SPY vs TRSY
State Street SPDR S&P 500 ETF Trust vs Xtrackers US 0-1 Year Treasury ETF
Quick Verdict
TRSY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | TRSY | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.06% | |
| AUM | $789.1B | $80M | |
| Dividend Yield | 1.01% | 3.72% | |
| Holdings | 505 | 88 | |
| YTD Return | +14.47% | +0.33% | |
| 1Y Return | +21.96% | +1.53% | |
| 3Y Return (annualized) | +21.70% | - | |
| 5Y Return (annualized) | +13.30% | - | |
| Volatility (annualized) | 15.3% | 0.6% | |
| Max Drawdown | -56.5% | -0.8% | |
| Fund Family | State Street Investment Management | Xtrackers ETFs | |
| Category | Equity | Fixed Income | |
| Inception | Jan 22, 1993 | Oct 9, 2024 |
SPY vs TRSY Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Xtrackers US 0-1 Year Treasury ETF (TRSY) is a ETF from Xtrackers ETFs. Over the past year SPY returned +21.96% while TRSY returned +1.53%. Year to date, SPY is up 14.47% versus a gain of 0.33% for TRSY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 0.6% for TRSY. 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 -0.8% for TRSY. 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 0.03. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TRSY charges 0.06%. On a $10,000 position that is $9 vs $6 annually, a gap of $3 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 3.72% for TRSY.
Holdings Overlap
SPY and TRSY share 0 holdings out of 551 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or TRSY?
SPY has an expense ratio of 0.09% while TRSY charges 0.06%. TRSY is the cheaper option. On a $10,000 investment, that is $3 per year of difference.
Which performed better, SPY or TRSY?
Over the past year SPY returned +21.96% vs +1.53% for TRSY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +8.87% vs +2.85% for TRSY. Past performance does not guarantee future results.
Which is riskier, SPY or TRSY?
SPY has been the more volatile fund at 15.3% annualized versus 0.6% for TRSY. Worst drawdown: SPY -56.5% vs TRSY -0.8%.
Should I hold both SPY and TRSY?
SPY and TRSY have a monthly-return correlation of 0.03, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TRSY?
SPY and TRSY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 551 unique securities.
Which pays a higher dividend, SPY or TRSY?
SPY yields 1.01% while TRSY yields 3.72%, so TRSY currently pays the higher dividend yield.
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