SPY vs TMB
State Street SPDR S&P 500 ETF Trust vs Thornburg Multi Sector Bond ETF
Which is better, SPY or TMB?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y 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 | TMB |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.55% |
| AUM | $804.7B | $259M |
| Dividend Yield | 0.98% | 4.71% |
| Holdings | 505 | 557 |
| YTD Return | +11.45%Best | -0.04% |
| 1Y Return | +15.87%Best | +0.74% |
| 3Y Return (annualized) | +20.93% | - |
| 5Y Return (annualized) | +12.59% | - |
| Volatility (annualized) | 13.2% | 2.2%Best |
| Max Drawdown | -18.8% | -2.0%Best |
| $10,000 over 1.6 years | $12,736Best | $10,657 |
| Fund Family | State Street Investment Management | Thornburg Investment Management |
| Category | Equity | Fixed Income |
| Style | Large Cap Blend | - |
| Inception | Jan 22, 1993 | Feb 5, 2025 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.6 years row, are measured over the window both funds cover: Feb 5, 2025 to Sep 15, 2026 (1.6 years).
SPY vs TMB 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 1.6 years both funds cover.
SPY vs TMB Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Thornburg Multi Sector Bond ETF (TMB) is an ETF from Thornburg Investment Management. Over the past year SPY returned +15.87% while TMB returned +0.74%. Year to date, SPY is up 11.45% versus a loss of 0.04% for TMB.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 13.2% compared with 2.2% for TMB. 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 -2.0% for TMB. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.31. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while TMB charges 0.55%. On a $10,000 position that is $9 vs $55 annually, a gap of $46 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 4.71% for TMB.
Holdings Overlap
At least 0.1% of SPY's money is in holdings TMB also owns.
Stated as a floor: for TMB, our book for it covers 44.0% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
1 positions in common, counted across the 504 positions we hold weights for in SPY and 324 in TMB, against full books of 505 and 557.
Top Shared Holdings
| Stock | Weight in SPY | Weight in TMB | Difference |
|---|---|---|---|
| DUKDuke Energy Corp (Duk) | 0.14% | 0.18% | 0.04% |
You are not choosing between two funds in isolation.
Whichever of SPY and TMB 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 TMB?
SPY has an expense ratio of 0.09% while TMB charges 0.55%. SPY is the cheaper option, by $46 a year on a $10,000 investment.
Which performed better, SPY or TMB?
Over the past year SPY returned +15.87% vs +0.74% for TMB, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +16.32% vs +4.06% for TMB. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TMB?
SPY has been the more volatile fund at 13.2% annualized versus 2.2% for TMB. Worst drawdown: SPY -18.8% vs TMB -2.0%.
Should I hold both SPY and TMB?
SPY and TMB have a monthly-return correlation of 0.31, 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 TMB?
SPY yields 0.98% while TMB yields 4.71%, so TMB currently pays the higher dividend yield.
Is TMB better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.