SPY vs TYO
State Street SPDR S&P 500 ETF Trust vs Direxion Daily 7-10 Year Treasury Bear 3X 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 | TYO | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 1.00% | |
| AUM | $789.1B | $12M | |
| Dividend Yield | 1.01% | 2.62% | |
| Holdings | 505 | 6 | |
| YTD Return | +14.47% | +10.49% | |
| 1Y Return | +21.96% | +10.96% | |
| 3Y Return (annualized) | +21.70% | +4.52% | |
| 5Y Return (annualized) | +13.30% | +14.85% | |
| Volatility (annualized) | 15.3% | 19.3% | |
| Max Drawdown | -56.5% | -90.4% | |
| Fund Family | State Street Investment Management | Direxion Shares ETF Trust | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Apr 16, 2009 |
SPY vs TYO Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Direxion Daily 7-10 Year Treasury Bear 3X ETF (TYO) is a ETF from Direxion Shares ETF Trust. Over the past year SPY returned +21.96% while TYO returned +10.96%. Year to date, SPY is up 14.47% versus a gain of 10.49% for TYO.
Over three years, SPY compounded at +21.70% per year against +4.52% for TYO; over five years the annualized figures are +13.30% and +14.85% respectively. Across the full 17-year window we track, SPY has the edge at +8.87% annualized vs -7.27%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TYO has been the more volatile fund, with annualized monthly volatility of 19.3% 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 -90.4% for TYO. 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 0.03. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TYO charges 1.00%. On a $10,000 position that is $9 vs $100 annually, a gap of $91 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 2.62% for TYO.
Holdings Overlap
SPY and TYO share 0 holdings out of 506 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 TYO?
SPY has an expense ratio of 0.09% while TYO charges 1.00%. SPY is the cheaper option. On a $10,000 investment, that is $91 per year of difference.
Which performed better, SPY or TYO?
Over the past year SPY returned +21.96% vs +10.96% for TYO, so SPY leads on 1-year performance. Over the longest common window we track (17 years), SPY annualized +8.87% vs -7.27% for TYO. Past performance does not guarantee future results.
Which is riskier, SPY or TYO?
TYO has been the more volatile fund at 19.3% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs TYO -90.4%.
Should I hold both SPY and TYO?
SPY and TYO have a monthly-return correlation of 0.03, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TYO?
SPY and TYO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, SPY or TYO?
SPY yields 1.01% while TYO yields 2.62%, so TYO currently pays the higher dividend yield.
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