SPY vs TWOX
State Street SPDR S&P 500 ETF Trust vs iShares Large Cap Accelerated Outcome ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | TWOX | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.50% | |
| AUM | $789.1B | $22M | |
| Dividend Yield | 1.01% | 0.49% | |
| Holdings | 505 | 6 | |
| YTD Return | +13.68% | +6.86% | |
| 1Y Return | +21.53% | +14.38% | |
| 3Y Return (annualized) | +21.44% | - | |
| 5Y Return (annualized) | +13.18% | - | |
| Volatility (annualized) | 15.3% | 10.6% | |
| Max Drawdown | -56.5% | -19.4% | |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jan 15, 2025 |
SPY vs TWOX Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and iShares Large Cap Accelerated Outcome ETF (TWOX) is a ETF from iShares by BlackRock (US). Over the past year SPY returned +21.53% while TWOX returned +14.38%. Year to date, SPY is up 13.68% versus a gain of 6.86% for TWOX.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 10.6% for TWOX. 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 -19.4% for TWOX. 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 0.91. 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 TWOX charges 0.50%. On a $10,000 position that is $9 vs $50 annually, a gap of $41 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.49% for TWOX.
Holdings Overlap
SPY and TWOX 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 TWOX?
SPY has an expense ratio of 0.09% while TWOX charges 0.50%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, SPY or TWOX?
Over the past year SPY returned +21.53% vs +14.38% for TWOX, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +8.85% vs +12.45% for TWOX. Past performance does not guarantee future results.
Which is riskier, SPY or TWOX?
SPY has been the more volatile fund at 15.3% annualized versus 10.6% for TWOX. Worst drawdown: SPY -56.5% vs TWOX -19.4%.
Should I hold both SPY and TWOX?
SPY and TWOX have a monthly-return correlation of 0.91, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between SPY and TWOX?
SPY and TWOX share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, SPY or TWOX?
SPY yields 1.01% while TWOX yields 0.49%, so SPY currently pays the higher dividend yield.
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