SPY vs TSPA
State Street SPDR S&P 500 ETF Trust vs T Rowe Price US Equity Research ETF
Which is better, SPY or TSPA?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. TSPA led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00. TSPA is less concentrated, with 36.4% of the fund in its ten largest positions against 37.8%.
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 | TSPA |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.34% |
| AUM | $804.7B | $4.5B |
| Dividend Yield | 0.98% | 0.55% |
| Holdings | 505 | 330 |
| YTD Return | +12.09% | +12.26%Best |
| 1Y Return | +16.29% | +16.49%Best |
| 3Y Return (annualized) | +21.20% | +21.35%Best |
| 5Y Return (annualized) | +13.37% | +13.88%Best |
| Volatility (annualized) | 15.5%Best | 15.7% |
| Max Drawdown | -24.5%Best | -24.7% |
| $10,000 over 5 years | $18,728 | $19,153Best |
| Top 10 Weight | 37.8% | 36.4%Best |
| Fund Family | State Street Investment Management | T.Rowe Price |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Jun 8, 2021 |
Volatility and max drawdown are measured over the window both funds cover: Jun 9, 2021 to Sep 18, 2026 (5.3 years).
SPY vs TSPA 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 5.3 years both funds cover.
SPY vs TSPA Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and T Rowe Price US Equity Research ETF (TSPA) is an ETF from T.Rowe Price. Over the past year SPY returned +16.29% while TSPA returned +16.49%. Year to date, SPY is up 12.09% versus a gain of 12.26% for TSPA.
Over three years, SPY compounded at +21.20% per year against +21.35% for TSPA; over five years the annualized figures are +13.37% and +13.88% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TSPA has been the more volatile fund, with annualized monthly volatility of 15.7% compared with 15.5% 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 -24.5% for SPY and -24.7% for TSPA. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 1.00. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while TSPA charges 0.34%. On a $10,000 position that is $9 vs $34 annually, a gap of $25 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.55% for TSPA.
Holdings Overlap
87.2% of SPY's money is in holdings TSPA also owns. 94.7% of TSPA's money is in holdings SPY also owns.
Most of TSPA is already inside SPY. Owning both mostly buys the same companies twice.
273 positions in common, counted across the 504 positions we hold weights for in SPY and 330 in TSPA, against full books of 505 and 330.
What only one of them owns
Our book lists 39 positions for TSPA that do not appear in our book for SPY (3.0% of the fund), and 225 for SPY that do not appear in TSPA (12.2%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in SPY | Weight in TSPA | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.01% | 7.39% | 0.62% |
| AAPLApple, Inc | 7.26% | 6.50% | 0.76% |
| MSFTMicrosoft Corp | 5.66% | 4.27% | 1.39% |
| AMZNAmazon.Com Inc | 3.79% | 3.71% | 0.08% |
| GOOGAlphabet Inc | 2.39% | 3.34% | 0.95% |
| GOOGLAlphabet Inc,class A | 2.99% | 2.58% | 0.41% |
| AVGOBroadcom Inc | 2.66% | 2.65% | 0.01% |
| METAMeta Platforms Inc | 1.93% | 2.04% | 0.11% |
| MUMicron Technology, Inc. | 1.60% | 2.14% | 0.54% |
| TSLATesla Inc | 1.52% | 1.79% | 0.27% |
94.7% of TSPA is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or TSPA?
SPY has an expense ratio of 0.09% while TSPA charges 0.34%. SPY is the cheaper option, by $25 a year on a $10,000 investment.
Which performed better, SPY or TSPA?
Over the past year SPY returned +16.29% vs +16.49% for TSPA, so TSPA leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TSPA?
TSPA has been the more volatile fund at 15.7% annualized versus 15.5% for SPY. Worst drawdown: SPY -24.5% vs TSPA -24.7%.
Should I hold both SPY and TSPA?
SPY and TSPA have a monthly-return correlation of 1.00, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between SPY and TSPA?
94.7% of TSPA's money is in holdings SPY also owns. 94.7% of TSPA's is in holdings SPY also owns. They hold 273 positions in common, counted across the 504 positions we hold weights for in SPY and 330 in TSPA.
Which pays a higher dividend, SPY or TSPA?
SPY yields 0.98% while TSPA yields 0.55%, so SPY currently pays the higher dividend yield.
Is TSPA better than SPY?
SPY has a lower expense ratio. TSPA led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00. TSPA is less concentrated, with 36.4% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.