SPY vs SQEW
State Street SPDR S&P 500 ETF Trust vs LeaderShares Equity Skew ETF
Which is better, SPY or SQEW?
Large Cap Blend against Mid Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.91.
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 | SPY | SQEW |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.84% |
| AUM | $823.2B | $16M |
| Dividend Yield | 0.99% | 0.96% |
| Holdings | 1,515 | 159 |
| Volatility (annualized) | 15.7%Best | 16.3% |
| Max Drawdown | -24.5%Best | -26.1% |
| $10,000 over 5.5 years | $25,448Best | $15,910 |
| Fund Family | State Street Investment Management | LeaderShares |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Blend |
| Inception | Jan 22, 1993 | May 11, 2020 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 355 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. SPY has data through Oct 14, 2026 and SQEW through Oct 24, 2025.
Volatility and max drawdown, and the $10,000 over 5.5 years row, are measured over the window both funds cover: May 12, 2020 to Oct 24, 2025 (5.5 years).
Risk: Volatility and Drawdowns
SQEW has been the more volatile fund, with annualized monthly volatility of 16.3% compared with 15.7% 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 -24.5% for SPY and -26.1% for SQEW. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while SQEW charges 0.84%. On a $10,000 position that is $9 vs $84 annually, a gap of $75 per year that compounds over a long holding period. On income, SPY currently yields 0.99% against 0.96% for SQEW.
You are not choosing between two funds in isolation.
Whichever of SPY and SQEW 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, SPY or SQEW?
SPY has an expense ratio of 0.09% while SQEW charges 0.84%. SPY is the cheaper option, by $75 a year on a $10,000 investment.
Which is riskier, SPY or SQEW?
SQEW has been the more volatile fund at 16.3% annualized versus 15.7% for SPY. Worst drawdown: SPY -24.5% vs SQEW -26.1%.
Should I hold both SPY and SQEW?
SPY and SQEW have a monthly-return correlation of 0.91, 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.
Which pays a higher dividend, SPY or SQEW?
SPY yields 0.99% while SQEW yields 0.96%, so SPY currently pays the higher dividend yield.
Is SQEW better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.91. Which one suits a particular account depends on what it is for. This is information, not a recommendation.