SPY vs USXF
State Street SPDR S&P 500 ETF Trust vs iShares ESG Advanced MSCI USA ETF
Which is better, SPY or USXF?
Large Cap Blend against Large Cap Growth.
SPY has a lower expense ratio. USXF led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.97. USXF is less concentrated, with 37.2% 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 | USXF |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.10% |
| AUM | $804.7B | $1.5B |
| Dividend Yield | 0.98% | 0.81% |
| Holdings | 505 | 294 |
| YTD Return | +12.09% | +16.74%Best |
| 1Y Return | +16.29% | +19.59%Best |
| 3Y Return (annualized) | +21.20% | +24.78%Best |
| 5Y Return (annualized) | +13.37% | +14.18%Best |
| Volatility (annualized) | 15.5%Best | 17.3% |
| Max Drawdown | -24.5%Best | -29.5% |
| $10,000 over 5 years | $18,728 | $19,407Best |
| Top 10 Weight | 37.8% | 37.2%Best |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Growth |
| Inception | Jan 22, 1993 | Jun 16, 2020 |
Volatility and max drawdown are measured over the window both funds cover: Jun 18, 2020 to Sep 18, 2026 (6.3 years).
SPY vs USXF 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 6.3 years both funds cover.
SPY vs USXF Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and iShares ESG Advanced MSCI USA ETF (USXF) is an ETF from iShares by BlackRock (US). Over the past year SPY returned +16.29% while USXF returned +19.59%. Year to date, SPY is up 12.09% versus a gain of 16.74% for USXF.
Over three years, SPY compounded at +21.20% per year against +24.78% for USXF; over five years the annualized figures are +13.37% and +14.18% respectively. Across the full 6-year window we track, USXF has the edge at +18.06% annualized vs +16.74%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
USXF has been the more volatile fund, with annualized monthly volatility of 17.3% compared with 15.5% 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 -24.5% for SPY and -29.5% for USXF. 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 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 0.98% against 0.81% for USXF.
Holdings Overlap
39.1% of SPY's money is in holdings USXF also owns. 93.8% of USXF's money is in holdings SPY also owns.
Most of USXF is already inside SPY. Owning both mostly buys the same companies twice.
229 positions in common, counted across the 504 positions we hold weights for in SPY and 278 in USXF, against full books of 505 and 294.
What only one of them owns
Our book lists 44 positions for USXF that do not appear in our book for SPY (5.2% of the fund), and 271 for SPY that do not appear in USXF (60.4%).
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 USXF | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.01% | 12.69% | 4.68% |
| AVGOBroadcom Inc | 2.66% | 6.62% | 3.96% |
| MUMicron Technology, Inc. | 1.60% | 4.28% | 2.68% |
| AMDAdvanced Micro Devices Inc | 1.14% | 3.04% | 1.90% |
| VVisa Inc Class A | 0.94% | 2.49% | 1.55% |
| MAMastercard Inc | 0.71% | 1.89% | 1.18% |
| CSCOCisco Systems Inc. - Ordinary Shares | 0.66% | 1.72% | 1.06% |
| INTCIntel Corporation | 0.67% | 1.56% | 0.89% |
| LRCXLam Research Corp | 0.55% | 1.49% | 0.94% |
| AMATApplied Materials, Inc. | 0.53% | 1.44% | 0.91% |
93.8% of USXF 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 USXF?
SPY has an expense ratio of 0.09% while USXF charges 0.10%. SPY is the cheaper option, by $1 a year on a $10,000 investment.
Which performed better, SPY or USXF?
Over the past year SPY returned +16.29% vs +19.59% for USXF, so USXF leads on 1-year performance. Over the longest common window we track (6 years), SPY annualized +16.74% vs +18.06% for USXF. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or USXF?
USXF has been the more volatile fund at 17.3% annualized versus 15.5% for SPY. Worst drawdown: SPY -24.5% 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. 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 USXF?
93.8% of USXF's money is in holdings SPY also owns. 93.8% of USXF's is in holdings SPY also owns. They hold 229 positions in common, counted across the 504 positions we hold weights for in SPY and 278 in USXF.
Which pays a higher dividend, SPY or USXF?
SPY yields 0.98% while USXF yields 0.81%, so SPY currently pays the higher dividend yield.
Is USXF better than SPY?
SPY has a lower expense ratio. USXF led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.97. USXF is less concentrated, with 37.2% 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.