SPY vs TPZ
State Street SPDR S&P 500 ETF Trust vs Tortoise Essential Energy Fund
Quick Verdict
SPY has a lower expense ratio. TPZ delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | TPZ | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.85% | |
| AUM | $821.1B | $121M | |
| Dividend Yield | 1.01% | 3.15% | |
| Holdings | 505 | 35 | |
| YTD Return | +12.93% | +3.09% | |
| 1Y Return | +20.62% | +58.31% | |
| 3Y Return (annualized) | +22.00% | +23.77% | |
| 5Y Return (annualized) | +13.33% | +13.32% | |
| Volatility (annualized) | 15.3% | 24.4% | |
| Max Drawdown | -56.5% | -87.9% | |
| Fund Family | State Street Investment Management | Tortoise Capital | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jul 29, 2009 |
SPY vs TPZ Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Tortoise Essential Energy Fund (TPZ) is a ETF from Tortoise Capital. Over the past year SPY returned +20.62% while TPZ returned +58.31%. Year to date, SPY is up 12.93% versus a gain of 3.09% for TPZ.
Over three years, SPY compounded at +22.00% per year against +23.77% for TPZ; over five years the annualized figures are +13.33% and +13.32% respectively. Across the full 16-year window we track, SPY has the edge at +8.82% annualized vs +8.26%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TPZ has been the more volatile fund, with annualized monthly volatility of 24.4% 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 -87.9% for TPZ. 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 0.65. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TPZ charges 0.85%. On a $10,000 position that is $9 vs $85 annually, a gap of $76 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 3.15% for TPZ.
Holdings Overlap
SPY and TPZ share 15 holdings out of 520 unique holdings combined, representing a 1.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or TPZ?
SPY has an expense ratio of 0.09% while TPZ charges 0.85%. SPY is the cheaper option. On a $10,000 investment, that is $76 per year of difference.
Which performed better, SPY or TPZ?
Over the past year SPY returned +20.62% vs +58.31% for TPZ, so TPZ leads on 1-year performance. Over the longest common window we track (16 years), SPY annualized +8.82% vs +8.26% for TPZ. Past performance does not guarantee future results.
Which is riskier, SPY or TPZ?
TPZ has been the more volatile fund at 24.4% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs TPZ -87.9%.
Should I hold both SPY and TPZ?
SPY and TPZ have a monthly-return correlation of 0.65, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TPZ?
SPY and TPZ share 15 common holdings with a 1.4% weight overlap. Combined, they hold 520 unique securities.
Which pays a higher dividend, SPY or TPZ?
SPY yields 1.01% while TPZ yields 3.15%, so TPZ currently pays the higher dividend yield.
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