Data as of Oct 28, 2026.
SPY vs SPYM: Differences, Returns & Fees
Over the year to Oct 28, 2026, SPY returned +13.6% to SPYM's +13.7%; 100% of their weight is in the same names.
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Net assets on Oct 27, 2026: $814.8bn for SPDR S&P 500 ETF Trust and $185.0bn for State Street SPDR Portfolio S&P 500 ETF.
Pair scorecard
SPYM costs 0.07 points a year less; their one-year returns differ by 0.1 points; SPY is 4.4 times larger.
| Measure | SPY | SPYM |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.6% | +13.7% |
| Benchmark | ||
| What it tracks | S&P 500 Index | S&P 500 Index |
| Cost and size | ||
| Expense ratio | 0.09% | 0.02% |
| Net assets, as of Oct 27, 2026 | $814.8bn | $185.0bn |
| Holdings | ||
| Holdings in common | 100% | |
| Top ten holdings, share of the fund | 38.1% | 38.1% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Nov 25, 2005 to Oct 23, 2026 · 1,091 weekly returnsEach against its own benchmark: SPY against VOO, Sep 17, 2010 to Oct 23, 2026; SPYM against IVV, Nov 25, 2005 to Oct 23, 2026.
SPY and SPYM returned about the same: +777.9% and +793.5%. SPYM swung slightly less: 17.2% to 17.7%. SPY and SPYM fell about the same at their worst: −54.6% and −53.9%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SPY | SPYM | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +777.9% | +793.5% | Tie | Price change plus distributions, reinvested. |
| Annualized | +10.9% | +11.0% | Tie | Total return as a yearly rate. |
| Price return | +497.8% | +516.4% | SPYM (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 17.7% | 17.2% | SPYM (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.5% | 12.1% | SPYM (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −54.6% | −53.9% | Tie | Deepest fall from a high to the low after it. |
| Upside capture | 99.8% | 94.1% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 100.0% | 96.9% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.00 | 0.96 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.95 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.57 | 0.59 | SPYM (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 0.81 | 0.84 | SPYM (slight) | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.133 | 0.106 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.20 | 0.20 | SPYM (slight) | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | IVV | The ETF each fund is measured against. | |
| Alpha | −0.1% a year | +0.4% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.51 | 0.53 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.3% to +0.1% | −1.2% to +2.0% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.15 | 0.00 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 0.4% | 3.8% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,091 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, SPY and SPYM hold 100% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
100% in common
Only in one fund ↓
Side by side
SPY and SPYM on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SPY and SPYM are built for the same job. How do they differ in cost, holdings and results?
- Size. SPY has $814.8bn in net assets and SPYM $185.0bn (net assets, as of Oct 27, 2026); SPY is 4.4 times larger.
- What each follows (similar). Both follow S&P 500 Index.
- Holdings in common (similar). 100% of the weight is in the same securities (holdings dated Oct 27, 2026).
Data as of Oct 28, 2026.
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SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.
SPYM
SPYM tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.7% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.02% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 506 positions, with the top ten at 38.1%.
Questions people ask
- Which returned more over the last year, SPY or SPYM?
- In the year to Oct 28, 2026, with distributions reinvested, SPY returned +13.6% and SPYM +13.7%.
- Which is cheaper, SPY or SPYM?
- SPYM is cheaper, by 0.07 percentage points a year. That is about $7 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, SPY against SPYM, data as of Oct 28, 2026. https://etfiq.com/compare/any/spy-vs-spym
ETFIQ. (Oct 28, 2026). SPY against SPYM. Retrieved from https://etfiq.com/compare/any/spy-vs-spym
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