SPY vs SPYM: Grades, Fees and Holdings Compared

State Street SPDR S&P 500 ETF

SPYBNYSE Arca

State Street SPDR Portfolio S&P 500 ETF

SPYMANYSE Arca

Overlap

99.9%by weight

Both track S&P 500 Index

Expense ratio

SPYM −0.07pt a year

SPY0.09%SPYM0.02%

Avg volume · 30D

SPY 3.7×the volume

SPY44.2MSPYM12.1M

10Y return · a year

SPY+15.2%SPYM+15.2%

SPY vs SPYM Performance

Nov 12, 2021 – Nov 12, 2026

+73.3%SPY+73.8%SPYM

Expense ratio: SPY 0.09%; SPYM 0.02%, better
Fund size: SPY $806B; SPYM $186B
1Y total return: SPY +12.0%; SPYM +12.1%, better
Yield (12M): SPY 1.00%; SPYM 1.02%, better
Holdings: SPY 505; SPYM 507
Avg volume (30D): SPY 44.2M sh, better; SPYM 12.1M sh
NAV per share: SPY $759.66; SPYM $89.41
52W range

ETF.net Grade

Pillar letters and Scores for SPY, SPYM, with each pillar’s weight
Pillar	SPY	SPYM
Cost30% weight	C47	A99Higher
Mission25% weight	A100	A100
Risk15% weight	C50	C50
Tradability15% weight	A89Higher	A71
Holdings10% weight	B57	B57
Durability5% weight	A84Higher	A79

Rank among S&P 500 funds

How we build Categories ›

Same Category. SPY and SPYM are both graded against the same 14 S&P 500 funds, so their Grades compare head to head.

S&P 500⁠

Category · 14 funds

See all 14 ›

SPYM ranks 1st and SPY 5th of 14 funds in the S&P 500 Category.

Rank 1ASPYMState Street SPDR Portfolio S&P 500 ETFScore 82
Rank 2AIVViShares Core S&P 500 ETFScore 79
Rank 4AUSPXFranklin U.S. Equity Index ETFScore 71
Rank 5BSPYState Street SPDR S&P 500 ETFScore 69
Rank 6BSTXFStrive 500 ETFScore 65

Our read on each fund

ETF.net Research

SPYBState Street SPDR S&P 500 ETF

SPYMAState Street SPDR Portfolio S&P 500 ETF

In short

SPY The 1993 original, and still the ticker the market trades through. Same roughly 500 S&P 500 names as its cheaper cousins; the edge here is the crowd around it, not the fee.

SPYM State Street's budget-priced S&P 500 tracker: the same 500 large caps as its famous sibling, for 0.02% a year, the lowest fee in its S&P 500 peer group. Running since 2005 and now one of the category's giants.

Stated mandate

SPY The fund seeks to track, before expenses, the price and yield performance of the S&P 500 Index.

SPYM The fund seeks to track the total return of the S&P 500 Index before fees and expenses, providing broad exposure to U.S. large-cap equities.

Why people hold it

SPY One of the most heavily traded funds in the market, and one of the largest. That depth is why desks treat it as the default way to move S&P 500 exposure.
Its stated job is to track the S&P 500 before expenses, and it hews to that benchmark about as closely as anything in its peer group.
At 0.09% a year it still undercuts the typical S&P 500 wrapper in its cohort, and it lands in the upper half of that group overall.

SPYM 0.02% a year, the cheapest fee in its S&P 500 cohort, against a 0.15% median for the group. Two dollars a year per $10,000 invested.
Same S&P 500 index as State Street's flagship SPY (0.09%), for a fraction of the fee, and a basis point under VOO and IVV.
Tracks the index tightly: gaps between fund and benchmark are among the smallest in its peer group, which is the whole job of an index wrapper.
Live since 2005, now one of the largest and most heavily traded funds in the category. Distributions land quarterly.

Worth knowing

SPY That liquidity has a price: VOO, IVV and SPYM track the same index for a few basis points, and the fee gap compounds over a long hold.
It is a unit investment trust, the older 1993-vintage wrapper: it holds the index as declared and pays dividends out on a quarterly schedule.
About 500 stocks, cap-weighted, so the largest companies carry the most weight; equal-weight takes on the same index, like RSP, spread it differently.

