SPY vs TPAY
State Street SPDR S&P 500 ETF Trust vs Roundhill S&P 500 Target 10 Managed Distribution ETF
Which is better, SPY or TPAY?
Large Cap Blend against Option Writing.
SPY has a lower expense ratio. SPY led over 1Y, 5Y 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 | TPAY |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.49% |
| AUM | $804.7B | $2M |
| Dividend Yield | 0.98% | 4.67% |
| Holdings | 505 | 4 |
| YTD Return | +13.81%Best | +6.62% |
| 1Y Return | +16.94%Best | +6.62% |
| 3Y Return (annualized) | +22.84% | - |
| 5Y Return (annualized) | +13.50%Best | +3.46% |
| Volatility (annualized) | 16.4%Best | 55.9% |
| Max Drawdown | -34.1%Best | -49.6% |
| $10,000 over 5 years | $18,836Best | $11,854 |
| Fund Family | State Street Investment Management | Roundhill Investments |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Option Writing |
| Inception | Jan 22, 1993 | Feb 18, 2026 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Feb 1, 2019 to Sep 22, 2026 (7.6 years).
SPY vs TPAY 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 7.6 years both funds cover.
SPY vs TPAY Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Roundhill S&P 500 Target 10 Managed Distribution ETF (TPAY) is an ETF from Roundhill Investments. Over the past year SPY returned +16.94% while TPAY returned +6.62%. Year to date, SPY is up 13.81% versus a gain of 6.62% for TPAY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TPAY has been the more volatile fund, with annualized monthly volatility of 55.9% compared with 16.4% 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 -49.6% for TPAY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.33. They move together some of the time, and apart the rest.
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 0.98% against 4.67% for TPAY.
You are not choosing between two funds in isolation.
Whichever of SPY and TPAY 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 TPAY?
SPY has an expense ratio of 0.09% while TPAY charges 0.49%. SPY is the cheaper option, by $40 a year on a $10,000 investment.
Which performed better, SPY or TPAY?
Over the past year SPY returned +16.94% vs +6.62% for TPAY, so SPY leads on 1-year performance. Over the longest common window we track (8 years), SPY annualized +15.89% vs +10.91% for TPAY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TPAY?
TPAY has been the more volatile fund at 55.9% annualized versus 16.4% for SPY. Worst drawdown: SPY -34.1% vs TPAY -49.6%.
Should I hold both SPY and TPAY?
SPY and TPAY have a monthly-return correlation of 0.33, 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 TPAY?
SPY yields 0.98% while TPAY yields 4.67%, so TPAY currently pays the higher dividend yield.
Is TPAY better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.