SPY vs TOAK
State Street SPDR S&P 500 ETF Trust vs Twin Oak Short Horizon Absolute Return ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | TOAK | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.25% | |
| AUM | $821.1B | $93M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 3 | |
| YTD Return | +12.68% | +2.10% | |
| 1Y Return | +21.82% | +3.65% | |
| 3Y Return (annualized) | +21.98% | - | |
| 5Y Return (annualized) | +12.89% | - | |
| Volatility (annualized) | 15.3% | 0.4% | |
| Max Drawdown | -56.5% | -1.8% | |
| Fund Family | State Street Investment Management | Twin Oak | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Aug 19, 2024 |
SPY vs TOAK Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Twin Oak Short Horizon Absolute Return ETF (TOAK) is a ETF from Twin Oak. Over the past year SPY returned +21.82% while TOAK returned +3.65%. Year to date, SPY is up 12.68% versus a gain of 2.10% for TOAK.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 0.4% for TOAK. 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 -1.8% for TOAK. 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 -0.03. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TOAK charges 0.25%. On a $10,000 position that is $9 vs $25 annually, a gap of $16 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.00% for TOAK.
Holdings Overlap
SPY and TOAK share 0 holdings out of 505 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 TOAK?
SPY has an expense ratio of 0.09% while TOAK charges 0.25%. SPY is the cheaper option. On a $10,000 investment, that is $16 per year of difference.
Which performed better, SPY or TOAK?
Over the past year SPY returned +21.82% vs +3.65% for TOAK, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +8.81% vs +3.96% for TOAK. Past performance does not guarantee future results.
Which is riskier, SPY or TOAK?
SPY has been the more volatile fund at 15.3% annualized versus 0.4% for TOAK. Worst drawdown: SPY -56.5% vs TOAK -1.8%.
Should I hold both SPY and TOAK?
SPY and TOAK have a monthly-return correlation of -0.03, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TOAK?
SPY and TOAK share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, SPY or TOAK?
SPY yields 1.01% while TOAK yields 0.00%, so SPY currently pays the higher dividend yield.
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