SPY vs TLTX
State Street SPDR S&P 500 ETF Trust vs Global X Treasury Bond Enhanced 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 | TLTX | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.29% | |
| AUM | $821.1B | $15M | |
| Dividend Yield | 1.01% | 19.42% | |
| Holdings | 505 | 17 | |
| YTD Return | +12.68% | -12.05% | |
| 1Y Return | +21.82% | -10.27% | |
| 3Y Return (annualized) | +21.98% | - | |
| 5Y Return (annualized) | +12.89% | - | |
| Volatility (annualized) | 15.3% | 9.3% | |
| Max Drawdown | -56.5% | -17.0% | |
| Fund Family | State Street Investment Management | Global X by mirae Asset | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Jul 15, 2025 |
SPY vs TLTX Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Global X Treasury Bond Enhanced Income ETF (TLTX) is a ETF from Global X by mirae Asset. Over the past year SPY returned +21.82% while TLTX returned -10.27%. Year to date, SPY is up 12.68% versus a loss of 12.05% for TLTX.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 9.3% for TLTX. 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 -17.0% for TLTX. 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 0.22. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TLTX charges 0.29%. On a $10,000 position that is $9 vs $29 annually, a gap of $20 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 19.42% for TLTX.
Holdings Overlap
SPY and TLTX share 0 holdings out of 505 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 TLTX?
SPY has an expense ratio of 0.09% while TLTX charges 0.29%. SPY is the cheaper option. On a $10,000 investment, that is $20 per year of difference.
Which performed better, SPY or TLTX?
Over the past year SPY returned +21.82% vs -10.27% for TLTX, so SPY leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +8.81% vs -7.87% for TLTX. Past performance does not guarantee future results.
Which is riskier, SPY or TLTX?
SPY has been the more volatile fund at 15.3% annualized versus 9.3% for TLTX. Worst drawdown: SPY -56.5% vs TLTX -17.0%.
Should I hold both SPY and TLTX?
SPY and TLTX have a monthly-return correlation of 0.22, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TLTX?
SPY and TLTX share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, SPY or TLTX?
SPY yields 1.01% while TLTX yields 19.42%, so TLTX currently pays the higher dividend yield.
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