SPY vs ZTR
State Street SPDR S&P 500 ETF Trust vs Virtus Total Return Fund Inc
Which is better, SPY or ZTR?
Large Cap Blend against Allocation/Balanced.
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 | ZTR |
|---|---|---|
| Expense Ratio | 0.09%Best | 2.53% |
| AUM | $804.7B | $368M |
| Dividend Yield | 0.98% | 8.30% |
| Holdings | 505 | 796 |
| YTD Return | +12.47%Best | +10.71% |
| 1Y Return | +17.51%Best | +14.76% |
| 3Y Return (annualized) | +21.18%Best | +20.38% |
| 5Y Return (annualized) | +12.88%Best | +3.54% |
| Volatility (annualized) | 15.3%Best | 16.1% |
| Max Drawdown | -56.5%Best | -87.0% |
| $10,000 over 5 years | $18,327Best | $11,900 |
| Fund Family | State Street Investment Management | Virtus Investment Partners |
| Category | Equity | Allocation/Balanced |
| Style | Large Cap Blend | Allocation/Balanced |
| Inception | Jan 22, 1993 | Feb 24, 2005 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Sep 11, 2026 (30.7 years).
SPY vs ZTR 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs ZTR Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Virtus Total Return Fund Inc (ZTR) is an ETF from Virtus Investment Partners. Over the past year SPY returned +17.51% while ZTR returned +14.76%. Year to date, SPY is up 12.47% versus a gain of 10.71% for ZTR.
Over three years, SPY compounded at +21.18% per year against +20.38% for ZTR; over five years the annualized figures are +12.88% and +3.54% respectively. Across the full 31-year window we track, SPY has the edge at +8.78% annualized vs -3.27%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ZTR has been the more volatile fund, with annualized monthly volatility of 16.1% compared with 15.3% 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 -56.5% for SPY and -87.0% for ZTR. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.60. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while ZTR charges 2.53%. On a $10,000 position that is $9 vs $253 annually, a gap of $244 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 8.30% for ZTR.
Holdings Overlap
At least 2.3% of SPY's money is in holdings ZTR also owns.
Only one direction is shown: for ZTR, our book for it lists positions totalling 129.3% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
SPY and ZTR share little of their money.
The two holdings books were reported 67 days apart, SPY as of Aug 4, 2026 and ZTR as of May 29, 2026, so some of the difference between them is the time between the two reports rather than the funds.
24 positions in common, counted across the 504 positions we hold weights for in SPY and 514 in ZTR, against full books of 505 and 796.
Top Shared Holdings
| Stock | Weight in SPY | Weight in ZTR | Difference |
|---|---|---|---|
| UNPUnion Pacific Corp | 0.26% | 5.21% | 4.95% |
| NEENextera Energy Inc. | 0.27% | 4.56% | 4.29% |
| WMBWilliams Cos. Inc. | 0.13% | 3.54% | 3.41% |
| CSXCsx Corp. | 0.14% | 3.40% | 3.26% |
| SOSouthern Co. | 0.16% | 3.34% | 3.18% |
| SRESempra Common Stock | 0.09% | 2.97% | 2.88% |
| XELXcel Energy Inc. | 0.07% | 2.71% | 2.64% |
| ETREntergy Corp. | 0.07% | 2.69% | 2.62% |
| AMTAmerican Tower Corp | 0.12% | 2.51% | 2.39% |
| TRGPTarga Resources Corp. | 0.08% | 2.47% | 2.39% |
You are not choosing between two funds in isolation.
Whichever of SPY and ZTR 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 ZTR?
SPY has an expense ratio of 0.09% while ZTR charges 2.53%. SPY is the cheaper option, by $244 a year on a $10,000 investment.
Which performed better, SPY or ZTR?
Over the past year SPY returned +17.51% vs +14.76% for ZTR, so SPY leads on 1-year performance. Over the longest common window we track (31 years), SPY annualized +8.78% vs -3.27% for ZTR. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or ZTR?
ZTR has been the more volatile fund at 16.1% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs ZTR -87.0%.
Should I hold both SPY and ZTR?
SPY and ZTR have a monthly-return correlation of 0.60, 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 ZTR?
At least 2.3% of SPY's money is in holdings ZTR also owns. Our book for ZTR is partial, so the real figure is this or higher. They hold 24 positions in common, counted across the 504 positions we hold weights for in SPY and 514 in ZTR.
Which pays a higher dividend, SPY or ZTR?
SPY yields 0.98% while ZTR yields 8.30%, so ZTR currently pays the higher dividend yield.
Is ZTR 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.