SPY vs USXF
State Street SPDR S&P 500 ETF Trust vs iShares ESG Advanced MSCI USA ETF
Quick Verdict
SPY has a lower expense ratio. USXF delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | USXF | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.10% | |
| AUM | $821.1B | $1.5B | |
| Dividend Yield | 1.01% | 0.83% | |
| Holdings | 505 | 294 | |
| YTD Return | +12.22% | +17.59% | |
| 1Y Return | +20.83% | +23.35% | |
| 3Y Return (annualized) | +21.70% | +25.19% | |
| 5Y Return (annualized) | +12.98% | +14.00% | |
| Volatility (annualized) | 15.3% | 17.4% | |
| Max Drawdown | -56.5% | -29.5% | |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jun 16, 2020 |
SPY vs USXF Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and iShares ESG Advanced MSCI USA ETF (USXF) is a ETF from iShares by BlackRock (US). Over the past year SPY returned +20.83% while USXF returned +23.35%. Year to date, SPY is up 12.22% versus a gain of 17.59% for USXF.
Over three years, SPY compounded at +21.70% per year against +25.19% for USXF; over five years the annualized figures are +12.98% and +14.00% respectively. Across the full 6-year window we track, USXF has the edge at +18.46% annualized vs +8.79%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
USXF has been the more volatile fund, with annualized monthly volatility of 17.4% 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 -29.5% for USXF. 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 USXF 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 1.01% against 0.83% for USXF.
Holdings Overlap
SPY and USXF share 240 holdings out of 554 unique holdings combined, representing a 39.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or USXF?
SPY has an expense ratio of 0.09% while USXF charges 0.10%. SPY is the cheaper option. On a $10,000 investment, that is $1 per year of difference.
Which performed better, SPY or USXF?
Over the past year SPY returned +20.83% vs +23.35% for USXF, so USXF leads on 1-year performance. Over the longest common window we track (6 years), SPY annualized +8.79% vs +18.46% for USXF. Past performance does not guarantee future results.
Which is riskier, SPY or USXF?
USXF has been the more volatile fund at 17.4% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs USXF -29.5%.
Should I hold both SPY and USXF?
SPY and USXF 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 USXF?
SPY and USXF share 240 common holdings with a 39.9% weight overlap. Combined, they hold 554 unique securities.
Which pays a higher dividend, SPY or USXF?
SPY yields 1.01% while USXF yields 0.83%, so SPY currently pays the higher dividend yield.
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