SPXV vs SPY
ProShares S&P 500 Ex-Health Care ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SPXV or SPY?
Each has led over a different period.
SPXV led over 3Y, 5Y and the full window, SPY over 1Y. The two have moved almost in lockstep, correlation 0.95. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 42.9%.
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 | SPXV | SPY |
|---|---|---|
| Expense Ratio | 0.09%Tie | 0.09%Tie |
| AUM | $42M | $823.2B |
| Dividend Yield | 0.91% | 0.99% |
| Holdings | 445 | 1,515 |
| YTD Return | +13.54%Best | +13.53% |
| 1Y Return | +16.71% | +17.47%Best |
| 3Y Return (annualized) | +23.60%Best | +22.36% |
| 5Y Return (annualized) | +13.77%Best | +13.21% |
| Volatility (annualized) | 16.1% | 15.1%Best |
| Max Drawdown | -34.3% | -34.1%Best |
| $10,000 over 5 years | $19,061Best | $18,596 |
| Top 10 Weight | 42.9% | 38.2%Best |
| Fund Family | ProShares | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 22, 2015 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 24, 2015 to Oct 14, 2026 (11.1 years).
SPXV vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 11.1 years both funds cover.
SPXV vs SPY Performance
ProShares S&P 500 Ex-Health Care ETF (SPXV) is an ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SPXV returned +16.71% while SPY returned +17.47%. Year to date, SPXV is up 13.54% versus a gain of 13.53% for SPY.
Over three years, SPXV compounded at +23.60% per year against +22.36% for SPY; over five years the annualized figures are +13.77% and +13.21% respectively. Across the full 11-year window we track, SPXV has the edge at +14.64% annualized vs +14.12%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXV has been the more volatile fund, with annualized monthly volatility of 16.1% compared with 15.1% 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 -34.3% for SPXV and -34.1% 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 0.95. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPXV charges 0.09% per year while SPY charges 0.09%. On a $10,000 position that is $9 vs $9 annually. On income, SPXV currently yields 0.91% against 0.99% for SPY.
Holdings Overlap
98.5% of SPXV's money is in holdings SPY also owns. 89.7% of SPY's money is in holdings SPXV also owns.
Most of SPXV is already inside SPY. Owning both mostly buys the same companies twice.
432 positions in common, counted across the 443 positions we hold weights for in SPXV and 504 in SPY, against full books of 445 and 1,515.
What only one of them owns
Our book lists 68 positions for SPY that do not appear in our book for SPXV (9.7% of the fund), and 5 for SPXV that do not appear in SPY (0.7%).
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 SPXV | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 9.33% | 7.78% | 1.55% |
| AAPLApple, Inc | 8.02% | 7.45% | 0.57% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 6.33% | 5.71% | 0.62% |
| AMZNAmazon.Com Inc | 4.07% | 3.78% | 0.29% |
| GOOGLAlphabet Inc Cap Stk Cl A | 3.32% | 3.12% | 0.20% |
| AVGOBroadcom Inc | 2.78% | 2.48% | 0.30% |
| GOOGAlphabet Inc Class C | 2.66% | 2.49% | 0.17% |
| METAMeta Platform Inc | 2.64% | 2.22% | 0.42% |
| MUMicron Technology, Inc. | 2.00% | 1.59% | 0.41% |
| TSLATesla Motors Inc | 1.72% | 1.54% | 0.18% |
98.5% of SPXV is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPXV or SPY?
SPXV has an expense ratio of 0.09% while SPY charges 0.09%. At the precision these are quoted to, they cost the same.
Which performed better, SPXV or SPY?
Over the past year SPXV returned +16.71% vs +17.47% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (11 years), SPXV annualized +14.64% vs +14.12% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPXV or SPY?
SPXV has been the more volatile fund at 16.1% annualized versus 15.1% for SPY. Worst drawdown: SPXV -34.3% vs SPY -34.1%.
Should I hold both SPXV and SPY?
SPXV and SPY have a monthly-return correlation of 0.95, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between SPXV and SPY?
98.5% of SPXV's money is in holdings SPY also owns. 89.7% of SPY's is in holdings SPXV also owns. They hold 432 positions in common, counted across the 443 positions we hold weights for in SPXV and 504 in SPY.
Which pays a higher dividend, SPXV or SPY?
SPXV yields 0.91% while SPY yields 0.99%, so SPY currently pays the higher dividend yield.
Is SPY better than SPXV?
SPXV led over 3Y, 5Y and the full window, SPY over 1Y. The two have moved almost in lockstep, correlation 0.95. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 42.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.