SPY vs TOK
State Street SPDR S&P 500 ETF Trust vs iShares MSCI Kokusai ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. TOK offers more diversification with 1,136 holdings.
Side-by-Side Comparison
| Metric | SPY | TOK | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.25% | |
| AUM | $821.1B | $259M | |
| Dividend Yield | 1.01% | 1.31% | |
| Holdings | 505 | 1,136 | |
| YTD Return | +12.22% | +12.05% | |
| 1Y Return | +20.83% | +20.53% | |
| 3Y Return (annualized) | +21.70% | +21.14% | |
| 5Y Return (annualized) | +12.98% | +11.80% | |
| Volatility (annualized) | 15.3% | 16.5% | |
| Max Drawdown | -56.5% | -56.6% | |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Dec 10, 2007 |
SPY vs TOK Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and iShares MSCI Kokusai ETF (TOK) is a ETF from iShares by BlackRock (US). Over the past year SPY returned +20.83% while TOK returned +20.53%. Year to date, SPY is up 12.22% versus a gain of 12.05% for TOK.
Over three years, SPY compounded at +21.70% per year against +21.14% for TOK; over five years the annualized figures are +12.98% and +11.80% respectively. Across the full 19-year window we track, SPY has the edge at +8.79% annualized vs +6.88%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TOK has been the more volatile fund, with annualized monthly volatility of 16.5% 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 -56.6% for TOK. 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 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while TOK 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 1.31% for TOK.
Holdings Overlap
SPY and TOK share 387 holdings out of 1009 unique holdings combined, representing a 70.7% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, SPY or TOK?
SPY has an expense ratio of 0.09% while TOK 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 TOK?
Over the past year SPY returned +20.83% vs +20.53% for TOK, so SPY leads on 1-year performance. Over the longest common window we track (19 years), SPY annualized +8.79% vs +6.88% for TOK. Past performance does not guarantee future results.
Which is riskier, SPY or TOK?
TOK has been the more volatile fund at 16.5% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs TOK -56.6%.
Should I hold both SPY and TOK?
SPY and TOK have a monthly-return correlation of 0.97, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between SPY and TOK?
SPY and TOK share 387 common holdings with a 70.7% weight overlap. Combined, they hold 1009 unique securities.
Which pays a higher dividend, SPY or TOK?
SPY yields 1.01% while TOK yields 1.31%, so TOK currently pays the higher dividend yield.
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