SPYM The S&P 500 is cap-weighted, so the biggest US companies drive most of the move. Equal-weight takes on the same index (RSP) spread that bet differently.
About 500 US large caps and nothing else: no mid caps, no small caps, no international.
The fee edge over VOO and IVV is one basis point. Same index, so trading costs and platform access matter as much as the sticker fee.

Full SPY profile⁠

Full SPYM profile⁠

SPY vs SPYM Holdings

How SPY and SPYM differ

Overlap by weight

99.9%

Shared holdings make up 99.96% of SPYM and 99.9% of SPY.

Level by level

Asset classStocks100%
Countryby domicile100%
Sector11 Sectors99.99%
Holdings504 in both99.9%

Sector

Sector weights in SPY and SPYM, widest gap first
Sector	Gap	SPY	SPYM
Utilities	Same weight	2.1%	2.1%
Technology	Same weight	35.5%	35.5%
Financials	Same weight	12.8%	12.8%
Health Care	Same weight	10.6%	10.6%
Consumer Discretionary	Same weight	9.5%	9.5%
Communication	Same weight	8.8%	8.8%
Industrials	Same weight	8.1%	8.1%
Consumer Staples	SPYM +0.1 points	5.2%	5.3%
Energy	SPYM +0.1 points	3.5%	3.5%
Real Estate	Same weight	1.9%	1.9%
Materials	Same weight	1.8%	1.8%

Country, concentration and asset class

Country by domicile

Country weights in SPY and SPYM, widest gap first
Country	Gap	SPY	SPYM
United States	Same weight	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	Same weight	0.0%	0.0%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

SPY36.9%
SPYM36.9%

Securities held

SPY504
SPYM505

Asset class

SPY: Stocks
SPYM: Stocks

Holdings

Only in SPY0
In both504
Only in SPYM1

Only in SPY

0 securities, 0.0% of SPY by weight

Only in SPYM

1 security, 0.0% of SPYM by weight

Contra Walgreens Boots0.00%

Weight gaps

The 100 widest of 504 Holdings in both funds.

