SPY vs TPYP
State Street SPDR S&P 500 ETF Trust vs Tortoise North American Pipeline ETF
Which is better, SPY or TPYP?
Large Cap Blend against Mid Cap Value.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 64.0%.
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 | TPYP |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.40% |
| AUM | $823.2B | $874M |
| Dividend Yield | 0.99% | 3.44% |
| Holdings | 1,515 | 88 |
| Volatility (annualized) | 15.5%Best | 21.8% |
| Max Drawdown | -34.1%Best | -52.0% |
| $10,000 over 9.9 years | $29,248Best | $21,860 |
| Top 10 Weight | 38.2%Best | 64.0% |
| Fund Family | State Street Investment Management | TortoiseEcofin Funds |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Value |
| Inception | Jan 22, 1993 | Jun 29, 2015 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 523 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. SPY has data through Oct 14, 2026 and TPYP through May 9, 2025.
Volatility and max drawdown, and the $10,000 over 9.9 years row, are measured over the window both funds cover: Jun 30, 2015 to May 9, 2025 (9.9 years).
Risk: Volatility and Drawdowns
TPYP has been the more volatile fund, with annualized monthly volatility of 21.8% compared with 15.5% for SPY. 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 -34.1% for SPY and -52.0% for TPYP. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.71. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while TPYP charges 0.40%. On a $10,000 position that is $9 vs $40 annually, a gap of $31 per year that compounds over a long holding period. On income, SPY currently yields 0.99% against 3.44% for TPYP.
Holdings Overlap
0.5% of SPY's money is in holdings TPYP also owns. 37.7% of TPYP's money is in holdings SPY also owns.
The two portfolios partly overlap.
6 positions in common, counted across the 504 positions we hold weights for in SPY and 44 in TPYP, against full books of 1,515 and 88.
What only one of them owns
Our book lists 30 positions for TPYP that do not appear in our book for SPY (37.0% of the fund), and 490 for SPY that do not appear in TPYP (98.6%).
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.
37.7% of TPYP is already inside SPY.
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 TPYP?
SPY has an expense ratio of 0.09% while TPYP charges 0.40%. SPY is the cheaper option, by $31 a year on a $10,000 investment.
Which is riskier, SPY or TPYP?
TPYP has been the more volatile fund at 21.8% annualized versus 15.5% for SPY. Worst drawdown: SPY -34.1% vs TPYP -52.0%.
Should I hold both SPY and TPYP?
SPY and TPYP have a monthly-return correlation of 0.71, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPY and TPYP?
37.7% of TPYP's money is in holdings SPY also owns. 37.7% of TPYP's is in holdings SPY also owns. They hold 6 positions in common, counted across the 504 positions we hold weights for in SPY and 44 in TPYP.
Which pays a higher dividend, SPY or TPYP?
SPY yields 0.99% while TPYP yields 3.44%, so TPYP currently pays the higher dividend yield.
Is TPYP better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 64.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.