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SPY vs THRO: Differences, Returns & Fees

SPY and THRO hold 66% of their weight in the same names, and THRO returned +18.3% over the year. Net assets: $817.2bn on Oct 8, 2026 for SPDR S&P 500 ETF Trust, and $7.5bn on Oct 9, 2026 for iShares U.S. Thematic Rotation Active ETF.

SPY costs 0.48 points a year less; their one-year returns differ by 1.0 point; SPY is far larger, $817.2bn against $7.5bn.

SPY vs THRO: Differences, Returns & Fees
SPYTHRO
Expense ratio0.09%0.57%
Net assets, as of Oct 8, 2026$817.2bn$7.5bn
Total return, 1 year+17.3%+18.3%
What it tracksS&P 500 IndexNo index, actively managed
Holdings in common66%
Top ten holdings, share of the fund39.1%43.5%

Holdings in common uses holdings dated Oct 8, 2026 and Oct 9, 2026.

+17.3%
SPY total return, 1 year
+18.3%
THRO total return, 1 year
0.09%
SPY expense ratio
0.57%
THRO expense ratio

What they hold in common

By the books each fund has filed, SPY and THRO hold 66% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Oct 8, 2026 and Oct 9, 2026.

half

66% in common

Positions both hold, largest shared weight first
Holding SPY THRO
NVIDIA CORP 8.34% 8.35%
APPLE INC 7.42% 8.22%
MICROSOFT CORP 5.80% 6.41%
AMAZON.COM INC 3.73% 4.63%
ALPHABET INC CL A 3.06% 3.85%
BROADCOM INC 2.56% 2.13%
META PLATFORMS INC CLASS A 2.38% 1.93%
ALPHABET INC CL C 2.45% 1.90%
MICRON TECHNOLOGY INC 1.75% 2.48%
ADVANCED MICRO DEVICES 1.51% 1.90%
TESLA INC 1.58% 1.39%
JPMORGAN CHASE + CO 1.32% 2.57%
Only in SPY
ABBVIE INC 0.72%
MASTERCARD INC A 0.69%
GENERAL ELECTRIC 0.47%
NETFLIX INC 0.45%
WELLS FARGO + CO 0.37%
LINDE PLC 0.33%
AMGEN INC 0.33%
ANALOG DEVICES INC 0.30%
Only in THRO
CHECK POINT SOFTWARE TECHNOLOGIES 0.65%
MUELLER INDUSTRIES INC 0.25%
SS AND C TECHNOLOGIES HOLDINGS 0.23%
CHENIERE ENERGY 0.19%
ALCOA CORP 0.17%
HF SINCLAIR 0.16%
PERMIAN RESOURCES CLASS A 0.11%
TD SYNNEX 0.11%

Check overlap with more funds →

On the same fields

SPY
SPDR S&P 500 ETF Trust
THRO
iShares U.S. Thematic Rotation Active ETF
Where it sits Stock ETF Stock ETF
Issuer State Street iShares
What it is Tracks the S&P 500 Actively managed
Total return, 1 year +17.3% +18.3%
Its benchmark over the same days +17.3% (VOO) +17.3% (VOO)
Gap to its benchmark −0.1 pts vs VOO +1.0 pts vs VOO
Expense ratio 0.09% 0.57%
Already in the S&P 500 99.8% 92.8%
Holdings 504 247
Net assets, SPY as of Oct 8, 2026 and THRO as of Oct 9, 2026 $817.2bn $7.5bn

SPY and THRO on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

About SPY

SPY tracks the S&P 500. Over the year to Oct 9, 2026 it returned +17.3% with distributions reinvested, against +17.3% 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 8, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 39.1%.

About THRO

THRO is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned +18.3% with distributions reinvested, against +17.3% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.57% a year. By its holdings published by its issuer for Oct 9, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 247 positions, with the top ten at 43.5%.

Questions people ask

Which returned more over the last year, SPY or THRO?
In the year to Oct 9, 2026, with distributions reinvested, SPY returned +17.3% and THRO +18.3%.
Which is cheaper, SPY or THRO?
SPY is cheaper, by 0.48 percentage points a year. That is about $48 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do SPY and THRO overlap with the S&P 500?
By their latest filed holdings, 100% of SPY and 93% of THRO by weight is stocks the S&P 500 already holds.
Other comparisons
SPY vs TCAFBLCR vs SPYDSI vs SPYSPY vs USMCIVV vs THROTHRO vs VTITHRO vs VOOSPYM vs THRO
SPY on its own →THRO on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
SPY filings on SEC EDGAR ↗State Street website ↗THRO filings on SEC EDGAR ↗THRO prospectus with the expense ratio (SEC) ↗iShares page for THRO ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. 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.

Cite this pageCitation, APA and Markdown

ETFIQ, SPY against THRO, data as of Oct 9, 2026. https://etfiq.com/compare/any/spy-vs-thro

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.