SPY vs USPX: Grades, Fees and Holdings Compared

State Street SPDR S&P 500 ETF

SPYANYSE Arca

Franklin U.S. Equity Index ETF

USPXANYSE Arca

Overlap

94.0%by weight

Expense ratio

USPX −0.06pt a year

SPY0.09%USPX0.03%

Avg volume · 30D

SPY 653.1×the volume

SPY44MUSPX67.3K

10Y return · a year

SPY +3.0pt

SPY+15.4%USPX+12.4%

SPY vs USPX Performance

Nov 2, 2021 – Nov 2, 2026

+74.1%SPY+74.7%USPX

Expense ratio: SPY 0.09%; USPX 0.03%, better
Fund size: SPY $814B; USPX $2.04B
1Y total return: SPY +11.5%, better; USPX +10.7%
Yield (12M): SPY 1.01%; USPX 1.05%, better
Holdings: SPY 505; USPX 470
Avg volume (30D): SPY 44M sh, better; USPX 67.3K sh
NAV per share: SPY $769.51; USPX $66.00
52W range

ETF.net Grade

Pillar letters and Scores for SPY, USPX, with each pillar’s weight
Pillar	SPY	USPX
Cost30% weight	C47	A84Higher
Mission25% weight	A100Higher	A98
Risk15% weight	C51Higher	C41
Tradability15% weight	A93Higher	C50
Holdings10% weight	B55	B60Higher
Durability5% weight	A83Higher	B61

Rank among S&P 500 funds

How we build Categories ›

Same Category. SPY and USPX 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 ›

USPX ranks 4th 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 3AVOOVanguard S&P 500 ETFScore 74
Rank 4AUSPXFranklin U.S. Equity Index ETFScore 72
Rank 5ASPYState Street SPDR S&P 500 ETFScore 70
Rank 6BSTXFStrive 500 ETFScore 66

Our read on each fund

ETF.net Research

SPYAState Street SPDR S&P 500 ETF

USPXAFranklin U.S. Equity Index 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.

USPX The odd one out in the S&P 500 aisle. Franklin's fund tracks a Morningstar large-cap benchmark instead, for three basis points. Same big-US-stocks job, different scorecard, and a fee that undercuts most of the peer group.

Stated mandate

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

USPX The fund seeks to provide U.S. equity exposure through an index-based strategy.

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.

USPX 0.03% a year, a fraction of the roughly 0.15% typical in its peer group and level with the fee on VOO and IVV.
Sticks close to its Morningstar US Target Market Exposure Index, one of the tighter index-following records among the S&P 500 wrappers it sits beside.
Rules-based cap-weighted US equity, roughly 190 names, no factor tilts or manager picks. Pays quarterly.
Running since 2016 and now a multi-billion-dollar fund, with Franklin Templeton behind it.

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.

USPX Different index, different constituent rules. Holdings and returns can drift from the S&P 500 trackers most people compare it to.
Moderately traded rather than a volume monster like SPY, which can mean wider bid-ask spreads than the biggest names in the category.
Fewer names than the 500-stock benchmarks next door, and cap weighting keeps the largest US companies in the driver's seat.

Full SPY profile⁠

Full USPX profile⁠

SPY vs USPX Holdings

How SPY and USPX differ

Overlap by weight

94.0%

Shared holdings make up 95.9% of SPY and 95.4% of USPX.

Level by level

Holdings405 in both94.0%
Sector11 Sectors97.0%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in SPY and USPX, widest gap first
Sector	More in SPYMore in USPX	SPY	USPX
Technology	USPX +2.0 points	38.6%	40.6%
Communication	USPX +1.0 points	8.9%	9.9%
Health Care	SPY +0.7 points	9.8%	9.1%
Financials	SPY +0.6 points	11.8%	11.2%
Consumer Staples	SPY +0.6 points	4.8%	4.2%
Energy	SPY +0.3 points	3.7%	3.4%
Consumer Discretionary	SPY +0.3 points	9.0%	8.7%
Real Estate	SPY +0.2 points	1.7%	1.5%
Utilities	SPY +0.1 points	2.0%	1.9%
Materials	SPY +0.2 points	1.7%	1.5%
Industrials	Same weight	8.0%	8.0%

