SPY vs TPLS
SPY vs TPLS
State Street SPDR S&P 500 ETF Trust vs Thornburg Core Plus Bond 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 | TPLS | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.45% | |
| AUM | $789.1B | $15M | |
| Dividend Yield | 1.01% | 5.09% | |
| Holdings | 505 | 301 | |
| YTD Return | +9.93% | -0.55% | |
| 1Y Return | +19.50% | +2.72% | |
| 3Y Return (annualized) | +19.33% | - | |
| 5Y Return (annualized) | +12.82% | - | |
| Volatility (annualized) | 15.3% | 3.6% | |
| Max Drawdown | -56.5% | -3.0% | |
| Fund Family | State Street Investment Management | Thornburg Investment Management | |
| Category | Equity | Fixed Income | |
| Inception | Jan 22, 1993 | Feb 5, 2025 |
SPY vs TPLS Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Thornburg Core Plus Bond ETF (TPLS) is a ETF from Thornburg Investment Management. Over the past year SPY returned +19.50% while TPLS returned +2.72%. Year to date, SPY is up 9.93% versus a loss of 0.55% for TPLS.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 3.6% for TPLS. 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 -3.0% for TPLS. 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 0.20. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TPLS 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 5.09% for TPLS.
Holdings Overlap
SPY and TPLS share 3 holdings out of 700 unique holdings combined, representing a 0.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or TPLS?
SPY has an expense ratio of 0.09% while TPLS 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 TPLS?
Over the past year SPY returned +19.50% vs +2.72% for TPLS, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +8.74% vs +3.61% for TPLS. Past performance does not guarantee future results.
Which is riskier, SPY or TPLS?
SPY has been the more volatile fund at 15.3% annualized versus 3.6% for TPLS. Worst drawdown: SPY -56.5% vs TPLS -3.0%.
Should I hold both SPY and TPLS?
SPY and TPLS have a monthly-return correlation of 0.20, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TPLS?
SPY and TPLS share 3 common holdings with a 0.2% weight overlap. Combined, they hold 700 unique securities.
Which pays a higher dividend, SPY or TPLS?
SPY yields 1.01% while TPLS yields 5.09%, so TPLS currently pays the higher dividend yield.
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