Holding weights in SPY and SPYM, widest gap first
Holding	Gap	SPY	SPYM
Apple IncAAPL	Same weight	7.89%	7.89%
NVIDIA CorpNVDA	Same weight	6.40%	6.40%
Microsoft CorpMSFT	Same weight	5.89%	5.89%
Amazon.com IncAMZN	SPYM +0.01 points	3.97%	3.98%
Micron Technology IncMU	Same weight	1.39%	1.39%
JPMorgan Chase & CoJPM	Same weight	1.39%	1.39%
Advanced Micro DevicesAMD	Same weight	1.37%	1.37%
Meta Platforms Inc Class AMETA	Same weight	2.11%	2.11%
Johnson & JohnsonJNJ	Same weight	1.03%	1.03%
Eli Lilly & CoLLY	Same weight	1.75%	1.75%
Walmart IncWMT	Same weight	0.85%	0.85%
Visa Inc Class A SharesV	Same weight	1.10%	1.10%
Mastercard Inc AMA	Same weight	0.81%	0.81%
Exxonmobil Holdings CorpXOM	Same weight	1.04%	1.04%
Nvr IncNVR	Same weight	0.02%	0.02%
Regeneron PharmaceuticalsREGN	Same weight	0.14%	0.14%
Alphabet Inc Class AGOOGL	Same weight	2.62%	2.62%
Broadcom IncAVGO	Same weight	2.50%	2.50%
Home Depot IncHD	Same weight	0.53%	0.53%
Casey’s General Stores IncCASY	Same weight	0.04%	0.04%
Parker Hannifin CorpPH	Same weight	0.19%	0.19%
Labcorp Holdings IncLH	Same weight	0.05%	0.05%
Monolithic Power Systems IncMPWR	Same weight	0.11%	0.11%
Alphabet Inc Class CGOOG	Same weight	2.10%	2.10%
Applied Materials IncAMAT	Same weight	0.48%	0.48%
Lam Research CorpLRCX	Same weight	0.45%	0.45%
Rockwell Automation IncROK	Same weight	0.07%	0.07%
Verizon Communications IncVZ	Same weight	0.29%	0.29%
Intel CorpINTC	Same weight	0.47%	0.47%
Marriott International Class AMAR	Same weight	0.14%	0.14%
McDonald’s CorpMCD	Same weight	0.30%	0.30%
Amphenol Corp Class AAPH	Same weight	0.30%	0.30%
Sherwin Williams Co/TheSHW	Same weight	0.12%	0.12%
Caterpillar IncCAT	Same weight	0.42%	0.42%
Netflix IncNFLX	Same weight	0.41%	0.41%
Deere & CoDE	Same weight	0.26%	0.26%
Citigroup IncC	Same weight	0.32%	0.32%
Morgan StanleyMS	Same weight	0.35%	0.35%
BlackRock IncBLK	Same weight	0.27%	0.27%
Mckesson CorpMCK	Same weight	0.19%	0.19%
Cdw Corp/DeCDW	Same weight	0.03%	0.03%
General ElectricGE	Same weight	0.54%	0.54%
Honeywell International IncHON	Same weight	0.11%	0.11%
Ge Vernova IncGEV	Same weight	0.33%	0.33%
Walt Disney Co/TheDIS	Same weight	0.31%	0.31%
Keysight Technologies InKEYS	Same weight	0.08%	0.08%
Berkshire Hathaway Inc Class BBRK.B	Same weight	1.67%	1.67%
Tesla IncTSLA	Same weight	1.68%	1.68%
Analog Devices IncADI	Same weight	0.30%	0.30%
Steris PLCSTE	Same weight	0.04%	0.04%
Royal Caribbean Cruises LtdRCL	Same weight	0.13%	0.13%
Textron IncTXT	Same weight	0.02%	0.02%
Union Pacific CorpUNP	Same weight	0.27%	0.27%
American Electric PowerAEP	Same weight	0.11%	0.11%
Dupont De Nemours IncDD	Same weight	0.03%	0.03%
C.h. Robinson Worldwide IncCHRW	Same weight	0.02%	0.02%
Pepsico IncPEP	Same weight	0.30%	0.30%
Marathon Petroleum CorpMPC	Same weight	0.17%	0.17%
Intuit IncINTU	Same weight	0.14%	0.14%
West Pharmaceutical ServicesWST	Same weight	0.04%	0.04%
Chubb LtdCB	Same weight	0.20%	0.20%
Capital One Financial CorpCOF	Same weight	0.18%	0.18%
Zebra Technologies Corp Class AZBRA	Same weight	0.02%	0.02%
Tyler Technologies IncTYL	SPYM +0.01 points	0.02%	0.03%
Wabtec CorpWAB	Same weight	0.08%	0.08%
Schwab (Charles) CorpSCHW	Same weight	0.23%	0.23%
Citizens Financial GroupCFG	Same weight	0.04%	0.04%
Thermo Fisher Scientific IncTMO	Same weight	0.40%	0.40%
Hilton Worldwide Holdings InHLT	Same weight	0.13%	0.13%
Avery Dennison CorpAVY	Same weight	0.02%	0.02%
Crowdstrike Holdings Inc ACRWD	SPYM +0.01 points	0.35%	0.35%
Alliant Energy CorpLNT	Same weight	0.03%	0.03%
Becton Dickinson and CoBDX	Same weight	0.09%	0.09%
Ross Stores IncROST	Same weight	0.12%	0.12%
Eaton Corp PLCETN	Same weight	0.21%	0.21%
Boston Scientific CorpBSX	Same weight	0.10%	0.10%
Northrop Grumman CorpNOC	Same weight	0.11%	0.11%
Globe Life IncGL	Same weight	0.02%	0.02%
Tapestry IncTPR	Same weight	0.04%	0.04%
Humana IncHUM	Same weight	0.08%	0.08%
Vivmark ResidentialVMRK	Same weight	0.07%	0.07%
Comfort Systems Usa IncFIX	Same weight	0.06%	0.06%
Trane Technologies PLCTT	Same weight	0.14%	0.14%
Crh PLCCRH	Same weight	0.10%	0.10%
Msci IncMSCI	Same weight	0.07%	0.07%
L3HARRIS Technologies IncLHX	Same weight	0.08%	0.08%
PayPal Holdings IncPYPL	Same weight	0.08%	0.08%
Air Products & Chemicals IncAPD	Same weight	0.11%	0.11%
Ulta Beauty IncULTA	Same weight	0.04%	0.04%
Ptc IncPTC	Same weight	0.03%	0.03%
Fiserv IncFISV	Same weight	0.05%	0.05%
Procter & Gamble Co/ThePG	Same weight	0.59%	0.59%
Akamai Technologies IncAKAM	Same weight	0.02%	0.02%
Accenture PLC Class AACN	Same weight	0.24%	0.24%
General Motors CoGM	Same weight	0.12%	0.12%
Ralph Lauren CorpRL	Same weight	0.02%	0.02%
At+t IncT	Same weight	0.23%	0.23%
Emerson Electric CoEMR	Same weight	0.14%	0.14%
Twilio Inc ATWLO	Same weight	0.05%	0.05%
Edwards Lifesciences CorpEW	Same weight	0.09%	0.09%

