SPY vs XOEF
State Street SPDR S&P 500 ETF Trust vs iShares S&P 500 ex S&P 100 ETF
Quick Verdict
SPY has a lower expense ratio. XOEF delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | XOEF | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.20% | |
| AUM | $821.1B | $23M | |
| Dividend Yield | 1.01% | 1.06% | |
| Holdings | 505 | 408 | |
| YTD Return | +13.47% | +17.52% | |
| 1Y Return | +20.57% | +21.83% | |
| 3Y Return (annualized) | +21.83% | - | |
| 5Y Return (annualized) | +12.88% | - | |
| Volatility (annualized) | 15.3% | 11.4% | |
| Max Drawdown | -56.5% | -7.7% | |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jul 8, 2025 |
SPY vs XOEF Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and iShares S&P 500 ex S&P 100 ETF (XOEF) is a ETF from iShares by BlackRock (US). Over the past year SPY returned +20.57% while XOEF returned +21.83%. Year to date, SPY is up 13.47% versus a gain of 17.52% for XOEF.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 11.4% 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 -56.5% for SPY and -7.7% for XOEF. 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 0.70. 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 1.01% against 1.06% for XOEF.
Holdings Overlap
SPY and XOEF share 395 holdings out of 514 unique holdings combined, representing a 27.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $11 per year of difference.
Which performed better, SPY or XOEF?
Over the past year SPY returned +20.57% vs +21.83% for XOEF, so XOEF leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +8.83% vs +20.42% for XOEF. Past performance does not guarantee future results.
Which is riskier, SPY or XOEF?
SPY has been the more volatile fund at 15.3% annualized versus 11.4% for XOEF. Worst drawdown: SPY -56.5% vs XOEF -7.7%.
Should I hold both SPY and XOEF?
SPY and XOEF have a monthly-return correlation of 0.70, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and XOEF?
SPY and XOEF share 395 common holdings with a 27.1% weight overlap. Combined, they hold 514 unique securities.
Which pays a higher dividend, SPY or XOEF?
SPY yields 1.01% while XOEF yields 1.06%, so XOEF currently pays the higher dividend yield.
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