SPY vs TSMU
State Street SPDR S&P 500 ETF Trust vs GraniteShares 2x Long TSM Daily ETF
Quick Verdict
SPY has a lower expense ratio. TSMU delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | TSMU | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 1.50% | |
| AUM | $821.1B | $63M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 2 | |
| YTD Return | +12.22% | +37.35% | |
| 1Y Return | +20.83% | +144.36% | |
| 3Y Return (annualized) | +21.70% | - | |
| 5Y Return (annualized) | +12.98% | - | |
| Volatility (annualized) | 15.3% | 73.0% | |
| Max Drawdown | -56.5% | -63.7% | |
| Fund Family | State Street Investment Management | GraniteShares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Nov 11, 2024 |
SPY vs TSMU Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and GraniteShares 2x Long TSM Daily ETF (TSMU) is a ETF from GraniteShares. Over the past year SPY returned +20.83% while TSMU returned +144.36%. Year to date, SPY is up 12.22% versus a gain of 37.35% for TSMU.
Risk: Volatility and Drawdowns
TSMU has been the more volatile fund, with annualized monthly volatility of 73.0% 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 -63.7% for TSMU. 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 0.62. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TSMU charges 1.50%. On a $10,000 position that is $9 vs $150 annually, a gap of $141 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.00% for TSMU.
Holdings Overlap
SPY and TSMU share 0 holdings out of 505 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 TSMU?
SPY has an expense ratio of 0.09% while TSMU charges 1.50%. SPY is the cheaper option. On a $10,000 investment, that is $141 per year of difference.
Which performed better, SPY or TSMU?
Over the past year SPY returned +20.83% vs +144.36% for TSMU, so TSMU leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +8.79% vs +76.43% for TSMU. Past performance does not guarantee future results.
Which is riskier, SPY or TSMU?
TSMU has been the more volatile fund at 73.0% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs TSMU -63.7%.
Should I hold both SPY and TSMU?
SPY and TSMU have a monthly-return correlation of 0.62, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TSMU?
SPY and TSMU share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, SPY or TSMU?
SPY yields 1.01% while TSMU yields 0.00%, so SPY currently pays the higher dividend yield.
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