SPY vs XLG
State Street SPDR S&P 500 ETF Trust vs Invesco S&P 500 Top 50 ETF
Which is better, SPY or XLG?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. SPY led over 1Y, XLG over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.97. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 60.3%.
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 | XLG |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.20% |
| AUM | $804.7B | $11.0B |
| Dividend Yield | 0.98% | 0.64% |
| Holdings | 505 | 53 |
| YTD Return | +12.22%Best | +6.99% |
| 1Y Return | +16.97%Best | +11.25% |
| 3Y Return (annualized) | +21.16% | +22.03%Best |
| 5Y Return (annualized) | +13.00% | +14.04%Best |
| Volatility (annualized) | 14.9%Tie | 14.9%Tie |
| Max Drawdown | -56.5% | -53.8%Best |
| $10,000 over 5 years | $18,424 | $19,288Best |
| Top 10 Weight | 37.8%Best | 60.3% |
| Fund Family | State Street Investment Management | Invesco (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | May 4, 2005 |
Volatility and max drawdown are measured over the window both funds cover: May 10, 2005 to Sep 17, 2026 (21.4 years).
SPY vs XLG 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 21.4 years both funds cover.
SPY vs XLG Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Invesco S&P 500 Top 50 ETF (XLG) is an ETF from Invesco (US). Over the past year SPY returned +16.97% while XLG returned +11.25%. Year to date, SPY is up 12.22% versus a gain of 6.99% for XLG.
Over three years, SPY compounded at +21.16% per year against +22.03% for XLG; over five years the annualized figures are +13.00% and +14.04% respectively. Across the full 21-year window we track, XLG has the edge at +9.76% annualized vs +9.57%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY and XLG have been equally volatile, both at 14.9% annualized.
The deepest peak-to-trough decline in our data was -56.5% for SPY and -53.8% for XLG. 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 XLG charges 0.20%. On a $10,000 position that is $9 vs $20 annually, a gap of $11 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.64% for XLG.
Holdings Overlap
61.5% of SPY's money is in holdings XLG also owns. 98.2% of XLG's money is in holdings SPY also owns.
Most of XLG is already inside SPY. Owning both mostly buys the same companies twice.
50 positions in common, counted across the 504 positions we hold weights for in SPY and 52 in XLG, against full books of 505 and 53.
What only one of them owns
Our book lists 1 positions for XLG that do not appear in our book for SPY (0.0% of the fund), and 447 for SPY that do not appear in XLG (37.8%).
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 XLG | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.01% | 12.89% | 4.88% |
| AAPLApple, Inc | 7.26% | 11.22% | 3.96% |
| MSFTMicrosoft Corp | 5.66% | 9.10% | 3.44% |
| AMZNAmazon.Com Inc | 3.79% | 6.13% | 2.34% |
| GOOGLAlphabet Inc,class A | 2.99% | 4.80% | 1.81% |
| AVGOBroadcom Inc | 2.66% | 4.23% | 1.57% |
| GOOGAlphabet Inc | 2.39% | 3.82% | 1.43% |
| METAMeta Platforms Inc | 1.93% | 3.03% | 1.10% |
| MUMicron Technology, Inc. | 1.60% | 2.61% | 1.01% |
| TSLATesla Inc | 1.52% | 2.50% | 0.98% |
98.2% of XLG 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 XLG?
SPY has an expense ratio of 0.09% while XLG charges 0.20%. SPY is the cheaper option, by $11 a year on a $10,000 investment.
Which performed better, SPY or XLG?
Over the past year SPY returned +16.97% vs +11.25% for XLG, so SPY leads on 1-year performance. Over the longest common window we track (21 years), SPY annualized +9.57% vs +9.76% for XLG. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or XLG?
SPY and XLG have been equally volatile, both at 14.9% annualized. Worst drawdown: SPY -56.5% vs XLG -53.8%.
Should I hold both SPY and XLG?
SPY and XLG 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 XLG?
98.2% of XLG's money is in holdings SPY also owns. 98.2% of XLG's is in holdings SPY also owns. They hold 50 positions in common, counted across the 504 positions we hold weights for in SPY and 52 in XLG.
Which pays a higher dividend, SPY or XLG?
SPY yields 0.98% while XLG yields 0.64%, so SPY currently pays the higher dividend yield.
Is XLG better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, XLG over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.97. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 60.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.