SPY vs TOLL
State Street SPDR S&P 500 ETF Trust vs Tema Durable Quality 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 | TOLL | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.55% | |
| AUM | $821.1B | $59M | |
| Dividend Yield | 1.01% | 0.26% | |
| Holdings | 505 | 37 | |
| YTD Return | +12.22% | +10.86% | |
| 1Y Return | +20.83% | +14.91% | |
| 3Y Return (annualized) | +21.70% | +16.27% | |
| 5Y Return (annualized) | +12.98% | - | |
| Volatility (annualized) | 15.3% | 15.5% | |
| Max Drawdown | -56.5% | -15.5% | |
| Fund Family | State Street Investment Management | Tema Global Limited | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | May 11, 2023 |
SPY vs TOLL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Tema Durable Quality ETF (TOLL) is a ETF from Tema Global Limited. Over the past year SPY returned +20.83% while TOLL returned +14.91%. Year to date, SPY is up 12.22% versus a gain of 10.86% for TOLL.
Over three years, SPY compounded at +21.70% per year against +16.27% for TOLL. Across the full 3-year window we track, TOLL has the edge at +14.80% annualized vs +8.79%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TOLL has been the more volatile fund, with annualized monthly volatility of 15.5% 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 -15.5% for TOLL. 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 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while TOLL charges 0.55%. On a $10,000 position that is $9 vs $55 annually, a gap of $46 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.26% for TOLL.
Holdings Overlap
SPY and TOLL share 26 holdings out of 513 unique holdings combined, representing a 9.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or TOLL?
SPY has an expense ratio of 0.09% while TOLL charges 0.55%. SPY is the cheaper option. On a $10,000 investment, that is $46 per year of difference.
Which performed better, SPY or TOLL?
Over the past year SPY returned +20.83% vs +14.91% for TOLL, so SPY leads on 1-year performance. Over the longest common window we track (3 years), SPY annualized +8.79% vs +14.80% for TOLL. Past performance does not guarantee future results.
Which is riskier, SPY or TOLL?
TOLL has been the more volatile fund at 15.5% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs TOLL -15.5%.
Should I hold both SPY and TOLL?
SPY and TOLL have a monthly-return correlation of 0.85, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TOLL?
SPY and TOLL share 26 common holdings with a 9.8% weight overlap. Combined, they hold 513 unique securities.
Which pays a higher dividend, SPY or TOLL?
SPY yields 1.01% while TOLL yields 0.26%, so SPY currently pays the higher dividend yield.
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