SPY vs TXS
State Street SPDR S&P 500 ETF Trust vs Texas Capital Texas Equity Index ETF
Which is better, SPY or TXS?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 42.2%.
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 | TXS |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.49% |
| AUM | $804.7B | $39M |
| Dividend Yield | 0.98% | 0.75% |
| Holdings | 505 | 457 |
| Volatility (annualized) | 12.8%Best | 13.8% |
| Max Drawdown | -18.8%Best | -19.7% |
| $10,000 over 3.2 years | $17,561Best | $17,364 |
| Top 10 Weight | 37.8%Best | 42.2% |
| Fund Family | State Street Investment Management | Texas Capital |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Jul 12, 2023 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 15 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. SPY has data through Sep 30, 2026 and TXS through Sep 15, 2026.
Volatility and max drawdown, and the $10,000 over 3.2 years row, are measured over the window both funds cover: Jul 13, 2023 to Sep 15, 2026 (3.2 years).
Risk: Volatility and Drawdowns
TXS has been the more volatile fund, with annualized monthly volatility of 13.8% compared with 12.8% 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 -18.8% for SPY and -19.7% for TXS. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while TXS charges 0.49%. On a $10,000 position that is $9 vs $49 annually, a gap of $40 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.75% for TXS.
Holdings Overlap
8.3% of SPY's money is in holdings TXS also owns. 64.6% of TXS's money is in holdings SPY also owns.
The two portfolios partly overlap.
48 positions in common, counted across the 504 positions we hold weights for in SPY and 228 in TXS, against full books of 505 and 457.
What only one of them owns
Our book lists 179 positions for TXS that do not appear in our book for SPY (35.3% of the fund), and 449 for SPY that do not appear in TXS (91.1%).
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 TXS | Difference |
|---|---|---|---|
| CRWDCrowdstrike Holdings Inc | 0.33% | 7.26% | 6.93% |
| MCKMckesson Corp. | 0.17% | 5.36% | 5.19% |
| TSLATesla Inc | 1.52% | 3.91% | 2.39% |
| SCHWSchwab Strategic T | 0.27% | 4.84% | 4.57% |
| DLRDigital Realty Trust Inc. | 0.10% | 4.19% | 4.09% |
| WMWaste Mgmt | 0.12% | 3.25% | 3.13% |
| XOMExxon Mobil Corp. | 1.04% | 2.23% | 1.19% |
| CBRECbre Services Inc | 0.06% | 2.67% | 2.61% |
| CCICrown Castle International Corp | 0.05% | 2.14% | 2.09% |
| ORCLOracle Corp - Common | 0.36% | 1.70% | 1.34% |
64.6% of TXS 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 TXS?
SPY has an expense ratio of 0.09% while TXS charges 0.49%. SPY is the cheaper option, by $40 a year on a $10,000 investment.
Which is riskier, SPY or TXS?
TXS has been the more volatile fund at 13.8% annualized versus 12.8% for SPY. Worst drawdown: SPY -18.8% vs TXS -19.7%.
Should I hold both SPY and TXS?
SPY and TXS have a monthly-return correlation of 0.80, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPY and TXS?
64.6% of TXS's money is in holdings SPY also owns. 64.6% of TXS's is in holdings SPY also owns. They hold 48 positions in common, counted across the 504 positions we hold weights for in SPY and 228 in TXS.
Which pays a higher dividend, SPY or TXS?
SPY yields 0.98% while TXS yields 0.75%, so SPY currently pays the higher dividend yield.
Is TXS better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 42.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.