SPY vs WIW
SPY vs WIW
State Street SPDR S&P 500 ETF Trust vs Western Asset Inflation-Linked Opportunities & Income Fund
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 | WIW | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.71% | |
| AUM | $789.1B | $569M | |
| Dividend Yield | 1.01% | 7.95% | |
| Holdings | 505 | 161 | |
| YTD Return | +13.50% | +1.86% | |
| 1Y Return | +23.56% | +2.79% | |
| 3Y Return (annualized) | +21.17% | +6.44% | |
| 5Y Return (annualized) | +13.46% | +0.10% | |
| Volatility (annualized) | 15.3% | 10.0% | |
| Max Drawdown | -56.5% | -43.9% | |
| Fund Family | State Street Investment Management | Franklin Templeton Investments (US) | |
| Category | Equity | Fixed Income | |
| Inception | Jan 22, 1993 | Feb 27, 2004 |
SPY vs WIW Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Western Asset Inflation-Linked Opportunities & Income Fund (WIW) is a ETF from Franklin Templeton Investments (US). Over the past year SPY returned +23.56% while WIW returned +2.79%. Year to date, SPY is up 13.50% versus a gain of 1.86% for WIW.
Over three years, SPY compounded at +21.17% per year against +6.44% for WIW; over five years the annualized figures are +13.46% and +0.10% respectively. Across the full 22-year window we track, SPY has the edge at +8.85% annualized vs -0.41%. 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 10.0% for WIW. 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 -43.9% for WIW. 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 0.51. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while WIW charges 0.71%. On a $10,000 position that is $9 vs $71 annually, a gap of $62 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 7.95% for WIW.
Holdings Overlap
SPY and WIW share 0 holdings out of 599 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 WIW?
SPY has an expense ratio of 0.09% while WIW charges 0.71%. SPY is the cheaper option. On a $10,000 investment, that is $62 per year of difference.
Which performed better, SPY or WIW?
Over the past year SPY returned +23.56% vs +2.79% for WIW, so SPY leads on 1-year performance. Over the longest common window we track (22 years), SPY annualized +8.85% vs -0.41% for WIW. Past performance does not guarantee future results.
Which is riskier, SPY or WIW?
SPY has been the more volatile fund at 15.3% annualized versus 10.0% for WIW. Worst drawdown: SPY -56.5% vs WIW -43.9%.
Should I hold both SPY and WIW?
SPY and WIW have a monthly-return correlation of 0.51, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and WIW?
SPY and WIW share 0 common holdings with a 0.0% weight overlap. Combined, they hold 599 unique securities.
Which pays a higher dividend, SPY or WIW?
SPY yields 1.01% while WIW yields 7.95%, so WIW currently pays the higher dividend yield.
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