SPY vs TLTP
State Street SPDR S&P 500 ETF Trust vs Amplify TLT US Treasury 12% Option Income 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 | TLTP | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.39% | |
| AUM | $821.1B | $25M | |
| Dividend Yield | 1.01% | 15.05% | |
| Holdings | 505 | 5 | |
| YTD Return | +12.22% | -8.87% | |
| 1Y Return | +20.83% | -7.14% | |
| 3Y Return (annualized) | +21.70% | - | |
| 5Y Return (annualized) | +12.98% | - | |
| Volatility (annualized) | 15.3% | 8.7% | |
| Max Drawdown | -56.5% | -13.3% | |
| Fund Family | State Street Investment Management | Amplify ETFs | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Oct 29, 2024 |
SPY vs TLTP Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Amplify TLT US Treasury 12% Option Income ETF (TLTP) is a ETF from Amplify ETFs. Over the past year SPY returned +20.83% while TLTP returned -7.14%. Year to date, SPY is up 12.22% versus a loss of 8.87% for TLTP.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 8.7% for TLTP. 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 -13.3% for TLTP. 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 0.19. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TLTP 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 15.05% for TLTP.
Holdings Overlap
SPY and TLTP share 0 holdings out of 507 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 TLTP?
SPY has an expense ratio of 0.09% while TLTP 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 TLTP?
Over the past year SPY returned +20.83% vs -7.14% for TLTP, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +8.79% vs -5.01% for TLTP. Past performance does not guarantee future results.
Which is riskier, SPY or TLTP?
SPY has been the more volatile fund at 15.3% annualized versus 8.7% for TLTP. Worst drawdown: SPY -56.5% vs TLTP -13.3%.
Should I hold both SPY and TLTP?
SPY and TLTP have a monthly-return correlation of 0.19, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TLTP?
SPY and TLTP share 0 common holdings with a 0.0% weight overlap. Combined, they hold 507 unique securities.
Which pays a higher dividend, SPY or TLTP?
SPY yields 1.01% while TLTP yields 15.05%, so TLTP currently pays the higher dividend yield.
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