SPY vs TOPC
State Street SPDR S&P 500 ETF Trust vs iShares S&P 500 3% Capped ETF
Which is better, SPY or TOPC?
Large Cap Blend against Large Cap Growth.
SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.98. TOPC is less concentrated, with 25.8% 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 | TOPC |
|---|---|---|
| Expense Ratio | 0.09%Tie | 0.09%Tie |
| AUM | $823.2B | $33M |
| Dividend Yield | 0.99% | 1.03% |
| Holdings | 1,515 | 509 |
| YTD Return | +13.53%Best | +13.05% |
| 1Y Return | +17.47%Best | +16.45% |
| 3Y Return (annualized) | +22.36% | - |
| 5Y Return (annualized) | +13.21% | - |
| Volatility (annualized) | 11.8% | 10.7%Best |
| Max Drawdown | -8.9% | -8.0%Best |
| $10,000 over 1.5 years | $14,904Best | $14,465 |
| Top 10 Weight | 38.2% | 25.8%Best |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Growth |
| Inception | Jan 22, 1993 | Apr 15, 2025 |
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Apr 16, 2025 to Oct 14, 2026 (1.5 years).
SPY vs TOPC 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 TOPC Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and iShares S&P 500 3% Capped ETF (TOPC) is an ETF from iShares by BlackRock (US). Over the past year SPY returned +17.47% while TOPC returned +16.45%. Year to date, SPY is up 13.53% versus a gain of 13.05% for TOPC.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 11.8% compared with 10.7% for TOPC. 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 -8.0% for TOPC. 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 TOPC charges 0.09%. On a $10,000 position that is $9 vs $9 annually. On income, SPY currently yields 0.99% against 1.03% for TOPC.
Holdings Overlap
99.0% of SPY's money is in holdings TOPC also owns. 98.8% of TOPC's money is in holdings SPY also owns.
Most of SPY is already inside TOPC. Owning both mostly buys the same companies twice.
496 positions in common, counted across the 504 positions we hold weights for in SPY and 505 in TOPC, against full books of 1,515 and 509.
What only one of them owns
Our book lists 7 positions for TOPC that do not appear in our book for SPY (0.9% of the fund), and 4 for SPY that do not appear in TOPC (0.3%).
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 TOPC | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.78% | 3.11% | 4.67% |
| AAPLApple, Inc | 7.45% | 3.25% | 4.20% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.71% | 3.56% | 2.15% |
| AMZNAmazon.Com Inc | 3.78% | 3.08% | 0.70% |
| AVGOBroadcom Inc | 2.48% | 2.78% | 0.30% |
| METAMeta Platform Inc | 2.22% | 2.61% | 0.39% |
| GOOGLAlphabet Inc Cap Stk Cl A | 3.12% | 1.50% | 1.62% |
| GOOGAlphabet Inc Class C | 2.49% | 1.21% | 1.28% |
| MUMicron Technology, Inc. | 1.59% | 2.02% | 0.43% |
| TSLATesla Motors Inc | 1.54% | 1.89% | 0.35% |
99.0% of SPY is already inside TOPC.
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 TOPC?
SPY has an expense ratio of 0.09% while TOPC charges 0.09%. At the precision these are quoted to, they cost the same.
Which performed better, SPY or TOPC?
Over the past year SPY returned +17.47% vs +16.45% for TOPC, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +30.48% vs +27.90% for TOPC. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TOPC?
SPY has been the more volatile fund at 11.8% annualized versus 10.7% for TOPC. Worst drawdown: SPY -8.9% vs TOPC -8.0%.
Should I hold both SPY and TOPC?
SPY and TOPC 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 TOPC?
99.0% of SPY's money is in holdings TOPC also owns. 98.8% of TOPC's is in holdings SPY also owns. They hold 496 positions in common, counted across the 504 positions we hold weights for in SPY and 505 in TOPC.
Which pays a higher dividend, SPY or TOPC?
SPY yields 0.99% while TOPC yields 1.03%, so TOPC currently pays the higher dividend yield.
Is TOPC better than SPY?
SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.98. TOPC is less concentrated, with 25.8% 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.