SPY vs THEQ
SPY vs THEQ
State Street SPDR S&P 500 ETF Trust vs T. Rowe Price Hedged 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 | THEQ | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.46% | |
| AUM | $789.1B | $37M | |
| Dividend Yield | 1.01% | 0.74% | |
| Holdings | 505 | 347 | |
| YTD Return | +11.49% | +7.43% | |
| 1Y Return | +21.37% | +13.04% | |
| 3Y Return (annualized) | +20.76% | - | |
| 5Y Return (annualized) | +12.94% | - | |
| Volatility (annualized) | 15.3% | 8.1% | |
| Max Drawdown | -56.5% | -8.1% | |
| Fund Family | State Street Investment Management | T.Rowe Price | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Mar 26, 2025 |
SPY vs THEQ Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and T. Rowe Price Hedged Equity ETF (THEQ) is a ETF from T.Rowe Price. Over the past year SPY returned +21.37% while THEQ returned +13.04%. Year to date, SPY is up 11.49% versus a gain of 7.43% for THEQ.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 8.1% for THEQ. 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 -8.1% for THEQ. 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 THEQ charges 0.46%. On a $10,000 position that is $9 vs $46 annually, a gap of $37 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.74% for THEQ.
Holdings Overlap
SPY and THEQ 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 THEQ | Difference |
|---|---|---|---|
| VST | 0.08% | 0.04% | 0.04% |
Frequently Asked Questions
Which is cheaper, SPY or THEQ?
SPY has an expense ratio of 0.09% while THEQ charges 0.46%. SPY is the cheaper option. On a $10,000 investment, that is $37 per year of difference.
Which performed better, SPY or THEQ?
Over the past year SPY returned +21.37% vs +13.04% for THEQ, so SPY leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +8.78% vs +15.30% for THEQ. Past performance does not guarantee future results.
Which is riskier, SPY or THEQ?
SPY has been the more volatile fund at 15.3% annualized versus 8.1% for THEQ. Worst drawdown: SPY -56.5% vs THEQ -8.1%.
Should I hold both SPY and THEQ?
SPY and THEQ 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 THEQ?
SPY and THEQ share 1 common holdings with a 0.0% weight overlap. Combined, they hold 664 unique securities.
Which pays a higher dividend, SPY or THEQ?
SPY yields 1.01% while THEQ yields 0.74%, so SPY currently pays the higher dividend yield.
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