SPY vs TOAO
State Street SPDR S&P 500 ETF Trust vs Twin Oak Active Opportunities III ETF
Which is better, SPY or TOAO?
SPY costs less.
SPY has a lower expense ratio. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 57.2%.
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 | TOAO |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.95% |
| AUM | $804.7B | $439M |
| Dividend Yield | 0.98% | 0.00% |
| Holdings | 505 | 49 |
| YTD Return | +12.22%Best | +6.98% |
| 1Y Return | +16.97% | - |
| 3Y Return (annualized) | +21.16% | - |
| 5Y Return (annualized) | +13.00% | - |
| Top 10 Weight | 37.8%Best | 57.2% |
| Fund Family | State Street Investment Management | Twin Oak |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Apr 24, 2026 |
Not shown on this pair: Volatility (annualized), Max Drawdown, $10,000 over the window.
SPY vs TOAO 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 TOAO Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Twin Oak Active Opportunities III ETF (TOAO) is an ETF from Twin Oak. Year to date, SPY is up 12.22% versus a gain of 6.98% for TOAO.
Past performance does not guarantee future results.
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 0.98% against 0.00% for TOAO.
Holdings Overlap
29.4% of SPY's money is in holdings TOAO also owns. 65.7% of TOAO's money is in holdings SPY also owns.
The two portfolios partly overlap.
18 positions in common, counted across the 504 positions we hold weights for in SPY and 28 in TOAO, against full books of 505 and 49.
What only one of them owns
Our book lists 5 positions for TOAO that do not appear in our book for SPY (13.5% of the fund), and 479 for SPY that do not appear in TOAO (70.0%).
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 TOAO | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.01% | 6.33% | 1.68% |
| MSFTMicrosoft Corp | 5.66% | 5.33% | 0.33% |
| AMZNAmazon.Com Inc | 3.79% | 7.10% | 3.31% |
| CRWDCrowdstrike Holdings Inc | 0.33% | 7.96% | 7.63% |
| AVGOBroadcom Inc | 2.66% | 5.44% | 2.78% |
| GOOGAlphabet Inc | 2.39% | 4.63% | 2.24% |
| METAMeta Platforms Inc | 1.93% | 3.64% | 1.71% |
| AMDAdvanced Micro Devices Inc | 1.14% | 3.99% | 2.85% |
| SCHWSchwab Strategic T | 0.27% | 4.01% | 3.74% |
| VVisa Inc Class A | 0.94% | 2.75% | 1.81% |
65.7% of TOAO is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
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, by $86 a year on a $10,000 investment.
What is the holdings overlap between SPY and TOAO?
65.7% of TOAO's money is in holdings SPY also owns. 65.7% of TOAO's is in holdings SPY also owns. They hold 18 positions in common, counted across the 504 positions we hold weights for in SPY and 28 in TOAO.
Which pays a higher dividend, SPY or TOAO?
SPY yields 0.98% while TOAO yields 0.00%, so SPY currently pays the higher dividend yield.
Is TOAO better than SPY?
SPY has a lower expense ratio. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 57.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.