SPY vs TLTW
State Street SPDR S&P 500 ETF Trust vs iShares 20+ Year Treasury Bond BuyWrite Strategy ETF
Which is better, SPY or TLTW?
Large Cap Blend against Long Term High Quality.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window.
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 | TLTW |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.35% |
| AUM | $804.7B | $1.8B |
| Dividend Yield | 0.98% | 10.93% |
| Holdings | 505 | 49 |
| YTD Return | +11.52%Best | -7.95% |
| 1Y Return | +17.48%Best | -7.40% |
| 3Y Return (annualized) | +20.62%Best | -1.06% |
| 5Y Return (annualized) | +12.73% | - |
| Volatility (annualized) | 14.2% | 12.1%Best |
| Max Drawdown | -18.8% | -18.6%Best |
| $10,000 over 4.1 years | $19,493Best | $8,890 |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) |
| Category | Equity | Fixed Income |
| Style | Large Cap Blend | Long Term High Quality |
| Inception | Jan 22, 1993 | Aug 18, 2022 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 4.1 years row, are measured over the window both funds cover: Aug 22, 2022 to Sep 10, 2026 (4.1 years).
SPY vs TLTW 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 4.1 years both funds cover.
SPY vs TLTW Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) is an ETF from iShares by BlackRock (US). Over the past year SPY returned +17.48% while TLTW returned -7.40%. Year to date, SPY is up 11.52% versus a loss of 7.95% for TLTW.
Over three years, SPY compounded at +20.62% per year against -1.06% for TLTW. Across the full 4-year window we track, SPY has the edge at +17.68% annualized vs -2.83%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.2% compared with 12.1% for TLTW. 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 -18.8% for SPY and -18.6% for TLTW. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.54. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while TLTW charges 0.35%. On a $10,000 position that is $9 vs $35 annually, a gap of $26 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 10.93% for TLTW.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 2 in TLTW, totalling 100.0% and 100.1% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 2 in TLTW, against full books of 505 and 49.
You are not choosing between two funds in isolation.
Whichever of SPY and TLTW you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or TLTW?
SPY has an expense ratio of 0.09% while TLTW charges 0.35%. SPY is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, SPY or TLTW?
Over the past year SPY returned +17.48% vs -7.40% for TLTW, so SPY leads on 1-year performance. Over the longest common window we track (4 years), SPY annualized +17.68% vs -2.83% for TLTW. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TLTW?
SPY has been the more volatile fund at 14.2% annualized versus 12.1% for TLTW. Worst drawdown: SPY -18.8% vs TLTW -18.6%.
Should I hold both SPY and TLTW?
SPY and TLTW have a monthly-return correlation of 0.54, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or TLTW?
SPY yields 0.98% while TLTW yields 10.93%, so TLTW currently pays the higher dividend yield.
Is TLTW better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.