SPY vs TOAO
State Street SPDR S&P 500 ETF Trust vs Twin Oak Active Opportunities III ETF
Quick Verdict
SPY has a lower expense ratio. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | TOAO | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.95% | |
| AUM | $821.1B | $448M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 49 | |
| YTD Return | +12.68% | +7.63% | |
| 1Y Return | +21.82% | - | |
| 3Y Return (annualized) | +21.98% | - | |
| 5Y Return (annualized) | +12.89% | - | |
| Volatility (annualized) | 15.3% | - | |
| Max Drawdown | -56.5% | -4.2% | |
| Fund Family | State Street Investment Management | Twin Oak | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Apr 24, 2026 |
SPY vs TOAO Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Twin Oak Active Opportunities III ETF (TOAO) is a ETF from Twin Oak. Year to date, SPY is up 12.68% versus a gain of 7.63% for TOAO.
Risk: Volatility and Drawdowns
The deepest peak-to-trough decline in our data was -56.5% for SPY and -4.2% for TOAO. 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 TOAO charges 0.95%. On a $10,000 position that is $9 vs $95 annually, a gap of $86 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.00% for TOAO.
Holdings Overlap
SPY and TOAO share 17 holdings out of 515 unique holdings combined, representing a 26.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or TOAO?
SPY has an expense ratio of 0.09% while TOAO charges 0.95%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
What is the holdings overlap between SPY and TOAO?
SPY and TOAO share 17 common holdings with a 26.0% weight overlap. Combined, they hold 515 unique securities.
Which pays a higher dividend, SPY or TOAO?
SPY yields 1.01% while TOAO yields 0.00%, so SPY currently pays the higher dividend yield.
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