SPY vs TLH
State Street SPDR S&P 500 ETF Trust vs iShares 10-20 Year Treasury Bond 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 | TLH | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.15% | |
| AUM | $789.1B | $11.1B | |
| Dividend Yield | 1.01% | 4.44% | |
| Holdings | 505 | 61 | |
| YTD Return | +14.47% | -2.15% | |
| 1Y Return | +21.96% | -0.29% | |
| 3Y Return (annualized) | +21.70% | +1.64% | |
| 5Y Return (annualized) | +13.30% | -5.16% | |
| Volatility (annualized) | 15.3% | 9.9% | |
| Max Drawdown | -56.5% | -42.1% | |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) | |
| Category | Equity | Fixed Income | |
| Inception | Jan 22, 1993 | Jan 5, 2007 |
SPY vs TLH Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and iShares 10-20 Year Treasury Bond ETF (TLH) is a ETF from iShares by BlackRock (US). Over the past year SPY returned +21.96% while TLH returned -0.29%. Year to date, SPY is up 14.47% versus a loss of 2.15% for TLH.
Over three years, SPY compounded at +21.70% per year against +1.64% for TLH; over five years the annualized figures are +13.30% and -5.16% respectively. Across the full 20-year window we track, SPY has the edge at +8.87% annualized vs +0.77%. 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 9.9% for TLH. 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 -42.1% for TLH. 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 -0.02. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TLH charges 0.15%. On a $10,000 position that is $9 vs $15 annually, a gap of $6 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 4.44% for TLH.
Holdings Overlap
SPY and TLH share 0 holdings out of 560 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 TLH?
SPY has an expense ratio of 0.09% while TLH charges 0.15%. SPY is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, SPY or TLH?
Over the past year SPY returned +21.96% vs -0.29% for TLH, so SPY leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +8.87% vs +0.77% for TLH. Past performance does not guarantee future results.
Which is riskier, SPY or TLH?
SPY has been the more volatile fund at 15.3% annualized versus 9.9% for TLH. Worst drawdown: SPY -56.5% vs TLH -42.1%.
Should I hold both SPY and TLH?
SPY and TLH have a monthly-return correlation of -0.02, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TLH?
SPY and TLH share 0 common holdings with a 0.0% weight overlap. Combined, they hold 560 unique securities.
Which pays a higher dividend, SPY or TLH?
SPY yields 1.01% while TLH yields 4.44%, so TLH currently pays the higher dividend yield.
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