SPY vs XME
State Street SPDR S&P 500 ETF Trust vs State Street SPDR S&P Metals & Mining ETF
Quick Verdict
SPY has a lower expense ratio. XME delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | XME | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.35% | |
| AUM | $821.1B | $4.5B | |
| Dividend Yield | 1.01% | 0.37% | |
| Holdings | 505 | 41 | |
| YTD Return | +12.22% | +6.81% | |
| 1Y Return | +20.83% | +49.31% | |
| 3Y Return (annualized) | +21.70% | +31.85% | |
| 5Y Return (annualized) | +12.98% | +23.54% | |
| Volatility (annualized) | 15.3% | 34.5% | |
| Max Drawdown | -56.5% | -87.3% | |
| Fund Family | State Street Investment Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jun 19, 2006 |
SPY vs XME Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and State Street SPDR S&P Metals & Mining ETF (XME) is a ETF from State Street Investment Management. Over the past year SPY returned +20.83% while XME returned +49.31%. Year to date, SPY is up 12.22% versus a gain of 6.81% for XME.
Over three years, SPY compounded at +21.70% per year against +31.85% for XME; over five years the annualized figures are +12.98% and +23.54% respectively. Across the full 20-year window we track, SPY has the edge at +8.79% annualized vs +4.99%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
XME has been the more volatile fund, with annualized monthly volatility of 34.5% compared with 15.3% 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 -56.5% for SPY and -87.3% for XME. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.68. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while XME charges 0.35%. On a $10,000 position that is $9 vs $35 annually, a gap of $26 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.37% for XME.
Holdings Overlap
SPY and XME share 4 holdings out of 540 unique holdings combined, representing a 0.5% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or XME?
SPY has an expense ratio of 0.09% while XME charges 0.35%. SPY is the cheaper option. On a $10,000 investment, that is $26 per year of difference.
Which performed better, SPY or XME?
Over the past year SPY returned +20.83% vs +49.31% for XME, so XME leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +8.79% vs +4.99% for XME. Past performance does not guarantee future results.
Which is riskier, SPY or XME?
XME has been the more volatile fund at 34.5% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs XME -87.3%.
Should I hold both SPY and XME?
SPY and XME have a monthly-return correlation of 0.68, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and XME?
SPY and XME share 4 common holdings with a 0.5% weight overlap. Combined, they hold 540 unique securities.
Which pays a higher dividend, SPY or XME?
SPY yields 1.01% while XME yields 0.37%, so SPY currently pays the higher dividend yield.
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