SPY vs TWN
State Street SPDR S&P 500 ETF Trust vs Taiwan Fund Inc.
Which is better, SPY or TWN?
TWN has been ahead.
SPY has a lower expense ratio. TWN led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 73.2%.
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 | TWN |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.96% |
| AUM | $804.7B | $311M |
| Dividend Yield | 0.98% | 6.18% |
| Holdings | 505 | 30 |
| YTD Return | +12.22% | +83.32%Best |
| 1Y Return | +16.97% | +108.75%Best |
| 3Y Return (annualized) | +21.16% | +64.17%Best |
| 5Y Return (annualized) | +13.00% | +32.10%Best |
| Volatility (annualized) | 15.3%Best | 36.2% |
| Max Drawdown | -56.5%Best | -70.2% |
| $10,000 over 5 years | $18,424 | $40,227Best |
| Top 10 Weight | 37.8%Best | 73.2% |
| Fund Family | State Street Investment Management | The Taiwan Fund |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Dec 23, 1986 |
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Sep 17, 2026 (30.7 years).
SPY vs TWN 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 30.7 years both funds cover.
SPY vs TWN Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Taiwan Fund Inc. (TWN) is an ETF from The Taiwan Fund. Over the past year SPY returned +16.97% while TWN returned +108.75%. Year to date, SPY is up 12.22% versus a gain of 83.32% for TWN.
Over three years, SPY compounded at +21.16% per year against +64.17% for TWN; over five years the annualized figures are +13.00% and +32.10% respectively. Across the full 31-year window we track, TWN has the edge at +13.27% annualized vs +8.77%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TWN has been the more volatile fund, with annualized monthly volatility of 36.2% 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 -70.2% for TWN. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.50. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while TWN charges 0.96%. On a $10,000 position that is $9 vs $96 annually, a gap of $87 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 6.18% for TWN.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 30 in TWN, totalling 99.9% and 98.5% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 93 days apart, SPY as of Sep 1, 2026 and TWN as of May 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 30 in TWN, against full books of 505 and 30.
What only one of them owns
Our book lists 0 positions for TWN that do not appear in our book for SPY (0.0% of the fund), and 497 for SPY that do not appear in TWN (99.3%).
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.
You are not choosing between two funds in isolation.
Whichever of SPY and TWN 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 TWN?
SPY has an expense ratio of 0.09% while TWN charges 0.96%. SPY is the cheaper option, by $87 a year on a $10,000 investment.
Which performed better, SPY or TWN?
Over the past year SPY returned +16.97% vs +108.75% for TWN, so TWN leads on 1-year performance. Over the longest common window we track (31 years), SPY annualized +8.77% vs +13.27% for TWN. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TWN?
TWN has been the more volatile fund at 36.2% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs TWN -70.2%.
Should I hold both SPY and TWN?
SPY and TWN have a monthly-return correlation of 0.50, 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 TWN?
SPY yields 0.98% while TWN yields 6.18%, so TWN currently pays the higher dividend yield.
Is TWN better than SPY?
SPY has a lower expense ratio. TWN led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 73.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.