized) | +20.93% | +22.58%Best |
| 5Y Return (annualized) | +12.59% | - |
| Volatility (annualized) | 15.8%Best | 17.6% |
| Max Drawdown | -24.5%Best | -26.5% |
| $10,000 over 4.7 years | $17,221 | $17,805Best |
| Top 10 Weight | 37.8%Best | 43.0% |
| Fund Family | State Street Investment Management | BlackRock, Inc. (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Growth |
| Inception | Jan 22, 1993 | Dec 14, 2021 |
Volatility and max drawdown, and the $10,000 over 4.7 years row, are measured over the window both funds cover: Dec 16, 2021 to Sep 15, 2026 (4.7 years).
SPY vs THRO 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 4.7 years both funds cover.
SPY vs THRO Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and iShares US Thematic Rotation Active ETF (THRO) is an ETF from BlackRock, Inc. (US). Over the past year SPY returned +15.87% while THRO returned +16.02%. Year to date, SPY is up 11.45% versus a gain of 12.74% for THRO.
Over three years, SPY compounded at +20.93% per year against +22.58% for THRO.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
THRO has been the more volatile fund, with annualized monthly volatility of 17.6% compared with 15.8% 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 -26.5% for THRO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 THRO charges 0.57%. On a $10,000 position that is $9 vs $57 annually, a gap of $48 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.25% for THRO.
Holdings Overlap
74.2% of SPY's money is in holdings THRO also owns. 94.6% of THRO's money is in holdings SPY also owns.
Most of THRO is already inside SPY. Owning both mostly buys the same companies twice.
169 positions in common, counted across the 504 positions we hold weights for in SPY and 248 in THRO, against full books of 505 and 244.
What only one of them owns
Our book lists 31 positions for THRO that do not appear in our book for SPY (4.3% of the fund), and 328 for SPY that do not appear in THRO (25.1%).
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 THRO | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.01% | 8.26% | 0.25% |
| AAPLApple, Inc | 7.26% | 7.87% | 0.61% |
| MSFTMicrosoft Corp | 5.66% | 6.55% | 0.89% |
| AMZNAmazon.Com Inc | 3.79% | 4.76% | 0.97% |
| GOOGLAlphabet Inc,class A | 2.99% | 3.73% | 0.74% |
| AVGOBroadcom Inc | 2.66% | 2.40% | 0.26% |
| GOOGAlphabet Inc | 2.39% | 1.87% | 0.52% |
| JPMJpmorgan Chase | 1.45% | 2.77% | 1.32% |
| MUMicron Technology, Inc. | 1.60% | 2.23% | 0.63% |
| METAMeta Platforms Inc | 1.93% | 1.41% | 0.52% |
94.6% of THRO 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 THRO?
SPY has an expense ratio of 0.09% while THRO charges 0.57%. SPY is the cheaper option, by $48 a year on a $10,000 investment.
Which performed better, SPY or THRO?
Over the past year SPY returned +15.87% vs +16.02% for THRO, so THRO leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or THRO?
THRO has been the more volatile fund at 17.6% annualized versus 15.8% for SPY. Worst drawdown: SPY -24.5% vs THRO -26.5%.
Should I hold both SPY and THRO?
SPY and THRO 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.
What is the holdings overlap between SPY and THRO?
94.6% of THRO's money is in holdings SPY also owns. 94.6% of THRO's is in holdings SPY also owns. They hold 169 positions in common, counted across the 504 positions we hold weights for in SPY and 248 in THRO.
Which pays a higher dividend, SPY or THRO?
SPY yields 0.98% while THRO yields 0.25%, so SPY currently pays the higher dividend yield.
Is THRO better than SPY?
SPY has a lower expense ratio. THRO led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.98. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 43.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.