SPY vs TMSL
State Street SPDR S&P 500 ETF Trust vs T. Rowe Price Small-Mid Cap ETF
Which is better, SPY or TMSL?
Large Cap Blend against Mid Cap Blend.
SPY has a lower expense ratio. SPY led over 3Y and the full window, TMSL over 1Y. TMSL is less concentrated, with 9.6% of the fund in its ten largest positions against 37.8%.
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 | TMSL |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.55% |
| AUM | $804.7B | $3.0B |
| Dividend Yield | 0.98% | 0.48% |
| Holdings | 505 | 287 |
| YTD Return | +10.96% | +12.87%Best |
| 1Y Return | +15.52% | +18.95%Best |
| 3Y Return (annualized) | +20.73%Best | +17.99% |
| 5Y Return (annualized) | +12.53% | - |
| Volatility (annualized) | 12.7%Best | 16.7% |
| Max Drawdown | -18.8%Best | -24.7% |
| $10,000 over 3.3 years | $17,893Best | $16,562 |
| Top 10 Weight | 37.8% | 9.6%Best |
| Fund Family | State Street Investment Management | T.Rowe Price |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Blend |
| Inception | Jan 22, 1993 | Jun 14, 2023 |
Volatility and max drawdown, and the $10,000 over 3.3 years row, are measured over the window both funds cover: Jun 15, 2023 to Sep 16, 2026 (3.3 years).
SPY vs TMSL 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 3.3 years both funds cover.
SPY vs TMSL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and T. Rowe Price Small-Mid Cap ETF (TMSL) is an ETF from T.Rowe Price. Over the past year SPY returned +15.52% while TMSL returned +18.95%. Year to date, SPY is up 10.96% versus a gain of 12.87% for TMSL.
Over three years, SPY compounded at +20.73% per year against +17.99% for TMSL.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TMSL has been the more volatile fund, with annualized monthly volatility of 16.7% compared with 12.7% 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 -24.7% for TMSL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.83. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while TMSL 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 0.48% for TMSL.
Holdings Overlap
1.1% of SPY's money is in holdings TMSL also owns. 15.8% of TMSL's money is in holdings SPY also owns.
TMSL and SPY share little of their money.
38 positions in common, counted across the 504 positions we hold weights for in SPY and 285 in TMSL, against full books of 505 and 287.
What only one of them owns
Our book lists 226 positions for TMSL that do not appear in our book for SPY (76.6% of the fund), and 459 for SPY that do not appear in TMSL (98.3%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in SPY | Weight in TMSL | Difference |
|---|---|---|---|
| CPAYCorpay Inc | 0.04% | 0.90% | 0.86% |
| CRLCharles River Laboratories International Inc | 0.02% | 0.75% | 0.73% |
| TDYTeledyne Technologies Inc | 0.04% | 0.71% | 0.67% |
| RLRalph Lauren Corp. Class A | 0.02% | 0.73% | 0.71% |
| TXTTextron Inc. | 0.02% | 0.71% | 0.69% |
| KEYKeycorp | 0.03% | 0.68% | 0.65% |
| SWKStanley Black Decker Inc. | 0.02% | 0.69% | 0.67% |
| ZBRAZebra Technologies Corp | 0.02% | 0.68% | 0.66% |
| VTRSViatris Inc. | 0.03% | 0.60% | 0.57% |
| SWKSSkyworks Solutions Inc. | 0.02% | 0.59% | 0.57% |
You are not choosing between two funds in isolation.
Whichever of SPY and TMSL 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 TMSL?
SPY has an expense ratio of 0.09% while TMSL charges 0.55%. SPY is the cheaper option, by $46 a year on a $10,000 investment.
Which performed better, SPY or TMSL?
Over the past year SPY returned +15.52% vs +18.95% for TMSL, so TMSL leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TMSL?
TMSL has been the more volatile fund at 16.7% annualized versus 12.7% for SPY. Worst drawdown: SPY -18.8% vs TMSL -24.7%.
Should I hold both SPY and TMSL?
SPY and TMSL have a monthly-return correlation of 0.83, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPY and TMSL?
15.8% of TMSL's money is in holdings SPY also owns. 15.8% of TMSL's is in holdings SPY also owns. They hold 38 positions in common, counted across the 504 positions we hold weights for in SPY and 285 in TMSL.
Which pays a higher dividend, SPY or TMSL?
SPY yields 0.98% while TMSL yields 0.48%, so SPY currently pays the higher dividend yield.
Is TMSL better than SPY?
SPY has a lower expense ratio. SPY led over 3Y and the full window, TMSL over 1Y. TMSL is less concentrated, with 9.6% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.