Data as of Oct 28, 2026.
SPY vs TSPY: Differences, Returns & Fees
Over the year to Oct 28, 2026, SPY returned +13.6% to TSPY's +12.3%, and SPY charges 0.09% to TSPY's 0.68%.
askIQ about this page
askIQ about SPY and TSPY
Net assets: $814.8bn on Oct 27, 2026 for SPDR S&P 500 ETF Trust, and $311m on Jun 30, 2026 for TappAlpha S&P 500 Growth & Daily Income ETF.
Pair scorecard
SPY costs 0.59 points a year less; their one-year returns differ by 1.3 points.
| Measure | SPY | TSPY |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.6% | +12.3% |
| Price change, 1 year | rose 12.4% | fell 2.5% |
| Latest payout, annualized | 14.0% | |
| Return of capital, issuer estimate | 84% of the Oct 7, 2026 payment | |
| Against its benchmark | ||
| What it tracks | S&P 500 Index | Benchmark: Vanguard S&P 500 ETF, measured through VOO |
| Against its benchmark, same days | behind by 1.4 pts | |
| Cost and size | ||
| Expense ratio | 0.09% | 0.68% |
| Net assets, SPY as of Oct 27, 2026 and TSPY as of Jun 30, 2026 | $814.8bn | $311m |
| Holdings | ||
| Holdings in common | 0% | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 38.1% | |
Holdings in common uses holdings dated Jun 30, 2026 and Oct 27, 2026. Method
Risk and return
Aug 23, 2024 to Oct 23, 2026 · 113 weekly returns · each against VOOSPY returned slightly more: +38.7% to +34.9%. TSPY swung slightly less: 14.1% to 15.0%. TSPY fell slightly less at its worst: −16.5% to −16.9%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SPY | TSPY | VOO | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +38.7% | +34.9% | SPY (slight) | Price change plus distributions, reinvested. | |
| Annualized | +16.3% | +14.8% | SPY (slight) | Total return as a yearly rate. | |
| Price return | +35.2% | +0.6% | SPY | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 15.0% | 14.1% | TSPY (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 9.9% | 9.6% | TSPY (slight) | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −16.9% | −16.5% | TSPY (slight) | Deepest fall from a high to the low after it. | |
| Upside capture | 100.2% | 89.2% | 100.0% | SPY | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 100.3% | 95.3% | 100.0% | TSPY (slight) | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 1.01 | 0.92 | 1.00 | TSPY lower | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.95 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.81 | 0.76 | SPY (slight) | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.22 | 1.11 | SPY (slight) | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.120 | 0.116 | 0.122 | SPY (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 0.96 | 0.90 | SPY (slight) | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | VOO | VOO | VOO | The ETF each fund is measured against. | |
| Alpha | −0.1% a year | −0.5% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.68 | −0.23 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −0.5% to +0.3% | −4.9% to +3.8% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.17 | −0.43 | SPY | Return against its benchmark per unit of tracking error. | |
| Tracking error | 0.3% | 3.4% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 113 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, SPY and TSPY hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
SPY and TSPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price.
No client brief for this pair: the two funds' holdings are dated 119 days apart.
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%.
TSPY
Over the year to Oct 28, 2026, TSPY paid 13.7% of its starting value in cash distributions while its price fell 2.5%. With every distribution reinvested, the fund returned +12.3%. Vanguard S&P 500 ETF (VOO) returned +13.7% over the same days, so a holder was behind by 1.4 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 14.0%, paid monthly. TappAlpha estimates that 84% of the distribution paid Oct 7, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
Questions people ask
- Are SPY and TSPY in the same category?
- SPY is a stock ETF and TSPY is an option-income ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, SPY or TSPY?
- In the year to Oct 28, 2026, with distributions reinvested, SPY returned +13.6% and TSPY +12.3%.
- Which is cheaper, SPY or TSPY?
- SPY is cheaper, by 0.59 percentage points a year. That is about $59 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.
Cite this pageCitation, APA and Markdown
ETFIQ, SPY against TSPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/spy-vs-tspy
ETFIQ. (Oct 28, 2026). SPY against TSPY. Retrieved from https://etfiq.com/compare/any/spy-vs-tspy
[SPY against TSPY (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/spy-vs-tspy)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.