Country, concentration and asset class

Country by domicile

Country weights in SPY and USPX, widest gap first
Country	More in SPYMore in USPX	SPY	USPX
United States	SPY +0.1 points	99.5%	99.4%
Switzerland	Same weight	0.3%	0.3%
Brazil	USPX +0.1 points	0.0%	0.1%
China	Same weight	0.1%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

SPY37.4%
USPX37.0%

Securities held

SPY504
USPX468

Asset class

SPY: Equity
USPX: Equity

Holdings

Only in SPY99
In both405
Only in USPX63

Only in SPY

99 securities, 4.0% of SPY by weight

Linde PLC0.35%
Eaton Corp PLC0.23%
Accenture PLC Class A0.23%
Chubb Ltd0.19%
Medtronic PLC0.18%
Johnson Controls Internation0.14%
Elevance Health Inc0.14%
Moderna Inc0.12%
Slb Ltd0.12%
Royal Caribbean Cruises Ltd0.12%
Nxp Semiconductors NV0.10%
Crh PLC0.09%
Becton Dickinson and Co0.08%
Vivmark Residential0.07%
Block Inc0.06%
Kenvue Inc0.06%
Carnival Corp Ltd0.06%
Cboe Global Markets Inc0.05%
Williams Sonoma Inc0.05%
Willis Towers Watson PLC0.04%
Fiserv Inc0.04%
Qnity Electronics Inc0.04%
Casey’s General Stores Inc0.04%
Tapestry Inc0.04%
Smurfit Westrock PLC0.03%
Viatris Inc0.03%
Skyworks Solutions Inc0.03%
Best Buy Co Inc0.03%
Reddit Inc Class A0.03%
Revvity Inc0.03%
Apa Corp0.03%
Charles River Laboratories0.03%
Zebra Technologies Corp Class A0.03%
Cf Industries Holdings Inc0.03%
Idex Corp0.03%
Host Hotels & Resorts Inc0.03%
Nordson Corp0.03%
Ball Corp0.03%
Lyondellbasell Indu Class A0.03%
Hasbro Inc0.03%
Allegion PLC0.02%
Stanley Black & Decker Inc0.02%
Gen Digital Inc0.02%
Bunge Global SA0.02%
Ralph Lauren Corp0.02%
C.h. Robinson Worldwide Inc0.02%
Assurant Inc0.02%
Akamai Technologies Inc0.02%
Everest Group Ltd0.02%
Gartner Inc0.02%

Only in USPX

63 securities, 4.4% of USPX by weight

Space Exploration Techn-C0.41%
Linde PLC0.36%
Accenture Plc-Cl A0.24%
Eaton Corp PLC0.22%
Chubb Ltd0.20%
Medtronic PLC0.19%
Snowflake Inc0.16%
Elevance Health Inc0.14%
Johnson Controls Internat0.14%
Cloudflare Inc - Class A0.14%
Slb Ltd0.12%
Royal Caribbean Cruises L0.12%
Mercadolibre Inc0.12%
Cheniere Energy Inc0.10%
Nxp Semiconductors NV0.09%
Crh PLC0.09%
Becton Dickinson and Co0.08%
Strategy Inc0.07%
Astera Labs Inc0.06%
Block Inc0.06%
Carnival Corp Ltd0.06%
Sunbelt Rentals Holdings0.05%
Willis Towers Watson PLC0.05%
Rocket Lab Corp0.04%
Roblox Corp -Class A0.04%
Mongodb Inc0.04%
Fiserv Inc0.04%
Royalty Pharma Plc- Class A0.04%
Insmed Inc0.04%
Entegris Inc0.04%
Credo Technology Group Ho0.04%
Zscaler Inc0.04%
Smurfit Westrock PLC0.04%
Alnylam Pharmaceuticals I0.04%
Zoom Communications Inc0.03%
Lpl Financial Holdings In0.03%
Net Current Assets0.03%
Markel Group Inc0.03%
Sofi Technologies Inc0.03%
Liberty Media Corp-C0.03%
Heico Corp-Class A0.03%
First Citizens Bcshs -Cl0.03%
Coupang Inc0.03%
Coreweave Inc-Cl A0.03%
East West Bancorp Inc0.03%
Southern Copper Corp0.03%
Lyondellbasell Indu-Cl A0.03%
SS&C Technologies Holding0.03%
Burlington Stores Inc0.02%
Wp Carey Inc0.02%

