SPY vs USPX
State Street SPDR S&P 500 ETF Trust vs Franklin US Equity Index ETF
Which is better, SPY or USPX?
Nearly the same fund. USPX costs less.
USPX has a lower expense ratio. SPY led over 1Y, 5Y and the full window, USPX over 3Y. The two have moved almost in lockstep, correlation 0.97. USPX is less concentrated, with 37.6% of the fund in its ten largest positions against 37.8%.
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 | USPX |
|---|---|---|
| Expense Ratio | 0.09% | 0.03%Best |
| AUM | $804.7B | $2.1B |
| Dividend Yield | 0.98% | 1.06% |
| Holdings | 505 | 487 |
| YTD Return | +12.99%Best | +12.70% |
| 1Y Return | +16.73%Best | +16.20% |
| 3Y Return (annualized) | +22.52% | +22.61%Best |
| 5Y Return (annualized) | +13.07%Best | +12.47% |
| Volatility (annualized) | 15.3% | 14.0%Best |
| Max Drawdown | -34.1% | -31.2%Best |
| $10,000 over 5 years | $18,481Best | $17,996 |
| Top 10 Weight | 37.8% | 37.6%Best |
| Fund Family | State Street Investment Management | Franklin Templeton Investments (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Jun 1, 2016 |
Volatility and max drawdown are measured over the window both funds cover: Jun 3, 2016 to Sep 23, 2026 (10.3 years).
SPY vs USPX 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 10.3 years both funds cover.
SPY vs USPX Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Franklin US Equity Index ETF (USPX) is an ETF from Franklin Templeton Investments (US). Over the past year SPY returned +16.73% while USPX returned +16.20%. Year to date, SPY is up 12.99% versus a gain of 12.70% for USPX.
Over three years, SPY compounded at +22.52% per year against +22.61% for USPX; over five years the annualized figures are +13.07% and +12.47% respectively. Across the full 10-year window we track, SPY has the edge at +14.21% annualized vs +10.79%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 14.0% for USPX. 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 -34.1% for SPY and -31.2% for USPX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.97. 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 USPX charges 0.03%. On a $10,000 position that is $9 vs $3 annually, a gap of $6 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 1.06% for USPX.
Holdings Overlap
96.8% of SPY's money is in holdings USPX also owns. 96.4% of USPX's money is in holdings SPY also owns.
Most of SPY is already inside USPX. Owning both mostly buys the same companies twice.
404 positions in common, counted across the 504 positions we hold weights for in SPY and 469 in USPX, against full books of 505 and 487.
What only one of them owns
Our book lists 43 positions for USPX that do not appear in our book for SPY (2.4% of the fund), and 97 for SPY that do not appear in USPX (2.8%).
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 USPX | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.01% | 7.84% | 0.17% |
| AAPLApple, Inc | 7.26% | 7.04% | 0.22% |
| MSFTMicrosoft Corp | 5.66% | 5.70% | 0.04% |
| AMZNAmazon.Com Inc | 3.79% | 3.87% | 0.08% |
| GOOGLAlphabet Inc,class A | 2.99% | 3.01% | 0.02% |
| AVGOBroadcom Inc | 2.66% | 2.61% | 0.05% |
| GOOGAlphabet Inc | 2.39% | 2.39% | 0.00% |
| METAMeta Platforms Inc | 1.93% | 1.90% | 0.03% |
| MUMicron Technology, Inc. | 1.60% | 1.63% | 0.03% |
| TSLATesla Inc | 1.52% | 1.57% | 0.05% |
96.8% of SPY is already inside USPX.
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 USPX?
SPY has an expense ratio of 0.09% while USPX charges 0.03%. USPX is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, SPY or USPX?
Over the past year SPY returned +16.73% vs +16.20% for USPX, so SPY leads on 1-year performance. Over the longest common window we track (10 years), SPY annualized +14.21% vs +10.79% for USPX. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or USPX?
SPY has been the more volatile fund at 15.3% annualized versus 14.0% for USPX. Worst drawdown: SPY -34.1% vs USPX -31.2%.
Should I hold both SPY and USPX?
SPY and USPX have a monthly-return correlation of 0.97, 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 USPX?
96.8% of SPY's money is in holdings USPX also owns. 96.4% of USPX's is in holdings SPY also owns. They hold 404 positions in common, counted across the 504 positions we hold weights for in SPY and 469 in USPX.
Which pays a higher dividend, SPY or USPX?
SPY yields 0.98% while USPX yields 1.06%, so USPX currently pays the higher dividend yield.
Is USPX better than SPY?
USPX has a lower expense ratio. SPY led over 1Y, 5Y and the full window, USPX over 3Y. The two have moved almost in lockstep, correlation 0.97. USPX is less concentrated, with 37.6% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.