All 504 SPY holdings⁠All 505 SPYM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SPY vs SPYM Cost

Overpaying SPY vs SPYM

$1,472

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

SPY 0.09%
$1,898
SPYM 0.02%
$426

Amount$10,000

Years30 years

Cost over time

SPY 0.09%
SPYM 0.02%
Overpaying

Year by year

Year	SPY	SPYM	Overpaying
10	$165	$37	$128
20	$646	$144	$502
30	$1,898	$426	$1,472

Expense ratio

0.09%SPY
0.02%SPYM, cheaper

SPYM0.02%SPY0.09%

0.02%0.45%

Middle half of S&P 500 funds
Median 0.09%

SPYM cheapest of 14 funds

SPY 7th cheapest of 14 funds

SPY vs SPYM Dividends

Last 12 months to Nov 12, 2026

Yield (12M): SPY 1.00%; SPYM 1.02%, better
Payout (12M): SPY $7.58; SPYM $0.91
Last payment: SPY $1.89; SPYM $0.24
Ex-dividend: SPY Sep 18, 2026; SPYM Sep 11, 2026
Paid on: SPY Oct 30, 2026; SPYM Sep 15, 2026
Frequency: SPY Quarterly; SPYM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPYQuarterly · 39 paymentsAll SPY payments⁠

SPYMQuarterly · 39 paymentsAll SPYM payments⁠

SPY vs SPYM Risk

Fall from peak · 5 years

SPY
SPYM

Risk facts

VolatilityStd dev, 3 years: SPY 12.3%SPYM 12.3%
Return per unit of riskSharpe ratio, 3 years: SPY 1.42SPYM 1.42
Worst fallMax drawdown, 5 years: SPY −24.5%SPYM −24.5%
Market sensitivityBeta, 5 years: SPY 1.01SPYM 1.01; Market = 1

SPY and SPYM in the news

All news⁠

Head-to-Head
IVV vs. SPY: IVV is cheaper to hold; SPY wins for options and quick trades
Nov 9, 2026SPYSPYM
Best ETFs
The best S&P 500 ETF costs 0.02%. Equal weight is a different bet
Updated Nov 2, 2026SPYSPYM
Deep Dive
SPY vs. SPYM, VOO, and IVV: Why SPY trails cheaper S&P 500 ETFs
Oct 29, 2026SPYSPYM
Closing Bell
Jensen Huang quits Nvidia; Kress named interim CEO as shares fall 4.3%
10 hours agoSPY
Opening Bell
Nvidia opens 13% lower after Jensen Huang resigns as CEO
20 hours agoSPY
Closing Bell
Chip stocks rise on CoreWeave’s outlook, sending ship S&P 500 up 1.3%
Nov 11, 2026SPY

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SPY vs SPYM

In short

Stated mandate

Why people hold it