SPY vs XMPT
State Street SPDR S&P 500 ETF Trust vs VanEck CEF Municipal Income ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | XMPT | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 1.97% | |
| AUM | $821.1B | $219M | |
| Dividend Yield | 1.01% | 6.39% | |
| Holdings | 505 | 40 | |
| YTD Return | +12.22% | -1.60% | |
| 1Y Return | +20.83% | +5.74% | |
| 3Y Return (annualized) | +21.70% | +6.26% | |
| 5Y Return (annualized) | +12.98% | -2.68% | |
| Volatility (annualized) | 15.3% | 42.2% | |
| Max Drawdown | -56.5% | -56.3% | |
| Fund Family | State Street Investment Management | VanEck | |
| Category | Equity | Tax Preferred | |
| Inception | Jan 22, 1993 | Jul 12, 2011 |
SPY vs XMPT Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and VanEck CEF Municipal Income ETF (XMPT) is a ETF from VanEck. Over the past year SPY returned +20.83% while XMPT returned +5.74%. Year to date, SPY is up 12.22% versus a loss of 1.60% for XMPT.
Over three years, SPY compounded at +21.70% per year against +6.26% for XMPT; over five years the annualized figures are +12.98% and -2.68% respectively. Across the full 15-year window we track, SPY has the edge at +8.79% annualized vs +3.79%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
XMPT has been the more volatile fund, with annualized monthly volatility of 42.2% 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 -56.3% for XMPT. 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 0.04. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while XMPT charges 1.97%. On a $10,000 position that is $9 vs $197 annually, a gap of $188 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 6.39% for XMPT.
Holdings Overlap
SPY and XMPT share 0 holdings out of 542 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or XMPT?
SPY has an expense ratio of 0.09% while XMPT charges 1.97%. SPY is the cheaper option. On a $10,000 investment, that is $188 per year of difference.
Which performed better, SPY or XMPT?
Over the past year SPY returned +20.83% vs +5.74% for XMPT, so SPY leads on 1-year performance. Over the longest common window we track (15 years), SPY annualized +8.79% vs +3.79% for XMPT. Past performance does not guarantee future results.
Which is riskier, SPY or XMPT?
XMPT has been the more volatile fund at 42.2% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs XMPT -56.3%.
Should I hold both SPY and XMPT?
SPY and XMPT have a monthly-return correlation of 0.04, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and XMPT?
SPY and XMPT share 0 common holdings with a 0.0% weight overlap. Combined, they hold 542 unique securities.
Which pays a higher dividend, SPY or XMPT?
SPY yields 1.01% while XMPT yields 6.39%, so XMPT currently pays the higher dividend yield.
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