SPY vs TOCT
State Street SPDR S&P 500 ETF Trust vs Innovator Equity Defined Protection ETF - 2 Yr to October 2027
Which is better, SPY or TOCT?
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 0.97.
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 | TOCT |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.79% |
| AUM | $823.2B | $14M |
| Dividend Yield | 0.99% | 0.00% |
| Holdings | 1,515 | 15 |
| YTD Return | +13.53%Best | +3.40% |
| 1Y Return | +17.47%Best | +3.93% |
| 3Y Return (annualized) | +22.36% | - |
| 5Y Return (annualized) | +13.21% | - |
| Volatility (annualized) | 13.1% | 2.8%Best |
| Max Drawdown | -8.9% | -2.0%Best |
| $10,000 over 1 years | $11,578Best | $10,362 |
| Fund Family | State Street Investment Management | Innovator ETFs Trust |
| Category | Equity | Alternative |
| Style | Large Cap Blend | - |
| Inception | Jan 22, 1993 | Oct 1, 2025 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1 years row, are measured over the window both funds cover: Oct 1, 2025 to Oct 14, 2026 (1 years).
SPY vs TOCT 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 years both funds cover.
SPY vs TOCT Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Innovator Equity Defined Protection ETF - 2 Yr to October 2027 (TOCT) is an ETF from Innovator ETFs Trust. Over the past year SPY returned +17.47% while TOCT returned +3.93%. Year to date, SPY is up 13.53% versus a gain of 3.40% for TOCT.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 13.1% compared with 2.8% for TOCT. 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 -8.9% for SPY and -2.0% for TOCT. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.97. 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 TOCT charges 0.79%. On a $10,000 position that is $9 vs $79 annually, a gap of $70 per year that compounds over a long holding period. On income, SPY currently yields 0.99% against 0.00% for TOCT.
You are not choosing between two funds in isolation.
Whichever of SPY and TOCT 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 TOCT?
SPY has an expense ratio of 0.09% while TOCT charges 0.79%. SPY is the cheaper option, by $70 a year on a $10,000 investment.
Which performed better, SPY or TOCT?
Over the past year SPY returned +17.47% vs +3.93% for TOCT, so SPY leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +15.78% vs +3.62% for TOCT. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TOCT?
SPY has been the more volatile fund at 13.1% annualized versus 2.8% for TOCT. Worst drawdown: SPY -8.9% vs TOCT -2.0%.
Should I hold both SPY and TOCT?
SPY and TOCT have a monthly-return correlation of 0.97, 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 TOCT?
SPY yields 0.99% while TOCT yields 0.00%, so SPY currently pays the higher dividend yield.
Is TOCT 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 0.97. Which one suits a particular account depends on what it is for. This is information, not a recommendation.