SPY vs TMET
State Street SPDR S&P 500 ETF Trust vs iShares Transition-Enabling Metals ETF
Which is better, SPY or TMET?
Large Cap Blend against Commodities.
SPY has a lower expense ratio. TMET 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 | TMET |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.48% |
| AUM | $804.7B | $13M |
| Dividend Yield | 0.98% | 12.93% |
| Holdings | 505 | 20 |
| Volatility (annualized) | 12.9%Best | 22.4% |
| Max Drawdown | -18.8%Best | -22.2% |
| $10,000 over 2.7 years | $18,314 | $25,132Best |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) |
| Category | Equity | Commodity |
| Style | Large Cap Blend | Commodities |
| Inception | Jan 22, 1993 | Sep 26, 2023 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 105 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. SPY has data through Sep 10, 2026 and TMET through May 28, 2026.
Volatility and max drawdown, and the $10,000 over 2.7 years row, are measured over the window both funds cover: Sep 28, 2023 to May 28, 2026 (2.7 years).
Risk: Volatility and Drawdowns
TMET has been the more volatile fund, with annualized monthly volatility of 22.4% compared with 12.9% 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 -18.8% for SPY and -22.2% for TMET. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at -0.10. They move largely independently of each other.
Fees and Cost Over Time
SPY charges 0.09% per year while TMET charges 0.48%. On a $10,000 position that is $9 vs $48 annually, a gap of $39 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 12.93% for TMET.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 2 in TMET, totalling 100.0% and 69.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 216 days apart, SPY as of Aug 4, 2026 and TMET as of Dec 31, 2025, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 2 in TMET, against full books of 505 and 20.
You are not choosing between two funds in isolation.
Whichever of SPY and TMET 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 TMET?
SPY has an expense ratio of 0.09% while TMET charges 0.48%. SPY is the cheaper option, by $39 a year on a $10,000 investment.
Which is riskier, SPY or TMET?
TMET has been the more volatile fund at 22.4% annualized versus 12.9% for SPY. Worst drawdown: SPY -18.8% vs TMET -22.2%.
Should I hold both SPY and TMET?
SPY and TMET have a monthly-return correlation of -0.10, 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 TMET?
SPY yields 0.98% while TMET yields 12.93%, so TMET currently pays the higher dividend yield.
Is TMET better than SPY?
SPY has a lower expense ratio. TMET 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.