SPY vs XTEN
State Street SPDR S&P 500 ETF Trust vs BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF
Quick Verdict
XTEN has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | XTEN | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.08% | |
| AUM | $789.1B | $1.0B | |
| Dividend Yield | 1.01% | 4.28% | |
| Holdings | 505 | 71 | |
| YTD Return | +13.39% | -2.09% | |
| 1Y Return | +22.52% | +0.15% | |
| 3Y Return (annualized) | +21.36% | +2.36% | |
| 5Y Return (annualized) | +13.19% | - | |
| Volatility (annualized) | 15.3% | 9.1% | |
| Max Drawdown | -56.5% | -13.9% | |
| Fund Family | State Street Investment Management | BondBloxx | |
| Category | Equity | Fixed Income | |
| Inception | Jan 22, 1993 | Sep 13, 2022 |
SPY vs XTEN Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF (XTEN) is a ETF from BondBloxx. Over the past year SPY returned +22.52% while XTEN returned +0.15%. Year to date, SPY is up 13.39% versus a loss of 2.09% for XTEN.
Over three years, SPY compounded at +21.36% per year against +2.36% for XTEN. Across the full 4-year window we track, SPY has the edge at +8.84% annualized vs +0.88%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 9.1% for XTEN. 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 -13.9% for XTEN. 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 0.48. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while XTEN charges 0.08%. On a $10,000 position that is $9 vs $8 annually, a gap of $1 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 4.28% for XTEN.
Holdings Overlap
SPY and XTEN share 0 holdings out of 567 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 XTEN?
SPY has an expense ratio of 0.09% while XTEN charges 0.08%. XTEN is the cheaper option. On a $10,000 investment, that is $1 per year of difference.
Which performed better, SPY or XTEN?
Over the past year SPY returned +22.52% vs +0.15% for XTEN, so SPY leads on 1-year performance. Over the longest common window we track (4 years), SPY annualized +8.84% vs +0.88% for XTEN. Past performance does not guarantee future results.
Which is riskier, SPY or XTEN?
SPY has been the more volatile fund at 15.3% annualized versus 9.1% for XTEN. Worst drawdown: SPY -56.5% vs XTEN -13.9%.
Should I hold both SPY and XTEN?
SPY and XTEN have a monthly-return correlation of 0.48, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and XTEN?
SPY and XTEN share 0 common holdings with a 0.0% weight overlap. Combined, they hold 567 unique securities.
Which pays a higher dividend, SPY or XTEN?
SPY yields 1.01% while XTEN yields 4.28%, so XTEN currently pays the higher dividend yield.
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