SPY vs WBND
State Street SPDR S&P 500 ETF Trust vs Western Asset Total Return ETF
Which is better, SPY or WBND?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window.
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 | WBND |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.65% |
| AUM | $804.7B | $10M |
| Dividend Yield | 0.98% | 4.06% |
| Holdings | 505 | 512 |
| Volatility (annualized) | 17.3%Best | 142.2% |
| Max Drawdown | -34.1%Best | -81.5% |
| $10,000 over 6.9 years | $23,799Best | $10,601 |
| Fund Family | State Street Investment Management | Franklin Templeton Investments (US) |
| Category | Equity | Fixed Income |
| Style | Large Cap Blend | - |
| Inception | Jan 22, 1993 | Oct 3, 2018 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 385 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 11, 2026 and WBND through Aug 22, 2025.
Volatility and max drawdown, and the $10,000 over 6.9 years row, are measured over the window both funds cover: Oct 4, 2018 to Aug 22, 2025 (6.9 years).
Risk: Volatility and Drawdowns
WBND has been the more volatile fund, with annualized monthly volatility of 142.2% compared with 17.3% 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 -34.1% for SPY and -81.5% for WBND. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.02. They move largely independently of each other.
Fees and Cost Over Time
SPY charges 0.09% per year while WBND charges 0.65%. On a $10,000 position that is $9 vs $65 annually, a gap of $56 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 4.06% for WBND.
You are not choosing between two funds in isolation.
Whichever of SPY and WBND you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or WBND?
SPY has an expense ratio of 0.09% while WBND charges 0.65%. SPY is the cheaper option, by $56 a year on a $10,000 investment.
Which is riskier, SPY or WBND?
WBND has been the more volatile fund at 142.2% annualized versus 17.3% for SPY. Worst drawdown: SPY -34.1% vs WBND -81.5%.
Should I hold both SPY and WBND?
SPY and WBND have a monthly-return correlation of 0.02, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or WBND?
SPY yields 0.98% while WBND yields 4.06%, so WBND currently pays the higher dividend yield.
Is WBND better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.