Weight gaps

The 100 widest of 405 Holdings in both funds.

Holding weights in SPY and USPX, widest gap first
Holding	More in SPYMore in USPX	SPY	USPX
NVIDIA CorpNVDA	SPY +0.47 points	7.77%	7.30%
Intel CorpINTC	SPY +0.22 points	0.69%	0.47%
Broadcom IncAVGO	SPY +0.14 points	2.47%	2.33%
Advanced Micro DevicesAMD	SPY +0.13 points	1.39%	1.26%
Eli Lilly & CoLLY	USPX +0.08 points	1.65%	1.73%
Micron Technology IncMU	SPY +0.06 points	1.59%	1.53%
Palantir Technologies Inc APLTR	SPY +0.06 points	0.68%	0.62%
Apple IncAAPL	USPX +0.05 points	7.66%	7.71%
Kimberly Clark CorpKMB	USPX +0.04 points	0.06%	0.10%
Exxonmobil Holdings CorpXOM	USPX +0.04 points	1.13%	1.17%
Sandisk CorpSNDK	SPY +0.03 points	0.29%	0.26%
Qualcomm IncQCOM	SPY +0.04 points	0.30%	0.26%
Applied Materials IncAMAT	SPY +0.03 points	0.50%	0.47%
Amazon.com IncAMZN	USPX +0.03 points	3.60%	3.63%
Microsoft CorpMSFT	USPX +0.03 points	5.92%	5.95%
Costco Wholesale CorpCOST	USPX +0.03 points	0.66%	0.69%
Dell Technologies CDELL	SPY +0.03 points	0.22%	0.19%
Visa Inc Class A SharesV	USPX +0.03 points	1.05%	1.08%
Marvell Technology IncMRVL	SPY +0.03 points	0.29%	0.26%
Coca Cola Co/TheKO	USPX +0.02 points	0.54%	0.56%
Arista Networks IncANET	SPY +0.02 points	0.29%	0.27%
Tesla IncTSLA	USPX +0.02 points	1.71%	1.73%
AbbVie IncABBV	USPX +0.03 points	0.77%	0.80%
Lam Research CorpLRCX	SPY +0.02 points	0.48%	0.46%
Oracle CorpORCL	SPY +0.02 points	0.36%	0.34%
Crowdstrike Holdings Inc ACRWD	SPY +0.02 points	0.40%	0.38%
Regeneron PharmaceuticalsREGN	USPX +0.02 points	0.12%	0.14%
Mastercard Inc AMA	USPX +0.02 points	0.77%	0.79%
Datadog Inc Class ADDOG	SPY +0.02 points	0.13%	0.11%
Merck & Co. Inc.MRK	USPX +0.02 points	0.54%	0.56%
Illinois Tool WorksITW	USPX +0.02 points	0.11%	0.13%
Gilead Sciences IncGILD	USPX +0.02 points	0.31%	0.33%
Meta Platforms Inc Class AMETA	USPX +0.02 points	2.07%	2.09%
Deere & CoDE	USPX +0.02 points	0.25%	0.27%
Chevron CorpCVX	SPY +0.02 points	0.69%	0.67%
Seagate Technology HoldingsSTX	SPY +0.02 points	0.24%	0.22%
Procter & Gamble Co/ThePG	USPX +0.02 points	0.56%	0.58%
Valero Energy CorpVLO	USPX +0.01 points	0.17%	0.18%
Walmart IncWMT	USPX +0.02 points	0.81%	0.83%
Vertex Pharmaceuticals IncVRTX	USPX +0.01 points	0.21%	0.22%
Western Digital CorpWDC	SPY +0.01 points	0.21%	0.20%
ConocophillipsCOP	USPX +0.01 points	0.27%	0.28%
Applovin Corp Class AAPP	SPY +0.01 points	0.10%	0.09%
Caterpillar IncCAT	SPY +0.02 points	0.45%	0.43%
Cisco Systems IncCSCO	SPY +0.01 points	0.64%	0.63%
General ElectricGE	SPY +0.01 points	0.49%	0.48%
Johnson & JohnsonJNJ	USPX +0.01 points	1.00%	1.01%
Twilio Inc ATWLO	SPY +0.02 points	0.06%	0.04%
