SPY vs XYLD
State Street SPDR S&P 500 ETF Trust vs Global X S&P 500 Covered Call ETF
Which is better, SPY or XYLD?
Large Cap Blend against Multi Alternative.
SPY has a lower expense ratio. SPY led over 3Y, 5Y and the full window, XYLD over 1Y. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 38.1%.
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 | XYLD |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.60% |
| AUM | $804.7B | $3.3B |
| Dividend Yield | 0.98% | 10.44% |
| Holdings | 505 | 507 |
| YTD Return | +12.22%Best | +10.00% |
| 1Y Return | +16.97% | +17.85%Best |
| 3Y Return (annualized) | +21.16%Best | +12.77% |
| 5Y Return (annualized) | +13.00%Best | +7.69% |
| Volatility (annualized) | 14.4% | 11.2%Best |
| Max Drawdown | -34.1%Best | -34.7% |
| $10,000 over 5 years | $18,424Best | $14,484 |
| Top 10 Weight | 37.8%Best | 38.1% |
| Fund Family | State Street Investment Management | Global X by mirae Asset |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Multi Alternative |
| Inception | Jan 22, 1993 | Jun 21, 2013 |
Volatility and max drawdown are measured over the window both funds cover: Jun 24, 2013 to Sep 17, 2026 (13.2 years).
SPY vs XYLD 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 13.2 years both funds cover.
SPY vs XYLD Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Global X S&P 500 Covered Call ETF (XYLD) is an ETF from Global X by mirae Asset. Over the past year SPY returned +16.97% while XYLD returned +17.85%. Year to date, SPY is up 12.22% versus a gain of 10.00% for XYLD.
Over three years, SPY compounded at +21.16% per year against +12.77% for XYLD; over five years the annualized figures are +13.00% and +7.69% respectively. Across the full 13-year window we track, SPY has the edge at +13.32% annualized vs +5.00%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.4% compared with 11.2% for XYLD. 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 -34.7% for XYLD. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while XYLD charges 0.60%. On a $10,000 position that is $9 vs $60 annually, a gap of $51 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 10.44% for XYLD.
Holdings Overlap
98.8% of SPY's money is in holdings XYLD also owns. 99.5% of XYLD's money is in holdings SPY also owns.
Most of XYLD is already inside SPY. Owning both mostly buys the same companies twice.
485 positions in common, counted across the 504 positions we hold weights for in SPY and 490 in XYLD, against full books of 505 and 507.
What only one of them owns
Our book lists 4 positions for XYLD that do not appear in our book for SPY (0.5% of the fund), and 15 for SPY that do not appear in XYLD (0.7%).
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
| Stock | Weight in SPY | Weight in XYLD | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.01% | 8.08% | 0.07% |
| AAPLApple, Inc | 7.26% | 7.32% | 0.06% |
| MSFTMicrosoft Corp | 5.66% | 5.71% | 0.05% |
| AMZNAmazon.Com Inc | 3.79% | 3.83% | 0.04% |
| GOOGLAlphabet Inc,class A | 2.99% | 3.01% | 0.02% |
| AVGOBroadcom Inc | 2.66% | 2.68% | 0.02% |
| GOOGAlphabet Inc | 2.39% | 2.41% | 0.02% |
| METAMeta Platforms Inc | 1.93% | 1.95% | 0.02% |
| MUMicron Technology, Inc. | 1.60% | 1.61% | 0.01% |
| TSLATesla Inc | 1.52% | 1.54% | 0.02% |
99.5% of XYLD is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or XYLD?
SPY has an expense ratio of 0.09% while XYLD charges 0.60%. SPY is the cheaper option, by $51 a year on a $10,000 investment.
Which performed better, SPY or XYLD?
Over the past year SPY returned +16.97% vs +17.85% for XYLD, so XYLD leads on 1-year performance. Over the longest common window we track (13 years), SPY annualized +13.32% vs +5.00% for XYLD. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or XYLD?
SPY has been the more volatile fund at 14.4% annualized versus 11.2% for XYLD. Worst drawdown: SPY -34.1% vs XYLD -34.7%.
Should I hold both SPY and XYLD?
SPY and XYLD have a monthly-return correlation of 0.88, 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 XYLD?
99.5% of XYLD's money is in holdings SPY also owns. 99.5% of XYLD's is in holdings SPY also owns. They hold 485 positions in common, counted across the 504 positions we hold weights for in SPY and 490 in XYLD.
Which pays a higher dividend, SPY or XYLD?
SPY yields 0.98% while XYLD yields 10.44%, so XYLD currently pays the higher dividend yield.
Is XYLD better than SPY?
SPY has a lower expense ratio. SPY led over 3Y, 5Y and the full window, XYLD over 1Y. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 38.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.