SPY vs TOLL
State Street SPDR S&P 500 ETF Trust vs Tema Durable Quality ETF
Which is better, SPY or TOLL?
Large Cap Blend against Large Cap Growth.
SPY has a lower expense ratio. SPY led over 3Y and the full window, TOLL over 1Y.
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 | TOLL |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.55% |
| AUM | $804.7B | $58M |
| Dividend Yield | 0.98% | 0.25% |
| Holdings | 505 | 37 |
| YTD Return | +11.52% | +13.07%Best |
| 1Y Return | +17.48% | +19.12%Best |
| 3Y Return (annualized) | +20.62%Best | +16.45% |
| 5Y Return (annualized) | +12.73% | - |
| Volatility (annualized) | 12.8%Best | 15.3% |
| Max Drawdown | -18.8% | -15.5%Best |
| $10,000 over 3.3 years | $19,031Best | $15,951 |
| Fund Family | State Street Investment Management | Tema Global Limited |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Growth |
| Inception | Jan 22, 1993 | May 11, 2023 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 3.3 years row, are measured over the window both funds cover: May 11, 2023 to Sep 10, 2026 (3.3 years).
SPY vs TOLL 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 3.3 years both funds cover.
SPY vs TOLL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Tema Durable Quality ETF (TOLL) is an ETF from Tema Global Limited. Over the past year SPY returned +17.48% while TOLL returned +19.12%. Year to date, SPY is up 11.52% versus a gain of 13.07% for TOLL.
Over three years, SPY compounded at +20.62% per year against +16.45% for TOLL.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TOLL has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 12.8% 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 -15.5% for TOLL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.84. 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 0.98% against 0.25% for TOLL.
Holdings Overlap
At least 10.2% of SPY's money is in holdings TOLL also owns.
Stated as a floor: for TOLL, our book for it covers 92.0% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and TOLL share little of their money.
26 positions in common, counted across the 504 positions we hold weights for in SPY and 37 in TOLL, against full books of 505 and 37.
Top Shared Holdings
| Stock | Weight in SPY | Weight in TOLL | Difference |
|---|---|---|---|
| LRCXLam Research Corp | 0.60% | 5.65% | 5.05% |
| GEGeneral Electric Co. | 0.59% | 5.59% | 5.00% |
| VVisa Inc | 0.92% | 5.14% | 4.22% |
| AVGOBroadcom Inc | 2.97% | 2.97% | 0.00% |
| FTNTFortinet Inc. | 0.16% | 5.29% | 5.13% |
| KLACKla Corp. | 0.38% | 4.53% | 4.15% |
| CBOECboe Global Markets Inc. | 0.05% | 4.59% | 4.54% |
| AMATApplied Materials, Inc. | 0.65% | 3.27% | 2.62% |
| KEYSKeysight Technologies Inc. | 0.09% | 3.35% | 3.26% |
| TMOThermo Fisher Scientific Inc | 0.32% | 2.99% | 2.67% |
You are not choosing between two funds in isolation.
Whichever of SPY and TOLL 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 TOLL?
SPY has an expense ratio of 0.09% while TOLL charges 0.55%. SPY is the cheaper option, by $46 a year on a $10,000 investment.
Which performed better, SPY or TOLL?
Over the past year SPY returned +17.48% vs +19.12% for TOLL, so TOLL leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TOLL?
TOLL has been the more volatile fund at 15.3% annualized versus 12.8% for SPY. Worst drawdown: SPY -18.8% vs TOLL -15.5%.
Should I hold both SPY and TOLL?
SPY and TOLL have a monthly-return correlation of 0.84, 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 TOLL?
At least 10.2% of SPY's money is in holdings TOLL also owns. Our book for TOLL is partial, so the real figure is this or higher. They hold 26 positions in common, counted across the 504 positions we hold weights for in SPY and 37 in TOLL.
Which pays a higher dividend, SPY or TOLL?
SPY yields 0.98% while TOLL yields 0.25%, so SPY currently pays the higher dividend yield.
Is TOLL better than SPY?
SPY has a lower expense ratio. SPY led over 3Y and the full window, TOLL over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.