MUSI vs SPY
American Century Multisector Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, MUSI or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window.
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 | MUSI | SPY |
|---|---|---|
| Expense Ratio | 0.38% | 0.09%Best |
| AUM | $262M | $823.2B |
| Dividend Yield | 5.49% | 0.99% |
| Holdings | 419 | 1,515 |
| Volatility (annualized) | 5.4%Best | 15.6% |
| Max Drawdown | -13.9%Best | -24.5% |
| $10,000 over 5.2 years | $10,894 | $19,011Best |
| Fund Family | American Century Investments | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Blend |
| Inception | Jun 29, 2021 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 33 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. MUSI has data through Sep 11, 2026 and SPY through Oct 14, 2026.
Volatility and max drawdown, and the $10,000 over 5.2 years row, are measured over the window both funds cover: Jul 1, 2021 to Sep 11, 2026 (5.2 years).
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 5.4% for MUSI. 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 -13.9% for MUSI and -24.5% 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 0.68. They move together some of the time, and apart the rest.
Fees and Cost Over Time
MUSI charges 0.38% per year while SPY charges 0.09%. On a $10,000 position that is $38 vs $9 annually, a gap of $29 per year that compounds over a long holding period. On income, MUSI currently yields 5.49% against 0.99% for SPY.
Holdings Overlap
At least 0.8% of SPY's money is in holdings MUSI also owns.
Stated as a floor: for MUSI, our book for it covers 40.9% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 76 days apart, MUSI as of Jun 30, 2026 and SPY as of Sep 14, 2026, so some of the difference between them is the time between the two reports rather than the funds.
2 positions in common, counted across the 150 positions we hold weights for in MUSI and 504 in SPY, against full books of 419 and 1,515.
You are not choosing between two funds in isolation.
Whichever of MUSI 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, MUSI or SPY?
MUSI has an expense ratio of 0.38% while SPY charges 0.09%. SPY is the cheaper option, by $29 a year on a $10,000 investment.
Which is riskier, MUSI or SPY?
SPY has been the more volatile fund at 15.6% annualized versus 5.4% for MUSI. Worst drawdown: MUSI -13.9% vs SPY -24.5%.
Should I hold both MUSI and SPY?
MUSI and SPY have a monthly-return correlation of 0.68, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, MUSI or SPY?
MUSI yields 5.49% while SPY yields 0.99%, so MUSI currently pays the higher dividend yield.
Is SPY better than MUSI?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.