SPY vs THEQ
State Street SPDR S&P 500 ETF Trust vs T. Rowe Price Hedged Equity ETF
Which is better, SPY or THEQ?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.98.
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 | THEQ |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.46% |
| AUM | $823.2B | $38M |
| Dividend Yield | 0.99% | 0.74% |
| Holdings | 1,515 | 120 |
| YTD Return | +13.53%Best | +8.45% |
| 1Y Return | +17.47%Best | +10.15% |
| 3Y Return (annualized) | +22.36% | - |
| 5Y Return (annualized) | +13.21% | - |
| Volatility (annualized) | 11.7% | 7.8%Best |
| Max Drawdown | -12.4% | -8.1%Best |
| $10,000 over 1.5 years | $13,655Best | $12,159 |
| Fund Family | State Street Investment Management | T.Rowe Price |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Mar 26, 2025 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Mar 27, 2025 to Oct 14, 2026 (1.5 years).
SPY vs THEQ 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 1.5 years both funds cover.
SPY vs THEQ Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and T. Rowe Price Hedged Equity ETF (THEQ) is an ETF from T.Rowe Price. Over the past year SPY returned +17.47% while THEQ returned +10.15%. Year to date, SPY is up 13.53% versus a gain of 8.45% for THEQ.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 11.7% compared with 7.8% for THEQ. 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 -12.4% for SPY and -8.1% for THEQ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.98. 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 THEQ charges 0.46%. On a $10,000 position that is $9 vs $46 annually, a gap of $37 per year that compounds over a long holding period. On income, SPY currently yields 0.99% against 0.74% for THEQ.
Holdings Overlap
At least 55.0% of SPY's money is in holdings THEQ also owns.
Stated as a floor: for THEQ, our book for it covers 93.5% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
The two portfolios partly overlap.
101 positions in common, counted across the 504 positions we hold weights for in SPY and 111 in THEQ, against full books of 1,515 and 120.
Top Shared Holdings
| Stock | Weight in SPY | Weight in THEQ | Difference |
|---|---|---|---|
| NVDANvidia Corp | 7.78% | 0.24% | 7.54% |
| AAPLApple, Inc | 7.45% | 0.07% | 7.38% |
| MSFTMicrosoft Corp | 5.71% | 0.26% | 5.45% |
| GOOGAlphabet Inc. C | 2.49% | 0.10% | 2.39% |
| AVGOBroadcom Inc | 2.48% | 0.08% | 2.40% |
| METAMeta Platforms Inc | 2.22% | 0.05% | 2.17% |
| MUMicron Technology, Inc. | 1.59% | 0.02% | 1.57% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 1.44% | 0.09% | 1.35% |
| LLYEli Lilly & Co. | 1.37% | 0.03% | 1.34% |
| AMDAdvanced Micro Devices Inc | 1.22% | 0.05% | 1.17% |
55.0% of SPY is already inside THEQ.
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, SPY or THEQ?
SPY has an expense ratio of 0.09% while THEQ charges 0.46%. SPY is the cheaper option, by $37 a year on a $10,000 investment.
Which performed better, SPY or THEQ?
Over the past year SPY returned +17.47% vs +10.15% for THEQ, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +23.08% vs +13.92% for THEQ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or THEQ?
SPY has been the more volatile fund at 11.7% annualized versus 7.8% for THEQ. Worst drawdown: SPY -12.4% vs THEQ -8.1%.
Should I hold both SPY and THEQ?
SPY and THEQ have a monthly-return correlation of 0.98, 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 SPY and THEQ?
At least 55.0% of SPY's money is in holdings THEQ also owns. Our book for THEQ is partial, so the real figure is this or higher. They hold 101 positions in common, counted across the 504 positions we hold weights for in SPY and 111 in THEQ.
Which pays a higher dividend, SPY or THEQ?
SPY yields 0.99% while THEQ yields 0.74%, so SPY currently pays the higher dividend yield.
Is THEQ 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 0.98. Which one suits a particular account depends on what it is for. This is information, not a recommendation.