SPY vs XLSR
State Street SPDR S&P 500 ETF Trust vs State Street US Sector Rotation ETF
Which is better, SPY or XLSR?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.98. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 86.4%.
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 | XLSR |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.70% |
| AUM | $804.7B | $1.0B |
| Dividend Yield | 0.98% | 0.46% |
| Holdings | 505 | 35 |
| YTD Return | +11.52%Best | +4.98% |
| 1Y Return | +17.48%Best | +12.16% |
| 3Y Return (annualized) | +20.62%Best | +15.30% |
| 5Y Return (annualized) | +12.73%Best | +8.86% |
| Volatility (annualized) | 16.6% | 16.2%Best |
| Max Drawdown | -34.1% | -32.9%Best |
| $10,000 over 5 years | $18,205Best | $15,288 |
| Top 10 Weight | 38.0%Best | 86.4% |
| Fund Family | State Street Investment Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Apr 2, 2019 |
Volatility and max drawdown are measured over the window both funds cover: Apr 3, 2019 to Sep 10, 2026 (7.4 years).
SPY vs XLSR 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 7.4 years both funds cover.
SPY vs XLSR Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and State Street US Sector Rotation ETF (XLSR) is an ETF from State Street Investment Management. Over the past year SPY returned +17.48% while XLSR returned +12.16%. Year to date, SPY is up 11.52% versus a gain of 4.98% for XLSR.
Over three years, SPY compounded at +20.62% per year against +15.30% for XLSR; over five years the annualized figures are +12.73% and +8.86% respectively. Across the full 7-year window we track, SPY has the edge at +15.12% annualized vs +12.09%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 16.6% compared with 16.2% for XLSR. 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 -32.9% for XLSR. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.98. 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 XLSR charges 0.70%. On a $10,000 position that is $9 vs $70 annually, a gap of $61 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.46% for XLSR.
Holdings Overlap
41.3% of SPY's money is in holdings XLSR also owns. 25.3% of XLSR's money is in holdings SPY also owns.
The two portfolios partly overlap.
16 positions in common, counted across the 504 positions we hold weights for in SPY and 25 in XLSR, against full books of 505 and 35.
What only one of them owns
Our book lists 9 positions for XLSR that do not appear in our book for SPY (74.7% of the fund), and 478 for SPY that do not appear in XLSR (58.2%).
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 XLSR | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.71% | 4.55% | 3.16% |
| AAPLApple, Inc | 6.83% | 3.95% | 2.88% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.50% | 3.05% | 2.45% |
| GOOGLAlphabet A Usd 0.001 | 3.33% | 4.36% | 1.03% |
| GOOGAlphabet Inc | 2.67% | 3.39% | 0.72% |
| AMZNAmazon.Com Inc | 4.08% | 0.93% | 3.15% |
| AVGOBroadcom Inc | 2.97% | 1.45% | 1.52% |
| METAMeta Platforms, Inc. | 1.94% | 2.21% | 0.27% |
| MUMicron Technology, Inc. | 1.51% | 0.60% | 0.91% |
| AMDAdvanced Micro Devices Inc. | 1.27% | 0.14% | 1.13% |
41.3% of SPY is already inside XLSR.
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 XLSR?
SPY has an expense ratio of 0.09% while XLSR charges 0.70%. SPY is the cheaper option, by $61 a year on a $10,000 investment.
Which performed better, SPY or XLSR?
Over the past year SPY returned +17.48% vs +12.16% for XLSR, so SPY leads on 1-year performance. Over the longest common window we track (7 years), SPY annualized +15.12% vs +12.09% for XLSR. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or XLSR?
SPY has been the more volatile fund at 16.6% annualized versus 16.2% for XLSR. Worst drawdown: SPY -34.1% vs XLSR -32.9%.
Should I hold both SPY and XLSR?
SPY and XLSR have a monthly-return correlation of 0.98, 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 XLSR?
41.3% of SPY's money is in holdings XLSR also owns. 25.3% of XLSR's is in holdings SPY also owns. They hold 16 positions in common, counted across the 504 positions we hold weights for in SPY and 25 in XLSR.
Which pays a higher dividend, SPY or XLSR?
SPY yields 0.98% while XLSR yields 0.46%, so SPY currently pays the higher dividend yield.
Is XLSR better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.98. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 86.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.