SLY vs SPY
SPDR S&P 600 Small Cap ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SLY or SPY?
Small Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SLY led over the full window, SPY over 1Y.
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 | SLY | SPY |
|---|---|---|
| Expense Ratio | 0.15% | 0.09%Best |
| AUM | $1.7B | $823.2B |
| Dividend Yield | 1.62% | 0.99% |
| Holdings | 605 | 1,515 |
| Volatility (annualized) | 20.2% | 15.4%Best |
| Max Drawdown | -60.1% | -56.5%Best |
| $10,000 over 17.6 years | $46,916Best | $36,181 |
| Fund Family | SPDR State Street Global Advisors | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | Nov 8, 2005 | 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 1223 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. SLY has data through Jun 9, 2023 and SPY through Oct 14, 2026.
Volatility and max drawdown, and the $10,000 over 17.6 years row, are measured over the window both funds cover: Nov 15, 2005 to Jun 9, 2023 (17.6 years).
Risk: Volatility and Drawdowns
SLY has been the more volatile fund, with annualized monthly volatility of 20.2% compared with 15.4% 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 -60.1% for SLY and -56.5% 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 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SLY charges 0.15% per year while SPY charges 0.09%. On a $10,000 position that is $15 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, SLY currently yields 1.62% against 0.99% for SPY.
You are not choosing between two funds in isolation.
Whichever of SLY 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, SLY or SPY?
SLY has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option, by $6 a year on a $10,000 investment.
Which is riskier, SLY or SPY?
SLY has been the more volatile fund at 20.2% annualized versus 15.4% for SPY. Worst drawdown: SLY -60.1% vs SPY -56.5%.
Should I hold both SLY and SPY?
SLY and SPY have a monthly-return correlation of 0.89, 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, SLY or SPY?
SLY yields 1.62% while SPY yields 0.99%, so SLY currently pays the higher dividend yield.
Is SPY better than SLY?
SPY has a lower expense ratio. SLY led over the full window, SPY over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.