SPY vs TMNL
State Street SPDR S&P 500 ETF Trust vs T. Rowe Price Long Municipal Income ETF
Which is better, SPY or TMNL?
Large Cap Blend against Long Term Municipal Bond.
SPY has a lower expense ratio. SPY led over 1Y.
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 | TMNL |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.26% |
| AUM | $777.9B | $25M |
| Dividend Yield | 1.00% | 4.02% |
| Holdings | 1,011 | 264 |
| YTD Return | +11.04%Best | +2.18% |
| 1Y Return | +11.65%Best | +2.60% |
| 3Y Return (annualized) | +21.01% | - |
| 5Y Return (annualized) | +11.48% | - |
| Volatility (annualized) | 13.4% | 6.6%Best |
| Fund Family | State Street Investment Management | T.Rowe Price |
| Category | Equity | Fixed Income |
| Style | Large Cap Blend | Long Term Municipal Bond |
| Inception | Jan 22, 1993 | Nov 19, 2025 |
Not shown on this pair: Max Drawdown, $10,000 over the window, Top 10 Weight.
SPY vs TMNL 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs TMNL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and T. Rowe Price Long Municipal Income ETF (TMNL) is an ETF from T.Rowe Price. Over the past year SPY returned +11.65% while TMNL returned +2.60%. Year to date, SPY is up 11.04% versus a gain of 2.18% for TMNL.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 13.4% compared with 6.6% for TMNL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.28. They move largely independently of each other.
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 1.00% against 4.02% for TMNL.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 46 in TMNL, totalling 100.1% and 33.2% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 46 in TMNL, against full books of 1,011 and 264.
You are not choosing between two funds in isolation.
Whichever of SPY and TMNL 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 TMNL?
SPY has an expense ratio of 0.09% while TMNL charges 0.26%. SPY is the cheaper option, by $17 a year on a $10,000 investment.
Which performed better, SPY or TMNL?
Over the past year SPY returned +11.65% vs +2.60% for TMNL, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TMNL?
SPY has been the more volatile fund at 13.4% annualized versus 6.6% for TMNL.
Should I hold both SPY and TMNL?
SPY and TMNL have a monthly-return correlation of 0.28, 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 TMNL?
SPY yields 1.00% while TMNL yields 4.02%, so TMNL currently pays the higher dividend yield.
Is TMNL better than SPY?
SPY has a lower expense ratio. SPY led over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.