SPY vs SQLT
State Street SPDR S&P 500 ETF Trust vs iShares MSCI USA Small-Cap Quality Factor ETF
Which is better, SPY or SQLT?
Large Cap Blend against Small Cap Blend.
SPY has a lower expense ratio. SQLT is less concentrated, with 8.7% of the fund in its ten largest positions against 38.2%.
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 | SQLT |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.20% |
| AUM | $823.2B | $7M |
| Dividend Yield | 0.99% | 0.50% |
| Holdings | 1,515 | 513 |
| YTD Return | +13.53%Best | +6.92% |
| 1Y Return | +17.47% | - |
| 3Y Return (annualized) | +22.36% | - |
| 5Y Return (annualized) | +13.21% | - |
| Top 10 Weight | 38.2% | 8.7%Best |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Small Cap Blend |
| Inception | Jan 22, 1993 | Mar 31, 2026 |
Not shown on this pair: Volatility (annualized), Max Drawdown, $10,000 over the window.
SPY vs SQLT 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs SQLT Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and iShares MSCI USA Small-Cap Quality Factor ETF (SQLT) is an ETF from iShares by BlackRock (US). Year to date, SPY is up 13.53% versus a gain of 6.92% for SQLT.
Past performance does not guarantee future results.
Fees and Cost Over Time
SPY charges 0.09% per year while SQLT charges 0.20%. On a $10,000 position that is $9 vs $20 annually, a gap of $11 per year that compounds over a long holding period. On income, SPY currently yields 0.99% against 0.50% for SQLT.
Holdings Overlap
0.4% of SPY's money is in holdings SQLT also owns. 10.0% of SQLT's money is in holdings SPY also owns.
SQLT and SPY share little of their money.
21 positions in common, counted across the 504 positions we hold weights for in SPY and 489 in SQLT, against full books of 1,515 and 513.
What only one of them owns
Our book lists 461 positions for SQLT that do not appear in our book for SPY (89.3% of the fund), and 475 for SPY that do not appear in SQLT (98.7%).
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 SPY | Weight in SQLT | Difference |
|---|---|---|---|
| ZBRAZebra Technologies Corp | 0.03% | 0.86% | 0.83% |
| AKAMAkamai Technologies Inc. | 0.02% | 0.66% | 0.64% |
| RVTYRevvity Inc | 0.02% | 0.64% | 0.62% |
| SWKSSkyworks Solutions Inc. | 0.02% | 0.64% | 0.62% |
| GLGlobe Life Inc. | 0.02% | 0.62% | 0.60% |
| JKHYJack Henry & Associates Inc | 0.02% | 0.60% | 0.58% |
| CRLCharles River Laboratories International Inc | 0.02% | 0.54% | 0.52% |
| FDSFactset Research Systems Inc. | 0.02% | 0.54% | 0.52% |
| APAApa Corp | 0.02% | 0.51% | 0.49% |
| TECHBio Techne | 0.02% | 0.50% | 0.48% |
You are not choosing between two funds in isolation.
Whichever of SPY and SQLT 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 SQLT?
SPY has an expense ratio of 0.09% while SQLT charges 0.20%. SPY is the cheaper option, by $11 a year on a $10,000 investment.
What is the holdings overlap between SPY and SQLT?
10.0% of SQLT's money is in holdings SPY also owns. 10.0% of SQLT's is in holdings SPY also owns. They hold 21 positions in common, counted across the 504 positions we hold weights for in SPY and 489 in SQLT.
Which pays a higher dividend, SPY or SQLT?
SPY yields 0.99% while SQLT yields 0.50%, so SPY currently pays the higher dividend yield.
Is SQLT better than SPY?
SPY has a lower expense ratio. SQLT is less concentrated, with 8.7% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.