SPY vs TOGA
State Street SPDR S&P 500 ETF Trust vs Tremblant Global ETF
Which is better, SPY or TOGA?
Large Cap Blend against Mid Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 46.1%.
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 | TOGA |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.69% |
| AUM | $804.7B | $176M |
| Dividend Yield | 0.98% | 0.00% |
| Holdings | 505 | 30 |
| YTD Return | +11.52%Best | -12.43% |
| 1Y Return | +17.48%Best | -14.65% |
| 3Y Return (annualized) | +20.62% | - |
| 5Y Return (annualized) | +12.73% | - |
| Volatility (annualized) | 11.8%Best | 17.7% |
| Max Drawdown | -18.8%Best | -28.5% |
| $10,000 over 2.4 years | $15,344Best | $11,737 |
| Top 10 Weight | 38.0%Best | 46.1% |
| Fund Family | State Street Investment Management | Tremblant Advisors LP |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Blend |
| Inception | Jan 22, 1993 | Aug 1, 2022 |
Volatility and max drawdown, and the $10,000 over 2.4 years row, are measured over the window both funds cover: May 3, 2024 to Sep 10, 2026 (2.4 years).
SPY vs TOGA 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 2.4 years both funds cover.
SPY vs TOGA Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Tremblant Global ETF (TOGA) is an ETF from Tremblant Advisors LP. Over the past year SPY returned +17.48% while TOGA returned -14.65%. Year to date, SPY is up 11.52% versus a loss of 12.43% for TOGA.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TOGA has been the more volatile fund, with annualized monthly volatility of 17.7% compared with 11.8% 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 -28.5% for TOGA. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.77. 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 0.98% against 0.00% for TOGA.
Holdings Overlap
0.7% of SPY's money is in holdings TOGA also owns. 26.6% of TOGA's money is in holdings SPY also owns.
TOGA and SPY share little of their money.
7 positions in common, counted across the 504 positions we hold weights for in SPY and 28 in TOGA, against full books of 505 and 30.
What only one of them owns
Our book lists 17 positions for TOGA that do not appear in our book for SPY (59.7% of the fund), and 487 for SPY that do not appear in TOGA (98.8%).
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 TOGA | Difference |
|---|---|---|---|
| DASHDoordash Inc | 0.12% | 5.11% | 4.99% |
| UBERUber Technologies Inc | 0.22% | 4.46% | 4.24% |
| LYVLive Nation Entertainment Inc | 0.04% | 3.96% | 3.92% |
| CMGChipotle Mexican Grill Inc. Class A | 0.07% | 3.66% | 3.59% |
| TKOTko Group Holdings Inc | 0.02% | 3.63% | 3.61% |
| CSGPCostar Group Inc. | 0.02% | 3.38% | 3.36% |
| PGRProgressive Corp. | 0.19% | 2.41% | 2.22% |
26.6% of TOGA 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 TOGA?
SPY has an expense ratio of 0.09% while TOGA charges 0.69%. SPY is the cheaper option, by $60 a year on a $10,000 investment.
Which performed better, SPY or TOGA?
Over the past year SPY returned +17.48% vs -14.65% for TOGA, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +19.53% vs +6.90% for TOGA. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TOGA?
TOGA has been the more volatile fund at 17.7% annualized versus 11.8% for SPY. Worst drawdown: SPY -18.8% vs TOGA -28.5%.
Should I hold both SPY and TOGA?
SPY and TOGA have a monthly-return correlation of 0.77, 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 TOGA?
26.6% of TOGA's money is in holdings SPY also owns. 26.6% of TOGA's is in holdings SPY also owns. They hold 7 positions in common, counted across the 504 positions we hold weights for in SPY and 28 in TOGA.
Which pays a higher dividend, SPY or TOGA?
SPY yields 0.98% while TOGA yields 0.00%, so SPY currently pays the higher dividend yield.
Is TOGA better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 46.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.