SPY vs XOVR
State Street SPDR S&P 500 ETF Trust vs ERShares Private-Public Crossover ETF
Which is better, SPY or XOVR?
Large Cap Blend against Large Cap Growth.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | XOVR |
|---|---|---|
| Expense Ratio | 0.09%Best | 1.81% |
| AUM | $804.7B | $1.6B |
| Dividend Yield | 0.98% | 0.00% |
| Holdings | 505 | 33 |
| YTD Return | +12.22%Best | +5.71% |
| 1Y Return | +16.97%Best | +1.05% |
| 3Y Return (annualized) | +21.16%Best | +21.12% |
| 5Y Return (annualized) | +13.00%Best | +5.15% |
| Volatility (annualized) | 16.3%Best | 24.1% |
| Max Drawdown | -34.1%Best | -56.3% |
| $10,000 over 5 years | $18,424Best | $12,854 |
| Fund Family | State Street Investment Management | ERShares |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Growth |
| Inception | Jan 22, 1993 | Nov 7, 2017 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 8, 2017 to Sep 17, 2026 (8.9 years).
SPY vs XOVR 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 8.9 years both funds cover.
SPY vs XOVR Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and ERShares Private-Public Crossover ETF (XOVR) is an ETF from ERShares. Over the past year SPY returned +16.97% while XOVR returned +1.05%. Year to date, SPY is up 12.22% versus a gain of 5.71% for XOVR.
Over three years, SPY compounded at +21.16% per year against +21.12% for XOVR; over five years the annualized figures are +13.00% and +5.15% respectively. Across the full 9-year window we track, SPY has the edge at +13.91% annualized vs +10.81%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
XOVR has been the more volatile fund, with annualized monthly volatility of 24.1% compared with 16.3% 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 -34.1% for SPY and -56.3% for XOVR. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while XOVR charges 1.81%. On a $10,000 position that is $9 vs $181 annually, a gap of $172 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.00% for XOVR.
Holdings Overlap
At least 16.1% of SPY's money is in holdings XOVR also owns.
Stated as a floor: for XOVR, our book for it covers 80.9% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and XOVR share little of their money.
The two holdings books were reported 63 days apart, SPY as of Sep 1, 2026 and XOVR as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
14 positions in common, counted across the 504 positions we hold weights for in SPY and 30 in XOVR, against full books of 505 and 33.
Top Shared Holdings
| Stock | Weight in SPY | Weight in XOVR | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.01% | 9.01% | 1.00% |
| GOOGLAlphabet Inc,class A | 2.99% | 6.41% | 3.42% |
| METAMeta Platforms Inc | 1.93% | 4.51% | 2.58% |
| APPAppLovin Corp. Com Cl A | 0.13% | 3.95% | 3.82% |
| HOODRobinhood Markets Inc - A | 0.12% | 3.90% | 3.78% |
| VEEVVeeva Systems Inc | 0.06% | 3.36% | 3.30% |
| RDDTReddit Inc-Cl A | 0.03% | 3.04% | 3.01% |
| TSLATesla Inc | 1.52% | 1.49% | 0.03% |
| AXONAxon Enterprise Inc | 0.06% | 2.71% | 2.65% |
| ANETArista Networks Inc Common Stock | 0.30% | 2.13% | 1.83% |
You are not choosing between two funds in isolation.
Whichever of SPY and XOVR you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or XOVR?
SPY has an expense ratio of 0.09% while XOVR charges 1.81%. SPY is the cheaper option, by $172 a year on a $10,000 investment.
Which performed better, SPY or XOVR?
Over the past year SPY returned +16.97% vs +1.05% for XOVR, so SPY leads on 1-year performance. Over the longest common window we track (9 years), SPY annualized +13.91% vs +10.81% for XOVR. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or XOVR?
XOVR has been the more volatile fund at 24.1% annualized versus 16.3% for SPY. Worst drawdown: SPY -34.1% vs XOVR -56.3%.
Should I hold both SPY and XOVR?
SPY and XOVR have a monthly-return correlation of 0.81, 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 XOVR?
At least 16.1% of SPY's money is in holdings XOVR also owns. Our book for XOVR is partial, so the real figure is this or higher. They hold 14 positions in common, counted across the 504 positions we hold weights for in SPY and 30 in XOVR.
Which pays a higher dividend, SPY or XOVR?
SPY yields 0.98% while XOVR yields 0.00%, so SPY currently pays the higher dividend yield.
Is XOVR better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.