SPY vs TMSL
SPY vs TMSL
State Street SPDR S&P 500 ETF Trust vs T. Rowe Price Small-Mid Cap ETF
Quick Verdict
SPY has a lower expense ratio. TMSL delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | TMSL | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.55% | |
| AUM | $789.1B | $2.8B | |
| Dividend Yield | 1.01% | 0.49% | |
| Holdings | 505 | 347 | |
| YTD Return | +13.79% | +21.87% | |
| 1Y Return | +23.66% | +35.20% | |
| 3Y Return (annualized) | +21.40% | +20.01% | |
| 5Y Return (annualized) | +13.37% | - | |
| Volatility (annualized) | 15.3% | 16.7% | |
| Max Drawdown | -56.5% | -24.7% | |
| Fund Family | State Street Investment Management | T.Rowe Price | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jun 14, 2023 |
SPY vs TMSL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and T. Rowe Price Small-Mid Cap ETF (TMSL) is a ETF from T.Rowe Price. Over the past year SPY returned +23.66% while TMSL returned +35.20%. Year to date, SPY is up 13.79% versus a gain of 21.87% for TMSL.
Over three years, SPY compounded at +21.40% per year against +20.01% for TMSL. Across the full 3-year window we track, TMSL has the edge at +20.03% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TMSL has been the more volatile fund, with annualized monthly volatility of 16.7% 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 -24.7% for TMSL. 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 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while TMSL charges 0.55%. On a $10,000 position that is $9 vs $55 annually, a gap of $46 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.49% for TMSL.
Holdings Overlap
SPY and TMSL 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 TMSL | Difference |
|---|---|---|---|
| VST | 0.08% | 0.04% | 0.04% |
Frequently Asked Questions
Which is cheaper, SPY or TMSL?
SPY has an expense ratio of 0.09% while TMSL charges 0.55%. SPY is the cheaper option. On a $10,000 investment, that is $46 per year of difference.
Which performed better, SPY or TMSL?
Over the past year SPY returned +23.66% vs +35.20% for TMSL, so TMSL leads on 1-year performance. Over the longest common window we track (3 years), SPY annualized +8.85% vs +20.03% for TMSL. Past performance does not guarantee future results.
Which is riskier, SPY or TMSL?
TMSL has been the more volatile fund at 16.7% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs TMSL -24.7%.
Should I hold both SPY and TMSL?
SPY and TMSL have a monthly-return correlation of 0.84, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TMSL?
SPY and TMSL share 1 common holdings with a 0.0% weight overlap. Combined, they hold 664 unique securities.
Which pays a higher dividend, SPY or TMSL?
SPY yields 1.01% while TMSL yields 0.49%, so SPY currently pays the higher dividend yield.
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