SIZE vs SPY
SIZE vs SPY
iShares MSCI USA Size Factor ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SIZE offers more diversification with 507 holdings.
Side-by-Side Comparison
| Metric | SIZE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.15% | 0.09% | |
| AUM | $430M | $789.1B | |
| Dividend Yield | 1.37% | 1.01% | |
| Holdings | 533 | 505 | |
| YTD Return | +13.60% | +13.50% | |
| 1Y Return | +19.10% | +23.56% | |
| 3Y Return (annualized) | +15.20% | +21.17% | |
| 5Y Return (annualized) | +8.59% | +13.46% | |
| Volatility (annualized) | 15.3% | 15.3% | |
| Max Drawdown | -39.1% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Apr 16, 2013 | Jan 22, 1993 |
SIZE vs SPY Performance
iShares MSCI USA Size Factor ETF (SIZE) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SIZE returned +19.10% while SPY returned +23.56%. Year to date, SIZE is up 13.60% versus a gain of 13.50% for SPY.
Over three years, SIZE compounded at +15.20% per year against +21.17% for SPY; over five years the annualized figures are +8.59% and +13.46% respectively. Across the full 13-year window we track, SIZE has the edge at +10.93% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SIZE has been the more volatile fund, with annualized monthly volatility of 15.3% 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 -39.1% for SIZE 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 0.95. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SIZE charges 0.15% per year while SPY charges 0.09%. On a $10,000 position that is $15 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, SIZE currently yields 1.37% against 1.01% for SPY.
Holdings Overlap
SIZE and SPY share 423 holdings out of 587 unique holdings combined, representing a 39.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in SIZE | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 0.13% | 7.31% | 7.18% |
| AAPL | 0.16% | 7.09% | 6.93% |
| AMZN | 0.14% | 3.69% | 3.55% |
| GOOGL | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
| LLY | Pro | Pro | Pro |
See all 10 holdings SIZE shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, SIZE or SPY?
SIZE has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, SIZE or SPY?
Over the past year SIZE returned +19.10% vs +23.56% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (13 years), SIZE annualized +10.93% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, SIZE or SPY?
SIZE has been the more volatile fund at 15.3% annualized versus 15.3% for SPY. Worst drawdown: SIZE -39.1% vs SPY -56.5%.
Should I hold both SIZE and SPY?
SIZE and SPY have a monthly-return correlation of 0.95, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between SIZE and SPY?
SIZE and SPY share 423 common holdings with a 39.0% weight overlap. Combined, they hold 587 unique securities.
Which pays a higher dividend, SIZE or SPY?
SIZE yields 1.37% while SPY yields 1.01%, so SIZE currently pays the higher dividend yield.
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