SPY vs XPH
State Street SPDR S&P 500 ETF Trust vs State Street SPDR S&P Pharmaceuticals ETF
Which is better, SPY or XPH?
Large Cap Blend against Mid Cap Blend.
SPY has a lower expense ratio. SPY led over 3Y, 5Y and the full window, XPH over 1Y. XPH is less concentrated, with 25.6% of the fund in its ten largest positions against 38.0%.
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 | XPH |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.35% |
| AUM | $814.4B | $574M |
| Dividend Yield | 1.01% | 0.49% |
| Holdings | 505 | 67 |
| YTD Return | +13.34% | +28.75%Best |
| 1Y Return | +19.97% | +50.98%Best |
| 3Y Return (annualized) | +21.20%Best | +19.19% |
| 5Y Return (annualized) | +12.81%Best | +9.23% |
| Volatility (annualized) | 15.2%Best | 19.4% |
| Max Drawdown | -56.5% | -52.7%Best |
| $10,000 over 5 years | $18,270Best | $15,549 |
| Top 10 Weight | 38.0% | 25.6%Best |
| Fund Family | State Street Investment Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Blend |
| Inception | Jan 22, 1993 | Jun 19, 2006 |
Volatility and max drawdown are measured over the window both funds cover: Jun 22, 2006 to Sep 4, 2026 (20.2 years).
SPY vs XPH 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 20.2 years both funds cover.
SPY vs XPH Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and State Street SPDR S&P Pharmaceuticals ETF (XPH) is an ETF from State Street Investment Management. Over the past year SPY returned +19.97% while XPH returned +50.98%. Year to date, SPY is up 13.34% versus a gain of 28.75% for XPH.
Over three years, SPY compounded at +21.20% per year against +19.19% for XPH; over five years the annualized figures are +12.81% and +9.23% respectively. Across the full 20-year window we track, SPY has the edge at +9.84% annualized vs +8.12%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
XPH has been the more volatile fund, with annualized monthly volatility of 19.4% compared with 15.2% 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 -52.7% for XPH. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.64. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while XPH charges 0.35%. On a $10,000 position that is $9 vs $35 annually, a gap of $26 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.49% for XPH.
Holdings Overlap
3.2% of SPY's money is in holdings XPH also owns. 10.9% of XPH's money is in holdings SPY also owns.
XPH and SPY share little of their money.
7 positions in common, counted across the 504 positions we hold weights for in SPY and 65 in XPH, against full books of 505 and 67.
What only one of them owns
Our book lists 55 positions for XPH that do not appear in our book for SPY (83.5% of the fund), and 489 for SPY that do not appear in XPH (96.2%).
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
You are not choosing between two funds in isolation.
Whichever of SPY and XPH 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 XPH?
SPY has an expense ratio of 0.09% while XPH charges 0.35%. SPY is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, SPY or XPH?
Over the past year SPY returned +19.97% vs +50.98% for XPH, so XPH leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +9.84% vs +8.12% for XPH. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or XPH?
XPH has been the more volatile fund at 19.4% annualized versus 15.2% for SPY. Worst drawdown: SPY -56.5% vs XPH -52.7%.
Should I hold both SPY and XPH?
SPY and XPH have a monthly-return correlation of 0.64, 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 XPH?
10.9% of XPH's money is in holdings SPY also owns. 10.9% of XPH's is in holdings SPY also owns. They hold 7 positions in common, counted across the 504 positions we hold weights for in SPY and 65 in XPH.
Which pays a higher dividend, SPY or XPH?
SPY yields 1.01% while XPH yields 0.49%, so SPY currently pays the higher dividend yield.
Is XPH better than SPY?
SPY has a lower expense ratio. SPY led over 3Y, 5Y and the full window, XPH over 1Y. XPH is less concentrated, with 25.6% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.