SPY vs TOAO
State Street SPDR S&P 500 ETF Trust vs Twin Oak Active Opportunities III ETF
Which is better, SPY or TOAO?
SPY costs less.
SPY has a lower expense ratio.
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 | TOAO |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.95% |
| AUM | $823.2B | $452M |
| Dividend Yield | 0.99% | 0.00% |
| Holdings | 1,515 | 49 |
| YTD Return | +13.53%Best | +8.07% |
| 1Y Return | +17.47% | - |
| 3Y Return (annualized) | +22.36% | - |
| 5Y Return (annualized) | +13.21% | - |
| Fund Family | State Street Investment Management | Twin Oak |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Apr 24, 2026 |
Not shown on this pair: Volatility (annualized), Max Drawdown, $10,000 over the window, Top 10 Weight.
SPY vs TOAO 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 TOAO Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Twin Oak Active Opportunities III ETF (TOAO) is an ETF from Twin Oak. Year to date, SPY is up 13.53% versus a gain of 8.07% for TOAO.
Past performance does not guarantee future results.
Fees and Cost Over Time
SPY charges 0.09% per year while TOAO charges 0.95%. On a $10,000 position that is $9 vs $95 annually, a gap of $86 per year that compounds over a long holding period. On income, SPY currently yields 0.99% against 0.00% for TOAO.
Holdings Overlap
At least 29.4% of SPY's money is in holdings TOAO also owns.
Only one direction is shown: for TOAO, our book for it lists positions totalling 109.2% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
SPY and TOAO share little of their money.
18 positions in common, counted across the 504 positions we hold weights for in SPY and 28 in TOAO, against full books of 1,515 and 49.
Top Shared Holdings
| Stock | Weight in SPY | Weight in TOAO | Difference |
|---|---|---|---|
| NVDANvidia Corp | 7.78% | 6.55% | 1.23% |
| MSFTMicrosoft Corp | 5.71% | 5.66% | 0.05% |
| AMZNAmazon.Com Inc | 3.78% | 7.15% | 3.37% |
| CRWDCrowdstrike Holdings Inc | 0.36% | 9.88% | 9.52% |
| AVGOBroadcom Inc | 2.48% | 5.72% | 3.24% |
| GOOGAlphabet Inc. C | 2.49% | 4.80% | 2.31% |
| AMDAdvanced Micro Devices Inc | 1.22% | 5.39% | 4.17% |
| METAMeta Platforms Inc | 2.22% | 4.26% | 2.04% |
| SCHWSchwab Strategic T | 0.27% | 3.50% | 3.23% |
| VVisa Inc Class A | 0.95% | 2.72% | 1.77% |
29.4% of SPY is already inside TOAO.
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 TOAO?
SPY has an expense ratio of 0.09% while TOAO charges 0.95%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
What is the holdings overlap between SPY and TOAO?
At least 29.4% of SPY's money is in holdings TOAO also owns. Our book for TOAO is partial, so the real figure is this or higher. They hold 18 positions in common, counted across the 504 positions we hold weights for in SPY and 28 in TOAO.
Which pays a higher dividend, SPY or TOAO?
SPY yields 0.99% while TOAO yields 0.00%, so SPY currently pays the higher dividend yield.
Is TOAO better than SPY?
SPY has a lower expense ratio. Which one suits a particular account depends on what it is for. This is information, not a recommendation.