SPY vs TMAT
State Street SPDR S&P 500 ETF Trust vs Main Thematic Innovation ETF
Which is better, SPY or TMAT?
Large Cap Blend against All Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 5Y and the full window, TMAT over 3Y. TMAT is less concentrated, with 27.4% of the fund in its ten largest positions against 38.2%.
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 | TMAT |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.82% |
| AUM | $811.2B | $260M |
| Dividend Yield | 0.98% | 0.02% |
| Holdings | 1,515 | 168 |
| YTD Return | +12.70% | +19.15%Best |
| 1Y Return | +15.53%Best | +10.17% |
| 3Y Return (annualized) | +22.86% | +30.66%Best |
| 5Y Return (annualized) | +13.47%Best | +6.58% |
| Volatility (annualized) | 15.0%Best | 27.7% |
| Max Drawdown | -24.5%Best | -58.5% |
| $10,000 over 5 years | $18,811Best | $13,752 |
| Top 10 Weight | 38.2% | 27.4%Best |
| Fund Family | State Street Investment Management | Main Management ETF Advisors, LLC |
| Category | Equity | Equity |
| Style | Large Cap Blend | All Cap Blend |
| Inception | Jan 22, 1993 | Jan 28, 2021 |
Volatility and max drawdown are measured over the window both funds cover: Jan 29, 2021 to Oct 1, 2026 (5.7 years).
SPY vs TMAT 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 5.7 years both funds cover.
SPY vs TMAT Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Main Thematic Innovation ETF (TMAT) is an ETF from Main Management ETF Advisors, LLC. Over the past year SPY returned +15.53% while TMAT returned +10.17%. Year to date, SPY is up 12.70% versus a gain of 19.15% for TMAT.
Over three years, SPY compounded at +22.86% per year against +30.66% for TMAT; over five years the annualized figures are +13.47% and +6.58% respectively. Across the full 6-year window we track, SPY has the edge at +15.18% annualized vs +3.64%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TMAT has been the more volatile fund, with annualized monthly volatility of 27.7% compared with 15.0% for SPY. 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 -24.5% for SPY and -58.5% for TMAT. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while TMAT charges 0.82%. On a $10,000 position that is $9 vs $82 annually, a gap of $73 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.02% for TMAT.
Holdings Overlap
6.5% of SPY's money is in holdings TMAT also owns. 44.7% of TMAT's money is in holdings SPY also owns.
The two portfolios partly overlap.
33 positions in common, counted across the 504 positions we hold weights for in SPY and 84 in TMAT, against full books of 1,515 and 168.
What only one of them owns
Our book lists 42 positions for TMAT that do not appear in our book for SPY (44.9% of the fund), and 463 for SPY that do not appear in TMAT (92.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in SPY | Weight in TMAT | Difference |
|---|---|---|---|
| MUMicron Technology, Inc. | 1.59% | 4.95% | 3.36% |
| PANWPalo Alto Networks, Inc | 0.46% | 4.39% | 3.93% |
| AMDAdvanced Micro Devices Inc | 1.22% | 2.20% | 0.98% |
| LITELumentum Holdings Inc | 0.10% | 2.64% | 2.54% |
| FTNTFortinet Inc | 0.16% | 2.51% | 2.35% |
| KEYSKeysight Technologies Inc. | 0.08% | 2.04% | 1.96% |
| GEVGe Vernova, Inc. | 0.36% | 1.36% | 1.00% |
| MRVLMarvell Technology Group Ltd. | 0.29% | 1.43% | 1.14% |
| TERTeradyne Inc - Common | 0.08% | 1.62% | 1.54% |
| VRTVertiv Co. | 0.14% | 1.38% | 1.24% |
44.7% of TMAT is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or TMAT?
SPY has an expense ratio of 0.09% while TMAT charges 0.82%. SPY is the cheaper option, by $73 a year on a $10,000 investment.
Which performed better, SPY or TMAT?
Over the past year SPY returned +15.53% vs +10.17% for TMAT, so SPY leads on 1-year performance. Over the longest common window we track (6 years), SPY annualized +15.18% vs +3.64% for TMAT. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TMAT?
TMAT has been the more volatile fund at 27.7% annualized versus 15.0% for SPY. Worst drawdown: SPY -24.5% vs TMAT -58.5%.
Should I hold both SPY and TMAT?
SPY and TMAT have a monthly-return correlation of 0.77, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPY and TMAT?
44.7% of TMAT's money is in holdings SPY also owns. 44.7% of TMAT's is in holdings SPY also owns. They hold 33 positions in common, counted across the 504 positions we hold weights for in SPY and 84 in TMAT.
Which pays a higher dividend, SPY or TMAT?
SPY yields 0.98% while TMAT yields 0.02%, so SPY currently pays the higher dividend yield.
Is TMAT better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 5Y and the full window, TMAT over 3Y. TMAT is less concentrated, with 27.4% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.