SPXN vs SPY
SPXN vs SPY
ProShares S&P 500 Ex-Financials ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPXN has a lower expense ratio. SPXN delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPXN | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.09% | |
| AUM | $76M | $789.1B | |
| Dividend Yield | 0.90% | 1.01% | |
| Holdings | 397 | 505 | |
| YTD Return | +14.67% | +13.50% | |
| 1Y Return | +25.50% | +23.56% | |
| 3Y Return (annualized) | +21.51% | +21.17% | |
| 5Y Return (annualized) | +13.87% | +13.46% | |
| Volatility (annualized) | 15.6% | 15.3% | |
| Max Drawdown | -32.1% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 22, 2015 | Jan 22, 1993 |
SPXN vs SPY Performance
ProShares S&P 500 Ex-Financials ETF (SPXN) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SPXN returned +25.50% while SPY returned +23.56%. Year to date, SPXN is up 14.67% versus a gain of 13.50% for SPY.
Over three years, SPXN compounded at +21.51% per year against +21.17% for SPY; over five years the annualized figures are +13.87% and +13.46% respectively. Across the full 11-year window we track, SPXN has the edge at +14.91% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXN has been the more volatile fund, with annualized monthly volatility of 15.6% 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 -32.1% for SPXN 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 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPXN charges 0.09% per year while SPY charges 0.09%. On a $10,000 position that is $9 vs $9 annually, a gap of $0 per year that compounds over a long holding period. On income, SPXN currently yields 0.90% against 1.01% for SPY.
Holdings Overlap
SPXN and SPY share 388 holdings out of 511 unique holdings combined, representing a 85.4% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in SPXN | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 8.49% | 7.31% | 1.18% |
| AAPL | 8.23% | 7.09% | 1.14% |
| MSFT | 5.16% | 4.43% | 0.73% |
| AMZN | Pro | Pro | Pro |
| GOOGL | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
See all 10 holdings SPXN 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, SPXN or SPY?
SPXN has an expense ratio of 0.09% while SPY charges 0.09%. SPXN is the cheaper option. On a $10,000 investment, that is $0 per year of difference.
Which performed better, SPXN or SPY?
Over the past year SPXN returned +25.50% vs +23.56% for SPY, so SPXN leads on 1-year performance. Over the longest common window we track (11 years), SPXN annualized +14.91% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, SPXN or SPY?
SPXN has been the more volatile fund at 15.6% annualized versus 15.3% for SPY. Worst drawdown: SPXN -32.1% vs SPY -56.5%.
Should I hold both SPXN and SPY?
SPXN and SPY have a monthly-return correlation of 0.96, 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 SPXN and SPY?
SPXN and SPY share 388 common holdings with a 85.4% weight overlap. Combined, they hold 511 unique securities.
Which pays a higher dividend, SPXN or SPY?
SPXN yields 0.90% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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