Coherent CorpCOHR	SPY +0.01 points	0.07%	0.06%
Pepsico IncPEP	USPX +0.02 points	0.27%	0.29%
Parker Hannifin CorpPH	SPY +0.02 points	0.18%	0.16%
Bloom Energy Corp ABE	SPY +0.01 points	0.10%	0.09%
Quanta Services IncPWR	SPY +0.01 points	0.14%	0.13%
Palo Alto Networks IncPANW	SPY +0.02 points	0.47%	0.45%
Ebay IncEBAY	USPX +0.01 points	0.07%	0.08%
Verizon Communications IncVZ	USPX +0.01 points	0.27%	0.28%
T Mobile Us IncTMUS	USPX +0.01 points	0.11%	0.12%
Berkshire Hathaway Inc Class BBRK.B	USPX +0.01 points	1.52%	1.53%
Nextera Energy IncNEE	USPX +0.01 points	0.26%	0.27%
BlackRock IncBLK	SPY +0.01 points	0.25%	0.24%
Philip Morris InternationalPM	USPX +0.01 points	0.49%	0.50%
Intercontinental Exchange InICE	USPX +0.01 points	0.14%	0.15%
Kla CorpKLAC	SPY +0.01 points	0.33%	0.32%
Moody’s CorpMCO	USPX +0.01 points	0.11%	0.12%
Mondelez International Inc AMDLZ	USPX +0.01 points	0.12%	0.13%
Pfizer IncPFE	USPX +0.01 points	0.26%	0.27%
Danaher CorpDHR	USPX +0.01 points	0.22%	0.23%
Intl Business Machines CorpIBM	USPX +0.01 points	0.37%	0.38%
Comcast Corp Class ACMCSA	USPX +0.01 points	0.12%	0.13%
Lumentum Holdings IncLITE	SPY +0.01 points	0.12%	0.11%
Nasdaq IncNDAQ	SPY +0.01 points	0.07%	0.06%
At+t IncT	Same weight	0.22%	0.22%
Intuit IncINTU	Same weight	0.14%	0.14%
Mckesson CorpMCK	USPX +0.01 points	0.17%	0.18%
Illumina IncILMN	SPY +0.01 points	0.07%	0.06%
Robinhood Markets Inc AHOOD	SPY +0.01 points	0.11%	0.10%
Bristol Myers Squibb CoBMY	USPX +0.01 points	0.19%	0.20%
Vertiv Holdings Co AVRT	SPY +0.01 points	0.14%	0.13%
Netflix IncNFLX	USPX +0.01 points	0.39%	0.40%
Altria Group IncMO	USPX +0.01 points	0.19%	0.20%
Abbott LaboratoriesABT	USPX +0.01 points	0.27%	0.28%
Texas Instruments IncTXN	SPY +0.01 points	0.43%	0.42%
Rtx CorpRTX	USPX +0.01 points	0.40%	0.41%
Walt Disney Co/TheDIS	USPX +0.01 points	0.29%	0.30%
Msci IncMSCI	USPX +0.01 points	0.07%	0.08%
Eog Resources IncEOG	USPX +0.01 points	0.13%	0.14%
McDonald’s CorpMCD	USPX +0.01 points	0.27%	0.28%
Phillips 66PSX	USPX +0.01 points	0.16%	0.17%
Digital Realty Trust IncDLR	Same weight	0.10%	0.10%
Teledyne Technologies IncTDY	SPY +0.01 points	0.05%	0.04%
Delta Air Lines IncDAL	USPX +0.01 points	0.07%	0.08%
Automatic Data ProcessingADP	USPX +0.01 points	0.17%	0.18%
Ingersoll Rand IncIR	USPX +0.01 points	0.04%	0.05%
Cognizant Tech Solutions ACTSH	USPX +0.01 points	0.04%	0.05%
Amgen IncAMGN	USPX +0.01 points	0.37%	0.38%
Everpure Inc AP	SPY +0.01 points	0.07%	0.06%
Apollo Global Management IncAPO	Same weight	0.08%	0.08%
Thermo Fisher Scientific IncTMO	USPX +0.01 points	0.39%	0.40%
Duke Energy CorpDUK	Same weight	0.15%	0.15%
Citigroup IncC	SPY +0.01 points	0.32%	0.31%

