SPY vs USNZ
State Street SPDR S&P 500 ETF Trust vs Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Which is better, SPY or USNZ?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.99. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 44.1%.
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 | USNZ |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.10% |
| AUM | $804.7B | $297M |
| Dividend Yield | 0.98% | 0.93% |
| Holdings | 505 | 310 |
| YTD Return | +11.52% | +11.69%Best |
| 1Y Return | +17.48%Best | +17.47% |
| 3Y Return (annualized) | +20.62%Best | +20.07% |
| 5Y Return (annualized) | +12.73% | - |
| Volatility (annualized) | 14.7%Best | 15.3% |
| Max Drawdown | -18.8%Best | -19.2% |
| $10,000 over 4.2 years | $20,991Best | $20,610 |
| Top 10 Weight | 38.0%Best | 44.1% |
| Fund Family | State Street Investment Management | Xtrackers ETFs |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Jun 27, 2022 |
Volatility and max drawdown, and the $10,000 over 4.2 years row, are measured over the window both funds cover: Jun 28, 2022 to Sep 10, 2026 (4.2 years).
SPY vs USNZ 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 4.2 years both funds cover.
SPY vs USNZ Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) is an ETF from Xtrackers ETFs. Over the past year SPY returned +17.48% while USNZ returned +17.47%. Year to date, SPY is up 11.52% versus a gain of 11.69% for USNZ.
Over three years, SPY compounded at +20.62% per year against +20.07% for USNZ. Across the full 4-year window we track, SPY has the edge at +19.31% annualized vs +18.79%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
USNZ has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 14.7% 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 -19.2% for USNZ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.99. 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 USNZ charges 0.10%. On a $10,000 position that is $9 vs $10 annually, a gap of $1 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.93% for USNZ.
Holdings Overlap
79.0% of SPY's money is in holdings USNZ also owns. 97.6% of USNZ's money is in holdings SPY also owns.
Most of USNZ is already inside SPY. Owning both mostly buys the same companies twice.
273 positions in common, counted across the 504 positions we hold weights for in SPY and 298 in USNZ, against full books of 505 and 310.
What only one of them owns
Our book lists 21 positions for USNZ that do not appear in our book for SPY (1.8% of the fund), and 223 for SPY that do not appear in USNZ (20.6%).
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 USNZ | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.71% | 9.94% | 2.23% |
| AAPLApple, Inc | 6.83% | 8.27% | 1.44% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.50% | 6.63% | 1.13% |
| AMZNAmazon.Com Inc | 4.08% | 3.96% | 0.12% |
| GOOGLAlphabet A Usd 0.001 | 3.33% | 3.58% | 0.25% |
| AVGOBroadcom Inc | 2.97% | 3.18% | 0.21% |
| GOOGAlphabet Inc | 2.67% | 3.02% | 0.35% |
| METAMeta Platforms, Inc. | 1.94% | 2.12% | 0.18% |
| MUMicron Technology, Inc. | 1.51% | 1.76% | 0.25% |
| TSLATesla Inc | 1.38% | 1.68% | 0.30% |
97.6% of USNZ 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 USNZ?
SPY has an expense ratio of 0.09% while USNZ charges 0.10%. SPY is the cheaper option, by $1 a year on a $10,000 investment.
Which performed better, SPY or USNZ?
Over the past year SPY returned +17.48% vs +17.47% for USNZ, so SPY leads on 1-year performance. Over the longest common window we track (4 years), SPY annualized +19.31% vs +18.79% for USNZ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or USNZ?
USNZ has been the more volatile fund at 15.3% annualized versus 14.7% for SPY. Worst drawdown: SPY -18.8% vs USNZ -19.2%.
Should I hold both SPY and USNZ?
SPY and USNZ have a monthly-return correlation of 0.99, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between SPY and USNZ?
97.6% of USNZ's money is in holdings SPY also owns. 97.6% of USNZ's is in holdings SPY also owns. They hold 273 positions in common, counted across the 504 positions we hold weights for in SPY and 298 in USNZ.
Which pays a higher dividend, SPY or USNZ?
SPY yields 0.98% while USNZ yields 0.93%, so SPY currently pays the higher dividend yield.
Is USNZ better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.99. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 44.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.