SPY vs USRD
State Street SPDR S&P 500 ETF Trust vs Themes US R&D Champions ETF
Which is better, SPY or USRD?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window. USRD is less concentrated, with 27.2% 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 | USRD |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.29% |
| AUM | $804.7B | $1M |
| Dividend Yield | 0.98% | 0.38% |
| Holdings | 505 | 103 |
| Volatility (annualized) | 12.2%Best | 16.7% |
| Max Drawdown | -18.8%Best | -22.7% |
| $10,000 over 2.6 years | $16,218Best | $15,364 |
| Top 10 Weight | 37.8% | 27.2%Best |
| Fund Family | State Street Investment Management | Themes ETFs |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Dec 13, 2023 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 52 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 18, 2026 and USRD through Jul 28, 2026.
Volatility and max drawdown, and the $10,000 over 2.6 years row, are measured over the window both funds cover: Dec 13, 2023 to Jul 28, 2026 (2.6 years).
Risk: Volatility and Drawdowns
USRD has been the more volatile fund, with annualized monthly volatility of 16.7% compared with 12.2% 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 -22.7% for USRD. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while USRD charges 0.29%. On a $10,000 position that is $9 vs $29 annually, a gap of $20 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.38% for USRD.
Holdings Overlap
36.1% of SPY's money is in holdings USRD also owns. 93.6% of USRD's money is in holdings SPY also owns.
Most of USRD is already inside SPY. Owning both mostly buys the same companies twice.
47 positions in common, counted across the 504 positions we hold weights for in SPY and 51 in USRD, against full books of 505 and 103.
What only one of them owns
Our book lists 4 positions for USRD that do not appear in our book for SPY (6.4% of the fund), and 450 for SPY that do not appear in USRD (63.3%).
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 USRD | Difference |
|---|---|---|---|
| AAPLApple, Inc | 7.26% | 2.33% | 4.93% |
| MSFTMicrosoft Corp | 5.66% | 1.79% | 3.87% |
| AMZNAmazon.Com Inc | 3.79% | 1.64% | 2.15% |
| GOOGLAlphabet Inc,class A | 2.99% | 1.59% | 1.40% |
| AVGOBroadcom Inc | 2.66% | 1.72% | 0.94% |
| LLYEli Lilly & Co. | 1.40% | 2.37% | 0.97% |
| AMDAdvanced Micro Devices Inc | 1.14% | 2.63% | 1.49% |
| PANWPalo Alto Networks, Inc | 0.45% | 3.31% | 2.86% |
| METAMeta Platforms Inc | 1.93% | 1.82% | 0.11% |
| DDOGDatadog Inc | 0.11% | 3.56% | 3.45% |
93.6% of USRD 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 USRD?
SPY has an expense ratio of 0.09% while USRD charges 0.29%. SPY is the cheaper option, by $20 a year on a $10,000 investment.
Which is riskier, SPY or USRD?
USRD has been the more volatile fund at 16.7% annualized versus 12.2% for SPY. Worst drawdown: SPY -18.8% vs USRD -22.7%.
Should I hold both SPY and USRD?
SPY and USRD have a monthly-return correlation of 0.89, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPY and USRD?
93.6% of USRD's money is in holdings SPY also owns. 93.6% of USRD's is in holdings SPY also owns. They hold 47 positions in common, counted across the 504 positions we hold weights for in SPY and 51 in USRD.
Which pays a higher dividend, SPY or USRD?
SPY yields 0.98% while USRD yields 0.38%, so SPY currently pays the higher dividend yield.
Is USRD better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. USRD is less concentrated, with 27.2% 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.