SPY vs TLTD
State Street SPDR S&P 500 ETF Trust vs FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund
Quick Verdict
SPY has a lower expense ratio. TLTD delivered stronger 1-year returns. TLTD offers more diversification with 2317 holdings.
Side-by-Side Comparison
| Metric | SPY | TLTD | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.39% | |
| AUM | $789.1B | $661M | |
| Dividend Yield | 1.01% | 3.41% | |
| Holdings | 505 | 2,387 | |
| YTD Return | +14.47% | +13.64% | |
| 1Y Return | +21.96% | +25.04% | |
| 3Y Return (annualized) | +21.70% | +21.38% | |
| 5Y Return (annualized) | +13.30% | +10.81% | |
| Volatility (annualized) | 15.3% | 15.1% | |
| Max Drawdown | -56.5% | -44.6% | |
| Fund Family | State Street Investment Management | Flexshares Trust | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Sep 25, 2012 |
SPY vs TLTD Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund (TLTD) is a ETF from Flexshares Trust. Over the past year SPY returned +21.96% while TLTD returned +25.04%. Year to date, SPY is up 14.47% versus a gain of 13.64% for TLTD.
Over three years, SPY compounded at +21.70% per year against +21.38% for TLTD; over five years the annualized figures are +13.30% and +10.81% respectively. Across the full 14-year window we track, SPY has the edge at +8.87% annualized vs +7.00%. 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 15.1% for TLTD. 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 -44.6% for TLTD. 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 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while TLTD charges 0.39%. On a $10,000 position that is $9 vs $39 annually, a gap of $30 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 3.41% for TLTD.
Holdings Overlap
Frequently Asked Questions
Which is cheaper, SPY or TLTD?
SPY has an expense ratio of 0.09% while TLTD charges 0.39%. SPY is the cheaper option. On a $10,000 investment, that is $30 per year of difference.
Which performed better, SPY or TLTD?
Over the past year SPY returned +21.96% vs +25.04% for TLTD, so TLTD leads on 1-year performance. Over the longest common window we track (14 years), SPY annualized +8.87% vs +7.00% for TLTD. Past performance does not guarantee future results.
Which is riskier, SPY or TLTD?
SPY has been the more volatile fund at 15.3% annualized versus 15.1% for TLTD. Worst drawdown: SPY -56.5% vs TLTD -44.6%.
Should I hold both SPY and TLTD?
SPY and TLTD have a monthly-return correlation of 0.81, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TLTD?
SPY and TLTD share 2 common holdings with a 0.1% weight overlap. Combined, they hold 2818 unique securities.
Which pays a higher dividend, SPY or TLTD?
SPY yields 1.01% while TLTD yields 3.41%, so TLTD currently pays the higher dividend yield.
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