SPY vs TXSS
State Street SPDR S&P 500 ETF Trust vs Texas Capital Texas Small Cap Equity Index ETF
Which is better, SPY or TXSS?
Large Cap Blend against Small Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. TXSS is less concentrated, with 31.1% of the fund in its ten largest positions against 38.0%.
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 | TXSS |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.49% |
| AUM | $814.4B | $10M |
| Dividend Yield | 1.01% | 0.48% |
| Holdings | 505 | 182 |
| Volatility (annualized) | 10.6%Best | 18.5% |
| Max Drawdown | -18.8%Best | -25.6% |
| $10,000 over 2 years | $14,877Best | $10,851 |
| Top 10 Weight | 38.0% | 31.1%Best |
| Fund Family | State Street Investment Management | Texas Capital |
| Category | Equity | Equity |
| Style | Large Cap Blend | Small Cap Blend |
| Inception | Jan 22, 1993 | Dec 20, 2023 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 270 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 4, 2026 and TXSS through Dec 8, 2025.
Volatility and max drawdown, and the $10,000 over 2 years row, are measured over the window both funds cover: Dec 21, 2023 to Dec 8, 2025 (2 years).
Risk: Volatility and Drawdowns
TXSS has been the more volatile fund, with annualized monthly volatility of 18.5% compared with 10.6% 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 -25.6% for TXSS. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.71. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while TXSS 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 1.01% against 0.48% for TXSS.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 182 in TXSS, totalling 100.0% and 100.0% 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 277 days apart, SPY as of Aug 4, 2026 and TXSS as of Oct 31, 2025, 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 182 in TXSS, against full books of 505 and 182.
What only one of them owns
Our book lists 182 positions for TXSS that do not appear in our book for SPY (100.0% of the fund), and 496 for SPY that do not appear in TXSS (99.5%).
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 TXSS 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 TXSS?
SPY has an expense ratio of 0.09% while TXSS charges 0.49%. SPY is the cheaper option, by $40 a year on a $10,000 investment.
Which is riskier, SPY or TXSS?
TXSS has been the more volatile fund at 18.5% annualized versus 10.6% for SPY. Worst drawdown: SPY -18.8% vs TXSS -25.6%.
Should I hold both SPY and TXSS?
SPY and TXSS have a monthly-return correlation of 0.71, 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 TXSS?
SPY yields 1.01% while TXSS yields 0.48%, so SPY currently pays the higher dividend yield.
Is TXSS better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. TXSS is less concentrated, with 31.1% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.