SPY vs TPAY
State Street SPDR S&P 500 ETF Trust vs Roundhill S&P 500 Target 10 Managed Distribution ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | TPAY | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.49% | |
| AUM | $789.1B | $2M | |
| Dividend Yield | 1.01% | 3.15% | |
| Holdings | 505 | 0 | |
| YTD Return | +13.39% | +7.84% | |
| 1Y Return | +22.52% | +7.84% | |
| 3Y Return (annualized) | +21.36% | - | |
| 5Y Return (annualized) | +13.19% | +3.16% | |
| Volatility (annualized) | 15.3% | 56.5% | |
| Max Drawdown | -56.5% | -49.6% | |
| Fund Family | State Street Investment Management | Roundhill Investments | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Feb 18, 2026 |
SPY vs TPAY Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Roundhill S&P 500 Target 10 Managed Distribution ETF (TPAY) is a ETF from Roundhill Investments. Over the past year SPY returned +22.52% while TPAY returned +7.84%. Year to date, SPY is up 13.39% versus a gain of 7.84% for TPAY.
Risk: Volatility and Drawdowns
TPAY has been the more volatile fund, with annualized monthly volatility of 56.5% 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 -49.6% for TPAY. 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 0.33. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TPAY charges 0.49%. On a $10,000 position that is $9 vs $49 annually, a gap of $40 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 3.15% for TPAY.
Frequently Asked Questions
Which is cheaper, SPY or TPAY?
SPY has an expense ratio of 0.09% while TPAY charges 0.49%. SPY is the cheaper option. On a $10,000 investment, that is $40 per year of difference.
Which performed better, SPY or TPAY?
Over the past year SPY returned +22.52% vs +7.84% for TPAY, so SPY leads on 1-year performance. Over the longest common window we track (8 years), SPY annualized +8.84% vs +11.25% for TPAY. Past performance does not guarantee future results.
Which is riskier, SPY or TPAY?
TPAY has been the more volatile fund at 56.5% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs TPAY -49.6%.
Should I hold both SPY and TPAY?
SPY and TPAY have a monthly-return correlation of 0.33, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, SPY or TPAY?
SPY yields 1.01% while TPAY yields 3.15%, so TPAY currently pays the higher dividend yield.
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