SPY vs TVAL
State Street SPDR S&P 500 ETF Trust vs T. Rowe Price Value ETF
Quick Verdict
SPY has a lower expense ratio. TVAL delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | TVAL | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.33% | |
| AUM | $789.1B | $986M | |
| Dividend Yield | 1.01% | 1.00% | |
| Holdings | 505 | 347 | |
| YTD Return | +13.39% | +21.81% | |
| 1Y Return | +22.52% | +33.84% | |
| 3Y Return (annualized) | +21.36% | +19.49% | |
| 5Y Return (annualized) | +13.19% | - | |
| Volatility (annualized) | 15.3% | 12.4% | |
| Max Drawdown | -56.5% | -15.8% | |
| Fund Family | State Street Investment Management | T.Rowe Price | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jun 14, 2023 |
SPY vs TVAL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and T. Rowe Price Value ETF (TVAL) is a ETF from T.Rowe Price. Over the past year SPY returned +22.52% while TVAL returned +33.84%. Year to date, SPY is up 13.39% versus a gain of 21.81% for TVAL.
Over three years, SPY compounded at +21.36% per year against +19.49% for TVAL. Across the full 3-year window we track, TVAL has the edge at +19.32% annualized vs +8.84%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 12.4% for TVAL. 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 -15.8% for TVAL. 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 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while TVAL charges 0.33%. On a $10,000 position that is $9 vs $33 annually, a gap of $24 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 1.00% for TVAL.
Holdings Overlap
SPY and TVAL share 1 holdings out of 664 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in SPY | Weight in TVAL | Difference |
|---|---|---|---|
| VST | 0.08% | 0.04% | 0.04% |
Frequently Asked Questions
Which is cheaper, SPY or TVAL?
SPY has an expense ratio of 0.09% while TVAL charges 0.33%. SPY is the cheaper option. On a $10,000 investment, that is $24 per year of difference.
Which performed better, SPY or TVAL?
Over the past year SPY returned +22.52% vs +33.84% for TVAL, so TVAL leads on 1-year performance. Over the longest common window we track (3 years), SPY annualized +8.84% vs +19.32% for TVAL. Past performance does not guarantee future results.
Which is riskier, SPY or TVAL?
SPY has been the more volatile fund at 15.3% annualized versus 12.4% for TVAL. Worst drawdown: SPY -56.5% vs TVAL -15.8%.
Should I hold both SPY and TVAL?
SPY and TVAL have a monthly-return correlation of 0.82, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TVAL?
SPY and TVAL share 1 common holdings with a 0.0% weight overlap. Combined, they hold 664 unique securities.
Which pays a higher dividend, SPY or TVAL?
SPY yields 1.01% while TVAL yields 1.00%, so SPY currently pays the higher dividend yield.
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