SPY vs SSPY
SPY vs SSPY
State Street SPDR S&P 500 ETF Trust vs Stratified LargeCap Index ETF
Quick Verdict
SPY has a lower expense ratio. SSPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | SSPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.45% | |
| AUM | $789.1B | $130M | |
| Dividend Yield | 1.01% | 1.24% | |
| Holdings | 505 | 507 | |
| YTD Return | +9.93% | +12.55% | |
| 1Y Return | +19.50% | +20.33% | |
| 3Y Return (annualized) | +19.33% | +13.01% | |
| 5Y Return (annualized) | +12.82% | +9.29% | |
| Volatility (annualized) | 15.3% | 17.1% | |
| Max Drawdown | -56.5% | -36.7% | |
| Fund Family | State Street Investment Management | Syntax Stratified | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jan 2, 2019 |
SPY vs SSPY Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Stratified LargeCap Index ETF (SSPY) is a ETF from Syntax Stratified. Over the past year SPY returned +19.50% while SSPY returned +20.33%. Year to date, SPY is up 9.93% versus a gain of 12.55% for SSPY.
Over three years, SPY compounded at +19.33% per year against +13.01% for SSPY; over five years the annualized figures are +12.82% and +9.29% respectively. Across the full 8-year window we track, SSPY has the edge at +13.73% annualized vs +8.74%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SSPY has been the more volatile fund, with annualized monthly volatility of 17.1% 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 -36.7% for SSPY. 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 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while SSPY charges 0.45%. On a $10,000 position that is $9 vs $45 annually, a gap of $36 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 1.24% for SSPY.
Holdings Overlap
SPY and SSPY share 484 holdings out of 518 unique holdings combined, representing a 43.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in SPY | Weight in SSPY | Difference |
|---|---|---|---|
| AAPL | 7.09% | 0.59% | 6.50% |
| NVDA | 7.31% | 0.17% | 7.14% |
| MSFT | 4.43% | 1.05% | 3.38% |
| AMZN | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
| BRK.B | Pro | Pro | Pro |
See all 10 holdings SPY shares with SSPY 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, SPY or SSPY?
SPY has an expense ratio of 0.09% while SSPY charges 0.45%. SPY is the cheaper option. On a $10,000 investment, that is $36 per year of difference.
Which performed better, SPY or SSPY?
Over the past year SPY returned +19.50% vs +20.33% for SSPY, so SSPY leads on 1-year performance. Over the longest common window we track (8 years), SPY annualized +8.74% vs +13.73% for SSPY. Past performance does not guarantee future results.
Which is riskier, SPY or SSPY?
SSPY has been the more volatile fund at 17.1% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs SSPY -36.7%.
Should I hold both SPY and SSPY?
SPY and SSPY have a monthly-return correlation of 0.93, 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 SPY and SSPY?
SPY and SSPY share 484 common holdings with a 43.6% weight overlap. Combined, they hold 518 unique securities.
Which pays a higher dividend, SPY or SSPY?
SPY yields 1.01% while SSPY yields 1.24%, so SSPY currently pays the higher dividend yield.
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