All 504 SPY holdings⁠All USPX 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 USPX Cost

Overpaying SPY vs USPX

$1,260

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

SPY 0.09%
$1,898
USPX 0.03%
$638

Amount$10,000

Years30 years

Cost over time

SPY 0.09%
USPX 0.03%
Overpaying

Year by year

Year	SPY	USPX	Overpaying
10	$165	$55	$110
20	$646	$216	$430
30	$1,898	$638	$1,260

Expense ratio

0.09%SPY
0.03%USPX, cheaper

USPX0.03%SPY0.09%

0.02%0.45%

Middle half of S&P 500 funds
Median 0.09%

USPX 2nd cheapest of 14 funds

SPY 7th cheapest of 14 funds

SPY vs USPX Dividends

Last 12 months to Nov 2, 2026

Yield (12M): SPY 1.01%; USPX 1.05%, better
Payout (12M): SPY $7.58; USPX $0.69
Last payment: SPY $1.89; USPX $0.14
Ex-dividend: SPY Sep 18, 2026; USPX Sep 18, 2026
Paid on: SPY Oct 30, 2026; USPX Sep 25, 2026
Frequency: SPY Quarterly; USPX Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPYQuarterly · 39 paymentsAll SPY payments⁠

USPXQuarterly · 28 paymentsAll USPX payments⁠

SPY vs USPX Risk

Fall from peak · 5 years

SPY
USPX

Risk facts

VolatilityStd dev, 3 years: SPY 12.3%, betterUSPX 12.6%
Return per unit of riskSharpe ratio, 3 years: SPY 1.42, betterUSPX 1.39
Worst fallMax drawdown, 5 years: SPY −24.5%, betterUSPX −24.6%
Market sensitivityBeta, 5 years: SPY 1.01USPX 0.93; Market = 1

SPY and USPX in the news

All news⁠

Category Review
International high-yield funds beat the S&P 500. Foreign stocks did not.
Updated Nov 3, 2026SPY
Top Movers
Oil plunges on Iran talks as tech stocks fall again
Nov 2, 2026SPY
Closing Bell
S&P 500 falls 0.5% as tech losses outweigh oil’s 7% drop
Nov 2, 2026SPY
New ETFs
C.J. Lawrence's new 0.75% ETF hedges a band J.P. Morgan already covers at 0.50%
Nov 2, 2026SPY
Best ETFs
The best S&P 500 ETF costs 0.02%. Equal weight is a different bet
Updated Nov 2, 2026SPY
Category Review
Active emerging-markets ETFs that did not look like the MSCI index did not finish with it
Updated Nov 2, 2026SPY

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SPY vs USPX

In short

Stated mandate

Why people hold it