SPY vs TILT
State Street SPDR S&P 500 ETF Trust vs Northern Trust Morningstar US Market Factor Tilt ETF
Which is better, SPY or TILT?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and 5Y, TILT over the full window. The two have moved almost in lockstep, correlation 0.97. TILT is less concentrated, with 25.3% of the fund in its ten largest positions against 38.0%.
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 | TILT |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.25% |
| AUM | $804.7B | $2.2B |
| Dividend Yield | 0.98% | 1.05% |
| Holdings | 505 | 1,929 |
| YTD Return | +12.47% | +12.76%Best |
| 1Y Return | +17.51%Best | +17.12% |
| 3Y Return (annualized) | +21.18%Best | +19.61% |
| 5Y Return (annualized) | +12.88%Best | +11.44% |
| Volatility (annualized) | 14.1%Best | 15.5% |
| Max Drawdown | -34.1%Best | -38.5% |
| $10,000 over 5 years | $18,327Best | $17,187 |
| Top 10 Weight | 38.0% | 25.3%Best |
| Fund Family | State Street Investment Management | Northern Trust Asset Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Sep 16, 2011 |
Volatility and max drawdown are measured over the window both funds cover: Sep 22, 2011 to Sep 11, 2026 (15 years).
SPY vs TILT 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 15 years both funds cover.
SPY vs TILT Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Northern Trust Morningstar US Market Factor Tilt ETF (TILT) is an ETF from Northern Trust Asset Management. Over the past year SPY returned +17.51% while TILT returned +17.12%. Year to date, SPY is up 12.47% versus a gain of 12.76% for TILT.
Over three years, SPY compounded at +21.18% per year against +19.61% for TILT; over five years the annualized figures are +12.88% and +11.44% respectively. Across the full 15-year window we track, TILT has the edge at +14.43% annualized vs +14.19%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TILT has been the more volatile fund, with annualized monthly volatility of 15.5% compared with 14.1% 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 -34.1% for SPY and -38.5% for TILT. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.97. 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 TILT charges 0.25%. On a $10,000 position that is $9 vs $25 annually, a gap of $16 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 1.05% for TILT.
Holdings Overlap
99.5% of SPY's money is in holdings TILT also owns. 73.3% of TILT's money is in holdings SPY also owns.
Most of SPY is already inside TILT. Owning both mostly buys the same companies twice.
498 positions in common, counted across the 504 positions we hold weights for in SPY and 1,902 in TILT, against full books of 505 and 1,929.
What only one of them owns
Our book lists 1,029 positions for TILT that do not appear in our book for SPY (24.3% of the fund), and 5 for SPY that do not appear in TILT (0.3%).
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 TILT | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.71% | 5.21% | 2.50% |
| AAPLApple, Inc | 6.83% | 4.39% | 2.44% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.50% | 3.62% | 1.88% |
| AMZNAmazon.Com Inc | 4.08% | 2.60% | 1.48% |
| GOOGLAlphabet A Usd 0.001 | 3.33% | 1.98% | 1.35% |
| AVGOBroadcom Inc | 2.97% | 1.91% | 1.06% |
| GOOGAlphabet Inc | 2.67% | 1.59% | 1.08% |
| METAMeta Platforms, Inc. | 1.94% | 1.56% | 0.38% |
| MUMicron Technology, Inc. | 1.51% | 1.26% | 0.25% |
| JPMJpmorgan Chase & Co. | 1.44% | 1.21% | 0.23% |
99.5% of SPY is already inside TILT.
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 TILT?
SPY has an expense ratio of 0.09% while TILT charges 0.25%. SPY is the cheaper option, by $16 a year on a $10,000 investment.
Which performed better, SPY or TILT?
Over the past year SPY returned +17.51% vs +17.12% for TILT, so SPY leads on 1-year performance. Over the longest common window we track (15 years), SPY annualized +14.19% vs +14.43% for TILT. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TILT?
TILT has been the more volatile fund at 15.5% annualized versus 14.1% for SPY. Worst drawdown: SPY -34.1% vs TILT -38.5%.
Should I hold both SPY and TILT?
SPY and TILT have a monthly-return correlation of 0.97, 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 TILT?
99.5% of SPY's money is in holdings TILT also owns. 73.3% of TILT's is in holdings SPY also owns. They hold 498 positions in common, counted across the 504 positions we hold weights for in SPY and 1,902 in TILT.
Which pays a higher dividend, SPY or TILT?
SPY yields 0.98% while TILT yields 1.05%, so TILT currently pays the higher dividend yield.
Is TILT better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and 5Y, TILT over the full window. The two have moved almost in lockstep, correlation 0.97. TILT is less concentrated, with 25.3% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.