SPY vs TCAF
SPY vs TCAF
State Street SPDR S&P 500 ETF Trust vs T. Rowe Price Capital Appreciation Equity ETF
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 | SPY | TCAF | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.31% | |
| AUM | $789.1B | $7.9B | |
| Dividend Yield | 1.01% | 0.47% | |
| Holdings | 505 | 347 | |
| YTD Return | +13.79% | +12.41% | |
| 1Y Return | +23.66% | +18.47% | |
| 3Y Return (annualized) | +21.40% | +18.60% | |
| 5Y Return (annualized) | +13.37% | - | |
| Volatility (annualized) | 15.3% | 12.3% | |
| Max Drawdown | -56.5% | -16.6% | |
| Fund Family | State Street Investment Management | T.Rowe Price | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jun 14, 2023 |
SPY vs TCAF Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and T. Rowe Price Capital Appreciation Equity ETF (TCAF) is a ETF from T.Rowe Price. Over the past year SPY returned +23.66% while TCAF returned +18.47%. Year to date, SPY is up 13.79% versus a gain of 12.41% for TCAF.
Over three years, SPY compounded at +21.40% per year against +18.60% for TCAF. Across the full 3-year window we track, TCAF has the edge at +18.14% annualized vs +8.85%. 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 12.3% for TCAF. 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 -16.6% for TCAF. 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 0.98. 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 TCAF charges 0.31%. On a $10,000 position that is $9 vs $31 annually, a gap of $22 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.47% for TCAF.
Holdings Overlap
SPY and TCAF share 1 holdings out of 664 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in SPY | Weight in TCAF | Difference |
|---|---|---|---|
| VST | 0.08% | 0.04% | 0.04% |
Frequently Asked Questions
Which is cheaper, SPY or TCAF?
SPY has an expense ratio of 0.09% while TCAF charges 0.31%. SPY is the cheaper option. On a $10,000 investment, that is $22 per year of difference.
Which performed better, SPY or TCAF?
Over the past year SPY returned +23.66% vs +18.47% for TCAF, so SPY leads on 1-year performance. Over the longest common window we track (3 years), SPY annualized +8.85% vs +18.14% for TCAF. Past performance does not guarantee future results.
Which is riskier, SPY or TCAF?
SPY has been the more volatile fund at 15.3% annualized versus 12.3% for TCAF. Worst drawdown: SPY -56.5% vs TCAF -16.6%.
Should I hold both SPY and TCAF?
SPY and TCAF have a monthly-return correlation of 0.98, 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 TCAF?
SPY and TCAF share 1 common holdings with a 0.0% weight overlap. Combined, they hold 664 unique securities.
Which pays a higher dividend, SPY or TCAF?
SPY yields 1.01% while TCAF yields 0.47%, so SPY currently pays the higher dividend yield.
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