SPY vs TXXI
SPY vs TXXI
State Street SPDR S&P 500 ETF Trust vs BondBloxx IR+M Tax-Aware Intermediate Duration 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 | TXXI | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.35% | |
| AUM | $789.1B | $35M | |
| Dividend Yield | 1.01% | 3.48% | |
| Holdings | 505 | 149 | |
| YTD Return | +11.49% | +0.20% | |
| 1Y Return | +21.37% | +4.32% | |
| 3Y Return (annualized) | +20.76% | - | |
| 5Y Return (annualized) | +12.94% | - | |
| Volatility (annualized) | 15.3% | 3.5% | |
| Max Drawdown | -56.5% | -3.1% | |
| Fund Family | State Street Investment Management | BondBloxx | |
| Category | Equity | Tax Preferred | |
| Inception | Jan 22, 1993 | Mar 13, 2025 |
SPY vs TXXI Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and BondBloxx IR+M Tax-Aware Intermediate Duration ETF (TXXI) is a ETF from BondBloxx. Over the past year SPY returned +21.37% while TXXI returned +4.32%. Year to date, SPY is up 11.49% versus a gain of 0.20% for TXXI.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 3.5% for TXXI. 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 -3.1% for TXXI. 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 0.46. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TXXI charges 0.35%. On a $10,000 position that is $9 vs $35 annually, a gap of $26 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 3.48% for TXXI.
Holdings Overlap
SPY and TXXI share 0 holdings out of 589 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or TXXI?
SPY has an expense ratio of 0.09% while TXXI charges 0.35%. SPY is the cheaper option. On a $10,000 investment, that is $26 per year of difference.
Which performed better, SPY or TXXI?
Over the past year SPY returned +21.37% vs +4.32% for TXXI, so SPY leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +8.78% vs +3.26% for TXXI. Past performance does not guarantee future results.
Which is riskier, SPY or TXXI?
SPY has been the more volatile fund at 15.3% annualized versus 3.5% for TXXI. Worst drawdown: SPY -56.5% vs TXXI -3.1%.
Should I hold both SPY and TXXI?
SPY and TXXI have a monthly-return correlation of 0.46, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TXXI?
SPY and TXXI share 0 common holdings with a 0.0% weight overlap. Combined, they hold 589 unique securities.
Which pays a higher dividend, SPY or TXXI?
SPY yields 1.01% while TXXI yields 3.48%, so TXXI currently pays the higher dividend yield.
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