SPXV vs SPY
SPXV vs SPY
ProShares S&P 500 Ex-Health Care ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPXV has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPXV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.09% | |
| AUM | $39M | $789.1B | |
| Dividend Yield | 0.93% | 1.01% | |
| Holdings | 445 | 505 | |
| YTD Return | +12.06% | +11.49% | |
| 1Y Return | +20.96% | +21.37% | |
| 3Y Return (annualized) | +22.16% | +20.76% | |
| 5Y Return (annualized) | +13.80% | +12.94% | |
| Volatility (annualized) | 16.2% | 15.3% | |
| Max Drawdown | -34.3% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 22, 2015 | Jan 22, 1993 |
SPXV vs SPY Performance
ProShares S&P 500 Ex-Health Care ETF (SPXV) 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 SPXV returned +20.96% while SPY returned +21.37%. Year to date, SPXV is up 12.06% versus a gain of 11.49% for SPY.
Over three years, SPXV compounded at +22.16% per year against +20.76% for SPY; over five years the annualized figures are +13.80% and +12.94% respectively. Across the full 11-year window we track, SPXV has the edge at +14.78% annualized vs +8.78%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXV has been the more volatile fund, with annualized monthly volatility of 16.2% 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 -34.3% for SPXV 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
SPXV 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, SPXV currently yields 0.93% against 1.01% for SPY.
Holdings Overlap
SPXV and SPY share 434 holdings out of 513 unique holdings combined, representing a 89.0% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in SPXV | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 8.02% | 7.31% | 0.71% |
| AAPL | 7.77% | 7.09% | 0.68% |
| MSFT | 4.87% | 4.43% | 0.44% |
| 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 SPXV 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, SPXV or SPY?
SPXV has an expense ratio of 0.09% while SPY charges 0.09%. SPXV is the cheaper option. On a $10,000 investment, that is $0 per year of difference.
Which performed better, SPXV or SPY?
Over the past year SPXV returned +20.96% vs +21.37% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (11 years), SPXV annualized +14.78% vs +8.78% for SPY. Past performance does not guarantee future results.
Which is riskier, SPXV or SPY?
SPXV has been the more volatile fund at 16.2% annualized versus 15.3% for SPY. Worst drawdown: SPXV -34.3% vs SPY -56.5%.
Should I hold both SPXV and SPY?
SPXV 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 SPXV and SPY?
SPXV and SPY share 434 common holdings with a 89.0% weight overlap. Combined, they hold 513 unique securities.
Which pays a higher dividend, SPXV or SPY?
SPXV yields 0.93% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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