SBI vs SPY
SBI vs SPY
Western Asset Intermediate Muni Fund Inc vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SBI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.29% | 0.09% | |
| AUM | $117M | $789.1B | |
| Dividend Yield | 5.94% | 1.01% | |
| Holdings | 270 | 505 | |
| YTD Return | +2.64% | +13.10% | |
| 1Y Return | +6.27% | +22.80% | |
| 3Y Return (annualized) | +6.64% | +20.98% | |
| 5Y Return (annualized) | +0.14% | +13.20% | |
| Volatility (annualized) | 9.2% | 15.3% | |
| Max Drawdown | -46.0% | -56.5% | |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Mar 2, 1992 | Jan 22, 1993 |
SBI vs SPY Performance
Western Asset Intermediate Muni Fund Inc (SBI) is a ETF from Franklin Templeton Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SBI returned +6.27% while SPY returned +22.80%. Year to date, SBI is up 2.64% versus a gain of 13.10% for SPY.
Over three years, SBI compounded at +6.64% per year against +20.98% for SPY; over five years the annualized figures are +0.14% and +13.20% respectively. Across the full 30-year window we track, SPY has the edge at +8.83% annualized vs -0.19%. 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 9.2% for SBI. 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 -46.0% for SBI and -56.5% for SPY. 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 0.18. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SBI charges 1.29% per year while SPY charges 0.09%. On a $10,000 position that is $129 vs $9 annually, a gap of $120 per year that compounds over a long holding period. On income, SBI currently yields 5.94% against 1.01% for SPY.
Holdings Overlap
SBI and SPY share 0 holdings out of 651 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, SBI or SPY?
SBI has an expense ratio of 1.29% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $120 per year of difference.
Which performed better, SBI or SPY?
Over the past year SBI returned +6.27% vs +22.80% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (30 years), SBI annualized -0.19% vs +8.83% for SPY. Past performance does not guarantee future results.
Which is riskier, SBI or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.2% for SBI. Worst drawdown: SBI -46.0% vs SPY -56.5%.
Should I hold both SBI and SPY?
SBI and SPY have a monthly-return correlation of 0.18, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SBI and SPY?
SBI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 651 unique securities.
Which pays a higher dividend, SBI or SPY?
SBI yields 5.94% while SPY yields 1.01%, so SBI currently pays the higher dividend yield.
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