SPY vs TMET
State Street SPDR S&P 500 ETF Trust vs iShares Transition-Enabling Metals ETF
Quick Verdict
SPY has a lower expense ratio. TMET delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | TMET | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.48% | |
| AUM | $821.1B | $13M | |
| Dividend Yield | 1.01% | 12.93% | |
| Holdings | 505 | 20 | |
| YTD Return | +14.24% | +12.70% | |
| 1Y Return | +21.71% | +63.60% | |
| 3Y Return (annualized) | +22.10% | - | |
| 5Y Return (annualized) | +13.21% | - | |
| Volatility (annualized) | 15.3% | 22.4% | |
| Max Drawdown | -56.5% | -22.2% | |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) | |
| Category | Equity | Commodity | |
| Inception | Jan 22, 1993 | Sep 26, 2023 |
SPY vs TMET Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and iShares Transition-Enabling Metals ETF (TMET) is a ETF from iShares by BlackRock (US). Over the past year SPY returned +21.71% while TMET returned +63.60%. Year to date, SPY is up 14.24% versus a gain of 12.70% for TMET.
Risk: Volatility and Drawdowns
TMET has been the more volatile fund, with annualized monthly volatility of 22.4% compared with 15.3% 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 -56.5% for SPY and -22.2% for TMET. 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 -0.10. They move independently enough that combining them can meaningfully diversify a portfolio.
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 1.01% against 12.93% for TMET.
Holdings Overlap
SPY and TMET share 0 holdings out of 506 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 TMET?
SPY has an expense ratio of 0.09% while TMET charges 0.48%. SPY is the cheaper option. On a $10,000 investment, that is $39 per year of difference.
Which performed better, SPY or TMET?
Over the past year SPY returned +21.71% vs +63.60% for TMET, so TMET leads on 1-year performance. Over the longest common window we track (3 years), SPY annualized +8.86% vs +40.68% for TMET. Past performance does not guarantee future results.
Which is riskier, SPY or TMET?
TMET has been the more volatile fund at 22.4% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs TMET -22.2%.
Should I hold both SPY and TMET?
SPY and TMET have a monthly-return correlation of -0.10, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TMET?
SPY and TMET share 0 common holdings with a 0.0% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, SPY or TMET?
SPY yields 1.01% while TMET yields 12.93%, so TMET currently pays the higher dividend yield.
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