SPY vs WDAF
State Street SPDR S&P 500 ETF Trust vs WisdomTree Asia Defense Fund ETF
Which is better, SPY or WDAF?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 63.1%.
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 | WDAF |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.45% |
| AUM | $811.2B | $10M |
| Dividend Yield | 0.98% | 0.12% |
| Holdings | 1,515 | 69 |
| YTD Return | +12.70%Best | +4.28% |
| 1Y Return | +15.53%Best | -4.94% |
| 3Y Return (annualized) | +22.86% | - |
| 5Y Return (annualized) | +13.47% | - |
| Volatility (annualized) | 12.7%Best | 33.3% |
| Max Drawdown | -8.9%Best | -28.2% |
| $10,000 over 1.1 years | $11,868Best | $9,779 |
| Top 10 Weight | 38.2%Best | 63.1% |
| Fund Family | State Street Investment Management | WisdomTree Investments |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Sep 12, 2025 |
Volatility and max drawdown, and the $10,000 over 1.1 years row, are measured over the window both funds cover: Sep 12, 2025 to Oct 1, 2026 (1.1 years).
SPY vs WDAF 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 1.1 years both funds cover.
SPY vs WDAF Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and WisdomTree Asia Defense Fund ETF (WDAF) is an ETF from WisdomTree Investments. Over the past year SPY returned +15.53% while WDAF returned -4.94%. Year to date, SPY is up 12.70% versus a gain of 4.28% for WDAF.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
WDAF has been the more volatile fund, with annualized monthly volatility of 33.3% compared with 12.7% 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 -8.9% for SPY and -28.2% for WDAF. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.54. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while WDAF charges 0.45%. On a $10,000 position that is $9 vs $45 annually, a gap of $36 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.12% for WDAF.
Holdings Overlap
8.7% of WDAF's money is in holdings SPY also owns.
WDAF and SPY share little of their money.
1 positions in common, counted across the 504 positions we hold weights for in SPY and 59 in WDAF, against full books of 1,515 and 69.
What only one of them owns
Our book lists 1 positions for WDAF that do not appear in our book for SPY (0.3% of the fund), and 496 for SPY that do not appear in WDAF (99.2%).
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 WDAF | Difference |
|---|---|---|---|
| HALHalliburton Co. | 0.04% | 8.72% | 8.68% |
You are not choosing between two funds in isolation.
Whichever of SPY and WDAF 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 WDAF?
SPY has an expense ratio of 0.09% while WDAF charges 0.45%. SPY is the cheaper option, by $36 a year on a $10,000 investment.
Which performed better, SPY or WDAF?
Over the past year SPY returned +15.53% vs -4.94% for WDAF, so SPY leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +16.85% vs -2.01% for WDAF. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or WDAF?
WDAF has been the more volatile fund at 33.3% annualized versus 12.7% for SPY. Worst drawdown: SPY -8.9% vs WDAF -28.2%.
Should I hold both SPY and WDAF?
SPY and WDAF have a monthly-return correlation of 0.54, 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 WDAF?
8.7% of WDAF's money is in holdings SPY also owns. 8.7% of WDAF's is in holdings SPY also owns. They hold 1 positions in common, counted across the 504 positions we hold weights for in SPY and 59 in WDAF.
Which pays a higher dividend, SPY or WDAF?
SPY yields 0.98% while WDAF yields 0.12%, so SPY currently pays the higher dividend yield.
Is WDAF better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 63.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.