SPY vs TMNL
State Street SPDR S&P 500 ETF Trust vs T. Rowe Price Long Municipal Income ETF
Quick Verdict
SPY has a lower expense ratio. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | TMNL | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.26% | |
| AUM | $821.1B | $22M | |
| Dividend Yield | 1.01% | 2.88% | |
| Holdings | 505 | 110 | |
| YTD Return | +14.24% | +1.73% | |
| 1Y Return | +21.71% | - | |
| 3Y Return (annualized) | +22.10% | - | |
| 5Y Return (annualized) | +13.21% | - | |
| Volatility (annualized) | 15.3% | - | |
| Max Drawdown | -56.5% | -2.9% | |
| Fund Family | State Street Investment Management | T.Rowe Price | |
| Category | Equity | Fixed Income | |
| Inception | Jan 22, 1993 | Nov 19, 2025 |
SPY vs TMNL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and T. Rowe Price Long Municipal Income ETF (TMNL) is a ETF from T.Rowe Price. Year to date, SPY is up 14.24% versus a gain of 1.73% for TMNL.
Risk: Volatility and Drawdowns
The deepest peak-to-trough decline in our data was -56.5% for SPY and -2.9% for TMNL. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
Fees and Cost Over Time
SPY charges 0.09% per year while TMNL charges 0.26%. On a $10,000 position that is $9 vs $26 annually, a gap of $17 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 2.88% for TMNL.
Holdings Overlap
SPY and TMNL share 0 holdings out of 542 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 TMNL?
SPY has an expense ratio of 0.09% while TMNL charges 0.26%. SPY is the cheaper option. On a $10,000 investment, that is $17 per year of difference.
What is the holdings overlap between SPY and TMNL?
SPY and TMNL share 0 common holdings with a 0.0% weight overlap. Combined, they hold 542 unique securities.
Which pays a higher dividend, SPY or TMNL?
SPY yields 1.01% while TMNL yields 2.88%, so TMNL currently pays the higher dividend yield.
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