SPY vs USPX
State Street SPDR S&P 500 ETF Trust vs Franklin US Equity Index ETF
Quick Verdict
USPX has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | USPX | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.03% | |
| AUM | $789.1B | $2.0B | |
| Dividend Yield | 1.01% | 1.09% | |
| Holdings | 505 | 511 | |
| YTD Return | +13.39% | +13.03% | |
| 1Y Return | +22.52% | +22.20% | |
| 3Y Return (annualized) | +21.36% | +21.43% | |
| 5Y Return (annualized) | +13.19% | +12.25% | |
| Volatility (annualized) | 15.3% | 14.0% | |
| Max Drawdown | -56.5% | -31.2% | |
| Fund Family | State Street Investment Management | Franklin Templeton Investments (US) | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jun 1, 2016 |
SPY vs USPX Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Franklin US Equity Index ETF (USPX) is a ETF from Franklin Templeton Investments (US). Over the past year SPY returned +22.52% while USPX returned +22.20%. Year to date, SPY is up 13.39% versus a gain of 13.03% for USPX.
Over three years, SPY compounded at +21.36% per year against +21.43% for USPX; over five years the annualized figures are +13.19% and +12.25% respectively. Across the full 10-year window we track, USPX has the edge at +10.95% annualized vs +8.84%. 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 -56.5% for SPY and -31.2% for USPX. 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 0.97. 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 1.01% against 1.09% for USPX.
Holdings Overlap
SPY and USPX share 422 holdings out of 576 unique holdings combined, representing a 91.3% weight overlap.
High overlap means holding both may not provide much additional diversification.
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. On a $10,000 investment, that is $6 per year of difference.
Which performed better, SPY or USPX?
Over the past year SPY returned +22.52% vs +22.20% for USPX, so SPY leads on 1-year performance. Over the longest common window we track (10 years), SPY annualized +8.84% vs +10.95% for USPX. Past performance does not guarantee future results.
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 -56.5% 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. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between SPY and USPX?
SPY and USPX share 422 common holdings with a 91.3% weight overlap. Combined, they hold 576 unique securities.
Which pays a higher dividend, SPY or USPX?
SPY yields 1.01% while USPX yields 1.09%, so USPX currently pays the higher dividend yield.
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