SPY vs TSI
State Street SPDR S&P 500 ETF Trust vs TCW Strategic Income Fund Inc.
Which is better, SPY or TSI?
Large Cap Blend against Diversified Sectoral Bond.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 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 | TSI |
|---|---|---|
| Expense Ratio | 0.09%Best | 1.03% |
| AUM | $804.7B | - |
| Dividend Yield | 0.98% | 7.68% |
| Holdings | 505 | 746 |
| YTD Return | +10.96%Best | -7.73% |
| 1Y Return | +15.52%Best | -5.56% |
| 3Y Return (annualized) | +20.73%Best | +5.56% |
| 5Y Return (annualized) | +12.53%Best | +1.82% |
| Volatility (annualized) | 15.3%Best | 18.3% |
| Max Drawdown | -56.5%Best | -83.3% |
| $10,000 over 5 years | $18,044Best | $10,944 |
| Fund Family | State Street Investment Management | TCW Funds |
| Category | Equity | Fixed Income |
| Style | Large Cap Blend | Diversified Sectoral Bond |
| Inception | Jan 22, 1993 | Mar 5, 1987 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 4, 1996 to Sep 16, 2026 (30.7 years).
SPY vs TSI 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs TSI Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and TCW Strategic Income Fund Inc. (TSI) is an ETF from TCW Funds. Over the past year SPY returned +15.52% while TSI returned -5.56%. Year to date, SPY is up 10.96% versus a loss of 7.73% for TSI.
Over three years, SPY compounded at +20.73% per year against +5.56% for TSI; over five years the annualized figures are +12.53% and +1.82% respectively. Across the full 31-year window we track, SPY has the edge at +8.76% annualized vs +0.18%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TSI has been the more volatile fund, with annualized monthly volatility of 18.3% 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 -83.3% for TSI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.37. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while TSI charges 1.03%. On a $10,000 position that is $9 vs $103 annually, a gap of $94 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 7.68% for TSI.
Holdings Overlap
At least 0.5% of SPY's money is in holdings TSI also owns.
Stated as a floor: for TSI, our book for it covers 24.5% 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 154 days apart, SPY as of Sep 1, 2026 and TSI as of Mar 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
3 positions in common, counted across the 504 positions we hold weights for in SPY and 247 in TSI, against full books of 505 and 746.
You are not choosing between two funds in isolation.
Whichever of SPY and TSI 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 TSI?
SPY has an expense ratio of 0.09% while TSI charges 1.03%. SPY is the cheaper option, by $94 a year on a $10,000 investment.
Which performed better, SPY or TSI?
Over the past year SPY returned +15.52% vs -5.56% for TSI, so SPY leads on 1-year performance. Over the longest common window we track (31 years), SPY annualized +8.76% vs +0.18% for TSI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TSI?
TSI has been the more volatile fund at 18.3% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs TSI -83.3%.
Should I hold both SPY and TSI?
SPY and TSI have a monthly-return correlation of 0.37, 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 TSI?
SPY yields 0.98% while TSI yields 7.68%, so TSI currently pays the higher dividend yield.
Is TSI better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.