LIMI vs SPY
Themes Lithium & Battery Metal Miners ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, LIMI or SPY?
Precious Metals against Large Cap Blend.
SPY has a lower expense ratio. LIMI led over 1Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 52.9%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | LIMI | SPY |
|---|---|---|
| Expense Ratio | 0.35% | 0.09%Best |
| AUM | $2M | $823.2B |
| Dividend Yield | 0.40% | 0.99% |
| Holdings | 52 | 1,515 |
| Volatility (annualized) | 40.4% | 12.6%Best |
| Max Drawdown | -43.8% | -18.8%Best |
| $10,000 over 2 years | $16,284Best | $13,874 |
| Top 10 Weight | 52.9% | 38.2%Best |
| Fund Family | Themes ETFs | State Street Investment Management |
| Category | Commodity | Equity |
| Style | Precious Metals | Large Cap Blend |
| Inception | Sep 23, 2024 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 23 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. LIMI has data through Sep 21, 2026 and SPY through Oct 14, 2026.
Volatility and max drawdown, and the $10,000 over 2 years row, are measured over the window both funds cover: Sep 24, 2024 to Sep 21, 2026 (2 years).
Risk: Volatility and Drawdowns
LIMI has been the more volatile fund, with annualized monthly volatility of 40.4% compared with 12.6% for SPY. 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 -43.8% for LIMI and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.48. They move together some of the time, and apart the rest.
Fees and Cost Over Time
LIMI charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, LIMI currently yields 0.40% against 0.99% for SPY.
Holdings Overlap
8.3% of LIMI's money is in holdings SPY also owns.
LIMI and SPY share little of their money.
1 positions in common, counted across the 42 positions we hold weights for in LIMI and 504 in SPY, against full books of 52 and 1,515.
What only one of them owns
Our book lists 495 positions for SPY that do not appear in our book for LIMI (99.0% of the fund), and 2 for LIMI that do not appear in SPY (1.2%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in LIMI | Weight in SPY | Difference |
|---|---|---|---|
| ALBAlbemarle Corp. | 8.35% | 0.02% | 8.33% |
You are not choosing between two funds in isolation.
Whichever of LIMI and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, LIMI or SPY?
LIMI has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option, by $26 a year on a $10,000 investment.
Which is riskier, LIMI or SPY?
LIMI has been the more volatile fund at 40.4% annualized versus 12.6% for SPY. Worst drawdown: LIMI -43.8% vs SPY -18.8%.
Should I hold both LIMI and SPY?
LIMI and SPY have a monthly-return correlation of 0.48, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between LIMI and SPY?
8.3% of LIMI's money is in holdings SPY also owns. 0.0% of SPY's is in holdings LIMI also owns. They hold 1 positions in common, counted across the 42 positions we hold weights for in LIMI and 504 in SPY.
Which pays a higher dividend, LIMI or SPY?
LIMI yields 0.40% while SPY yields 0.99%, so SPY currently pays the higher dividend yield.
Is SPY better than LIMI?
SPY has a lower expense ratio. LIMI led over 1Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 52.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.