SPY vs TOPT
State Street SPDR S&P 500 ETF Trust vs iShares Top 20 US Stocks 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 | TOPT | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.20% | |
| AUM | $821.1B | $674M | |
| Dividend Yield | 1.01% | 0.39% | |
| Holdings | 505 | 25 | |
| YTD Return | +12.71% | +7.39% | |
| 1Y Return | +20.53% | +16.01% | |
| 3Y Return (annualized) | +21.60% | - | |
| 5Y Return (annualized) | +12.79% | - | |
| Volatility (annualized) | 15.3% | 15.8% | |
| Max Drawdown | -56.5% | -21.2% | |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Oct 23, 2024 |
SPY vs TOPT Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and iShares Top 20 US Stocks ETF (TOPT) is a ETF from iShares by BlackRock (US). Over the past year SPY returned +20.53% while TOPT returned +16.01%. Year to date, SPY is up 12.71% versus a gain of 7.39% for TOPT.
Risk: Volatility and Drawdowns
TOPT has been the more volatile fund, with annualized monthly volatility of 15.8% 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 -21.2% for TOPT. 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 0.93. 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 TOPT charges 0.20%. On a $10,000 position that is $9 vs $20 annually, a gap of $11 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.39% for TOPT.
Holdings Overlap
SPY and TOPT share 21 holdings out of 505 unique holdings combined, representing a 49.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or TOPT?
SPY has an expense ratio of 0.09% while TOPT charges 0.20%. SPY is the cheaper option. On a $10,000 investment, that is $11 per year of difference.
Which performed better, SPY or TOPT?
Over the past year SPY returned +20.53% vs +16.01% for TOPT, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +8.80% vs +17.84% for TOPT. Past performance does not guarantee future results.
Which is riskier, SPY or TOPT?
TOPT has been the more volatile fund at 15.8% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs TOPT -21.2%.
Should I hold both SPY and TOPT?
SPY and TOPT have a monthly-return correlation of 0.93, 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 TOPT?
SPY and TOPT share 21 common holdings with a 49.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, SPY or TOPT?
SPY yields 1.01% while TOPT yields 0.39%, so SPY currently pays the higher dividend yield.
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