SPY vs WSML
State Street SPDR S&P 500 ETF Trust vs iShares MSCI World Small-Cap ETF
Which is better, SPY or WSML?
Each has led over a different period.
SPY has a lower expense ratio. SPY led over 1Y, WSML over the full window. WSML is less concentrated, with 2.3% of the fund in its ten largest positions against 38.2%.
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 | WSML |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.30% |
| AUM | $811.2B | $660M |
| Dividend Yield | 0.98% | 2.76% |
| Holdings | 1,515 | 3,540 |
| YTD Return | +13.54%Best | +12.30% |
| 1Y Return | +16.25%Best | +15.89% |
| 3Y Return (annualized) | +23.72% | - |
| 5Y Return (annualized) | +13.95% | - |
| Volatility (annualized) | 11.8%Best | 13.4% |
| Max Drawdown | -8.9%Best | -10.7% |
| $10,000 over 1.5 years | $14,587 | $14,692Best |
| Top 10 Weight | 38.2% | 2.3%Best |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Apr 1, 2025 |
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Apr 3, 2025 to Oct 2, 2026 (1.5 years).
SPY vs WSML 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 1.5 years both funds cover.
SPY vs WSML Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and iShares MSCI World Small-Cap ETF (WSML) is an ETF from iShares by BlackRock (US). Over the past year SPY returned +16.25% while WSML returned +15.89%. Year to date, SPY is up 13.54% versus a gain of 12.30% for WSML.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
WSML has been the more volatile fund, with annualized monthly volatility of 13.4% compared with 11.8% 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 -10.7% for WSML. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while WSML charges 0.30%. On a $10,000 position that is $9 vs $30 annually, a gap of $21 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 2.76% for WSML.
Holdings Overlap
1.4% of SPY's money is in holdings WSML also owns. 6.2% of WSML's money is in holdings SPY also owns.
WSML and SPY share little of their money.
60 positions in common, counted across the 504 positions we hold weights for in SPY and 3,564 in WSML, against full books of 1,515 and 3,540.
What only one of them owns
Our book lists 1,482 positions for WSML that do not appear in our book for SPY (53.6% of the fund), and 437 for SPY that do not appear in WSML (97.8%).
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 WSML | Difference |
|---|---|---|---|
| MRNAModerna therapeutics | 0.08% | 0.45% | 0.37% |
| GILDGilead Sciences | 0.28% | 0.00% | 0.28% |
| VTRSViatris Inc. | 0.03% | 0.18% | 0.15% |
| ZBRAZebra Technologies Corp | 0.03% | 0.16% | 0.13% |
| APAAPA Corp. | 0.02% | 0.15% | 0.13% |
| AKAMAkamai Technologies Inc. | 0.02% | 0.14% | 0.12% |
| HSTHost Hotels & Resorts Inc | 0.02% | 0.14% | 0.12% |
| TYLTyler Technologies Inc | 0.02% | 0.13% | 0.11% |
| ALBAlbemarle Corp. | 0.02% | 0.13% | 0.11% |
| AIZAssurant, Inc. | 0.02% | 0.13% | 0.11% |
You are not choosing between two funds in isolation.
Whichever of SPY and WSML 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 WSML?
SPY has an expense ratio of 0.09% while WSML charges 0.30%. SPY is the cheaper option, by $21 a year on a $10,000 investment.
Which performed better, SPY or WSML?
Over the past year SPY returned +16.25% vs +15.89% for WSML, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +28.62% vs +29.24% for WSML. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or WSML?
WSML has been the more volatile fund at 13.4% annualized versus 11.8% for SPY. Worst drawdown: SPY -8.9% vs WSML -10.7%.
Should I hold both SPY and WSML?
SPY and WSML have a monthly-return correlation of 0.76, 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 WSML?
6.2% of WSML's money is in holdings SPY also owns. 6.2% of WSML's is in holdings SPY also owns. They hold 60 positions in common, counted across the 504 positions we hold weights for in SPY and 3,564 in WSML.
Which pays a higher dividend, SPY or WSML?
SPY yields 0.98% while WSML yields 2.76%, so WSML currently pays the higher dividend yield.
Is WSML better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, WSML over the full window. WSML is less concentrated, with 2.3% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.