SPY vs ZTR
State Street SPDR S&P 500 ETF Trust vs Virtus Total Return Fund Inc
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. ZTR offers more diversification with 770 holdings.
Side-by-Side Comparison
| Metric | SPY | ZTR | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 2.53% | |
| AUM | $821.1B | $375M | |
| Dividend Yield | 1.01% | 8.06% | |
| Holdings | 505 | 770 | |
| YTD Return | +12.22% | +13.56% | |
| 1Y Return | +20.83% | +17.53% | |
| 3Y Return (annualized) | +21.70% | +17.42% | |
| 5Y Return (annualized) | +12.98% | +4.11% | |
| Volatility (annualized) | 15.3% | 16.1% | |
| Max Drawdown | -56.5% | -87.0% | |
| Fund Family | State Street Investment Management | Virtus Investment Partners | |
| Category | Equity | Allocation/Balanced | |
| Inception | Jan 22, 1993 | Feb 24, 2005 |
SPY vs ZTR Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Virtus Total Return Fund Inc (ZTR) is a ETF from Virtus Investment Partners. Over the past year SPY returned +20.83% while ZTR returned +17.53%. Year to date, SPY is up 12.22% versus a gain of 13.56% for ZTR.
Over three years, SPY compounded at +21.70% per year against +17.42% for ZTR; over five years the annualized figures are +12.98% and +4.11% respectively. Across the full 31-year window we track, SPY has the edge at +8.79% annualized vs -3.20%. 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 worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.60. They move independently enough that combining them can meaningfully diversify a portfolio.
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 1.01% against 8.06% for ZTR.
Holdings Overlap
SPY and ZTR share 24 holdings out of 1011 unique holdings combined, representing a 2.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $244 per year of difference.
Which performed better, SPY or ZTR?
Over the past year SPY returned +20.83% vs +17.53% for ZTR, so SPY leads on 1-year performance. Over the longest common window we track (31 years), SPY annualized +8.79% vs -3.20% for ZTR. Past performance does not guarantee future results.
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 combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and ZTR?
SPY and ZTR share 24 common holdings with a 2.2% weight overlap. Combined, they hold 1011 unique securities.
Which pays a higher dividend, SPY or ZTR?
SPY yields 1.01% while ZTR yields 8.06%, so ZTR currently pays the higher dividend yield.
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