SPY vs TPLS
State Street SPDR S&P 500 ETF Trust vs Thornburg Core Plus Bond ETF
Which is better, SPY or TPLS?
Large Cap Blend against High Yield Bond.
SPY has a lower expense ratio. SPY led over 1Y 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 | TPLS |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.45% |
| AUM | $804.7B | $15M |
| Dividend Yield | 0.98% | 5.31% |
| Holdings | 505 | 337 |
| YTD Return | +10.96%Best | -1.01% |
| 1Y Return | +15.52%Best | -0.61% |
| 3Y Return (annualized) | +20.73% | - |
| 5Y Return (annualized) | +12.53% | - |
| Volatility (annualized) | 13.3% | 3.5%Best |
| Max Drawdown | -18.8% | -3.0%Best |
| $10,000 over 1.6 years | $12,675Best | $10,488 |
| Fund Family | State Street Investment Management | Thornburg Investment Management |
| Category | Equity | Fixed Income |
| Style | Large Cap Blend | High Yield Bond |
| Inception | Jan 22, 1993 | Feb 5, 2025 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.6 years row, are measured over the window both funds cover: Feb 5, 2025 to Sep 16, 2026 (1.6 years).
SPY vs TPLS 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 1.6 years both funds cover.
SPY vs TPLS Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Thornburg Core Plus Bond ETF (TPLS) is an ETF from Thornburg Investment Management. Over the past year SPY returned +15.52% while TPLS returned -0.61%. Year to date, SPY is up 10.96% versus a loss of 1.01% for TPLS.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 13.3% compared with 3.5% for TPLS. 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 -3.0% for TPLS. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.25. They move largely independently of each other.
Fees and Cost Over Time
SPY charges 0.09% per year while TPLS charges 0.45%. On a $10,000 position that is $9 vs $45 annually, a gap of $36 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 5.31% for TPLS.
Holdings Overlap
At least 0.3% of SPY's money is in holdings TPLS also owns.
Stated as a floor: for TPLS, our book for it covers 43.2% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 93 days apart, SPY as of Sep 1, 2026 and TPLS as of May 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
4 positions in common, counted across the 504 positions we hold weights for in SPY and 200 in TPLS, against full books of 505 and 337.
You are not choosing between two funds in isolation.
Whichever of SPY and TPLS 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 TPLS?
SPY has an expense ratio of 0.09% while TPLS charges 0.45%. SPY is the cheaper option, by $36 a year on a $10,000 investment.
Which performed better, SPY or TPLS?
Over the past year SPY returned +15.52% vs -0.61% for TPLS, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +15.97% vs +3.02% for TPLS. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TPLS?
SPY has been the more volatile fund at 13.3% annualized versus 3.5% for TPLS. Worst drawdown: SPY -18.8% vs TPLS -3.0%.
Should I hold both SPY and TPLS?
SPY and TPLS have a monthly-return correlation of 0.25, 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 TPLS?
SPY yields 0.98% while TPLS yields 5.31%, so TPLS currently pays the higher dividend yield.
Is TPLS better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.