SPY vs TOGA
State Street SPDR S&P 500 ETF Trust vs Tremblant Global 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 | TOGA | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.69% | |
| AUM | $821.1B | $184M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 29 | |
| YTD Return | +12.22% | -8.58% | |
| 1Y Return | +20.83% | -9.02% | |
| 3Y Return (annualized) | +21.70% | - | |
| 5Y Return (annualized) | +12.98% | - | |
| Volatility (annualized) | 15.3% | 17.8% | |
| Max Drawdown | -56.5% | -28.5% | |
| Fund Family | State Street Investment Management | Tremblant Advisors LP | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Aug 1, 2022 |
SPY vs TOGA Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Tremblant Global ETF (TOGA) is a ETF from Tremblant Advisors LP. Over the past year SPY returned +20.83% while TOGA returned -9.02%. Year to date, SPY is up 12.22% versus a loss of 8.58% for TOGA.
Risk: Volatility and Drawdowns
TOGA has been the more volatile fund, with annualized monthly volatility of 17.8% compared with 15.3% 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 -56.5% for SPY and -28.5% for TOGA. 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 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while TOGA charges 0.69%. On a $10,000 position that is $9 vs $69 annually, a gap of $60 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.00% for TOGA.
Holdings Overlap
SPY and TOGA share 8 holdings out of 526 unique holdings combined, representing a 3.7% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or TOGA?
SPY has an expense ratio of 0.09% while TOGA charges 0.69%. SPY is the cheaper option. On a $10,000 investment, that is $60 per year of difference.
Which performed better, SPY or TOGA?
Over the past year SPY returned +20.83% vs -9.02% for TOGA, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +8.79% vs +9.11% for TOGA. Past performance does not guarantee future results.
Which is riskier, SPY or TOGA?
TOGA has been the more volatile fund at 17.8% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs TOGA -28.5%.
Should I hold both SPY and TOGA?
SPY and TOGA have a monthly-return correlation of 0.76, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TOGA?
SPY and TOGA share 8 common holdings with a 3.7% weight overlap. Combined, they hold 526 unique securities.
Which pays a higher dividend, SPY or TOGA?
SPY yields 1.01% while TOGA yields 0.00%, so SPY currently pays the higher dividend yield.
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