SPY vs XPAY
State Street SPDR S&P 500 ETF Trust vs Roundhill S&P 500 Target 20 Managed Distribution ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | XPAY | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.49% | |
| AUM | $789.1B | $160M | |
| Dividend Yield | 1.01% | 12.78% | |
| Holdings | 505 | 18 | |
| YTD Return | +13.39% | +13.03% | |
| 1Y Return | +22.52% | +21.93% | |
| 3Y Return (annualized) | +21.36% | - | |
| 5Y Return (annualized) | +13.19% | - | |
| Volatility (annualized) | 15.3% | 13.4% | |
| Max Drawdown | -56.5% | -18.2% | |
| Fund Family | State Street Investment Management | Roundhill Investments | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Oct 31, 2024 |
SPY vs XPAY Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) is a ETF from Roundhill Investments. Over the past year SPY returned +22.52% while XPAY returned +21.93%. Year to date, SPY is up 13.39% versus a gain of 13.03% for XPAY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 13.4% for XPAY. 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 -18.2% for XPAY. 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 1.00. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while XPAY charges 0.49%. On a $10,000 position that is $9 vs $49 annually, a gap of $40 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 12.78% for XPAY.
Holdings Overlap
SPY and XPAY share 0 holdings out of 504 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 XPAY?
SPY has an expense ratio of 0.09% while XPAY charges 0.49%. SPY is the cheaper option. On a $10,000 investment, that is $40 per year of difference.
Which performed better, SPY or XPAY?
Over the past year SPY returned +22.52% vs +21.93% for XPAY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +8.84% vs +19.14% for XPAY. Past performance does not guarantee future results.
Which is riskier, SPY or XPAY?
SPY has been the more volatile fund at 15.3% annualized versus 13.4% for XPAY. Worst drawdown: SPY -56.5% vs XPAY -18.2%.
Should I hold both SPY and XPAY?
SPY and XPAY have a monthly-return correlation of 1.00, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between SPY and XPAY?
SPY and XPAY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, SPY or XPAY?
SPY yields 1.01% while XPAY yields 12.78%, so XPAY currently pays the higher dividend yield.
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