SPY vs XOEF
State Street SPDR S&P 500 ETF Trust vs iShares S&P 500 ex S&P 100 ETF
Which is better, SPY or XOEF?
Each has led over a different period.
SPY has a lower expense ratio. SPY led over the full window, XOEF over 1Y. XOEF is less concentrated, with 11.6% of the fund in its ten largest positions against 37.8%.
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 | XOEF |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.20% |
| AUM | $804.7B | $23M |
| Dividend Yield | 0.98% | 1.04% |
| Holdings | 505 | 408 |
| YTD Return | +10.96% | +12.37%Best |
| 1Y Return | +15.52% | +16.63%Best |
| 3Y Return (annualized) | +20.73% | - |
| 5Y Return (annualized) | +12.53% | - |
| Volatility (annualized) | 12.6% | 11.7%Best |
| Max Drawdown | -8.9% | -7.7%Best |
| $10,000 over 1.2 years | $12,241Best | $11,824 |
| Top 10 Weight | 37.8% | 11.6%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 | Jul 8, 2025 |
Volatility and max drawdown, and the $10,000 over 1.2 years row, are measured over the window both funds cover: Jul 9, 2025 to Sep 16, 2026 (1.2 years).
SPY vs XOEF 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 1.2 years both funds cover.
SPY vs XOEF Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and iShares S&P 500 ex S&P 100 ETF (XOEF) is an ETF from iShares by BlackRock (US). Over the past year SPY returned +15.52% while XOEF returned +16.63%. Year to date, SPY is up 10.96% versus a gain of 12.37% for XOEF.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.6% compared with 11.7% for XOEF. 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 -7.7% for XOEF. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.71. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while XOEF 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 1.04% for XOEF.
Holdings Overlap
26.9% of SPY's money is in holdings XOEF also owns. 97.9% of XOEF's money is in holdings SPY also owns.
Most of XOEF is already inside SPY. Owning both mostly buys the same companies twice.
395 positions in common, counted across the 504 positions we hold weights for in SPY and 403 in XOEF, against full books of 505 and 408.
What only one of them owns
Our book lists 3 positions for XOEF that do not appear in our book for SPY (0.8% of the fund), and 105 for SPY that do not appear in XOEF (72.5%).
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 XOEF | Difference |
|---|---|---|---|
| PANWPalo Alto Networks, Inc | 0.45% | 1.70% | 1.25% |
| SNDKSandisk Corp/De | 0.35% | 1.28% | 0.93% |
| CRWDCrowdstrike Holdings Inc | 0.33% | 1.29% | 0.96% |
| KLACKla Corp | 0.34% | 1.26% | 0.92% |
| ANETArista Networks Inc Common Stock | 0.30% | 1.11% | 0.81% |
| APHAmphenol Corp. Class A | 0.31% | 1.07% | 0.76% |
| MRVLMarvell Technology Group Ltd. | 0.28% | 1.02% | 0.74% |
| STXSeagate Technology Holdings Plc | 0.28% | 1.02% | 0.74% |
| ADIAnalog Devices, Inc. | 0.26% | 0.97% | 0.71% |
| WELLWelltower, Inc. | 0.26% | 0.92% | 0.66% |
97.9% of XOEF 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 XOEF?
SPY has an expense ratio of 0.09% while XOEF charges 0.20%. SPY is the cheaper option, by $11 a year on a $10,000 investment.
Which performed better, SPY or XOEF?
Over the past year SPY returned +15.52% vs +16.63% for XOEF, so XOEF leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +18.35% vs +14.98% for XOEF. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or XOEF?
SPY has been the more volatile fund at 12.6% annualized versus 11.7% for XOEF. Worst drawdown: SPY -8.9% vs XOEF -7.7%.
Should I hold both SPY and XOEF?
SPY and XOEF have a monthly-return correlation of 0.71, 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 XOEF?
97.9% of XOEF's money is in holdings SPY also owns. 97.9% of XOEF's is in holdings SPY also owns. They hold 395 positions in common, counted across the 504 positions we hold weights for in SPY and 403 in XOEF.
Which pays a higher dividend, SPY or XOEF?
SPY yields 0.98% while XOEF yields 1.04%, so XOEF currently pays the higher dividend yield.
Is XOEF better than SPY?
SPY has a lower expense ratio. SPY led over the full window, XOEF over 1Y. XOEF is less concentrated, with 11.6% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.