SPY vs TOKE
State Street SPDR S&P 500 ETF Trust vs Cambria Cannabis ETF
Which is better, SPY or TOKE?
Large Cap Blend against Mid Cap Growth.
SPY has a lower expense ratio. SPY led over 1Y and the full window.
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 | TOKE |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.44% |
| AUM | $804.7B | $14M |
| Dividend Yield | 0.98% | 1.06% |
| Holdings | 505 | 24 |
| Volatility (annualized) | 16.8%Best | 35.5% |
| Max Drawdown | -34.1%Best | -83.3% |
| $10,000 over 6.7 years | $25,330Best | $2,670 |
| Fund Family | State Street Investment Management | Cambria Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Growth |
| Inception | Jan 22, 1993 | Jul 25, 2019 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 146 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. SPY has data through Sep 10, 2026 and TOKE through Apr 17, 2026.
Volatility and max drawdown, and the $10,000 over 6.7 years row, are measured over the window both funds cover: Jul 25, 2019 to Apr 17, 2026 (6.7 years).
Risk: Volatility and Drawdowns
TOKE has been the more volatile fund, with annualized monthly volatility of 35.5% compared with 16.8% 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 -34.1% for SPY and -83.3% for TOKE. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.48. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while TOKE charges 0.44%. On a $10,000 position that is $9 vs $44 annually, a gap of $35 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 1.06% for TOKE.
Holdings Overlap
At least 0.6% of SPY's money is in holdings TOKE also owns.
Stated as a floor: for TOKE, our book for it covers 69.9% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 186 days apart, SPY as of Aug 4, 2026 and TOKE as of Jan 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
2 positions in common, counted across the 504 positions we hold weights for in SPY and 16 in TOKE, against full books of 505 and 24.
You are not choosing between two funds in isolation.
Whichever of SPY and TOKE you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or TOKE?
SPY has an expense ratio of 0.09% while TOKE charges 0.44%. SPY is the cheaper option, by $35 a year on a $10,000 investment.
Which is riskier, SPY or TOKE?
TOKE has been the more volatile fund at 35.5% annualized versus 16.8% for SPY. Worst drawdown: SPY -34.1% vs TOKE -83.3%.
Should I hold both SPY and TOKE?
SPY and TOKE have a monthly-return correlation of 0.48, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or TOKE?
SPY yields 0.98% while TOKE yields 1.06%, so TOKE currently pays the higher dividend yield.
Is TOKE better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.