SPYM vs USPX: Grades, Fees and Holdings Compared

State Street SPDR Portfolio S&P 500 ETF

SPYMANYSE Arca

Franklin U.S. Equity Index ETF

USPXANYSE Arca

Overlap

94.6%by weight

Expense ratio

SPYM −0.01pt a year

SPYM0.02%USPX0.03%

Avg volume · 30D

SPYM 175.3×the volume

SPYM12MUSPX68.5K

10Y return · a year

SPYM +3.2pt

SPYM+15.7%USPX+12.5%

SPYM vs USPX Performance

Nov 3, 2021 – Nov 3, 2026

+74.1%SPYM+74.0%USPX

Expense ratio: SPYM 0.02%, better; USPX 0.03%
Fund size: SPYM $185B; USPX $2.03B
1Y total return: SPYM +11.6%, better; USPX +11.1%
Yield (12M): SPYM 1.03%; USPX 1.04%, better
Holdings: SPYM 506; USPX 470
Avg volume (30D): SPYM 12M sh, better; USPX 68.5K sh
NAV per share: SPYM $90.57; USPX $65.65
52W range

ETF.net Grade

Pillar letters and Scores for SPYM, USPX, with each pillar’s weight
Pillar	SPYM	USPX
Cost30% weight	A99Higher	A84
Mission25% weight	A100Higher	A98
Risk15% weight	C51Higher	C41
Tradability15% weight	A72Higher	C50
Holdings10% weight	C54	B58Higher
Durability5% weight	A79Higher	B61

Rank among S&P 500 funds

How we build Categories ›

Same Category. SPYM 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 ›

SPYM ranks 1st and USPX 4th 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

Our read on each fund

ETF.net Research

SPYMAState Street SPDR Portfolio S&P 500 ETF

USPXAFranklin U.S. Equity Index ETF

In short

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.

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

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.

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

Why people hold it

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.

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

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.

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 SPYM profile⁠

Full USPX profile⁠

SPYM vs USPX Holdings

How SPYM and USPX differ

Overlap by weight

94.6%

Shared holdings make up 95.8% of SPYM and 95.5% of USPX.

Level by level

Holdings405 in both94.6%
Sector11 Sectors97.0%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in SPYM and USPX, widest gap first
Sector	Gap	SPYM	USPX
Technology	USPX +2.0 points	38.6%	40.6%
Communication	USPX +1.0 points	8.9%	9.9%
Health Care	SPYM +0.7 points	9.8%	9.1%
Financials	SPYM +0.6 points	11.8%	11.2%
Consumer Staples	SPYM +0.5 points	4.7%	4.2%
Energy	SPYM +0.3 points	3.7%	3.4%
Consumer Discretionary	SPYM +0.3 points	9.0%	8.7%
Real Estate	SPYM +0.2 points	1.7%	1.5%
Utilities	SPYM +0.1 points	2.0%	1.9%
Materials	SPYM +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 SPYM and USPX, widest gap first
Country	Gap	SPYM	USPX
United States	SPYM +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

SPYM37.1%
USPX37.1%

Securities held

SPYM504
USPX468

Asset class

SPYM: Equity
USPX: Equity

Holdings

Only in SPYM99
In both405
Only in USPX63

Only in SPYM

99 securities, 4.1% of SPYM by weight

Linde PLC0.37%
Accenture PLC Class A0.25%
Eaton Corp PLC0.22%
Chubb Ltd0.20%
Medtronic PLC0.19%
Elevance Health Inc0.14%
Johnson Controls Internation0.14%
Moderna Inc0.13%
Royal Caribbean Cruises Ltd0.12%
Slb Ltd0.12%
Nxp Semiconductors NV0.10%
Crh PLC0.10%
Becton Dickinson and Co0.08%
Vivmark Residential0.07%
Block Inc0.06%
Carnival Corp Ltd0.06%
Cboe Global Markets Inc0.06%
Williams Sonoma Inc0.05%
Willis Towers Watson PLC0.05%
Fiserv Inc0.04%
Casey’s General Stores Inc0.04%
Qnity Electronics Inc0.04%
Tapestry Inc0.04%
Smurfit Westrock PLC0.04%
Viatris Inc0.03%
Skyworks Solutions Inc0.03%
Best Buy Co Inc0.03%
Cf Industries Holdings Inc0.03%
Ball Corp0.03%
Host Hotels & Resorts Inc0.03%
Idex Corp0.03%
Nordson Corp0.03%
Lyondellbasell Indu Class A0.03%
Apa Corp0.03%
Zebra Technologies Corp Class A0.03%
Revvity Inc0.03%
Hasbro Inc0.03%
Allegion PLC0.03%
Charles River Laboratories0.02%
Gen Digital Inc0.02%
Stanley Black & Decker Inc0.02%
Fedex Freight Holding Co0.02%
Ralph Lauren Corp0.02%
C.h. Robinson Worldwide Inc0.02%
Gartner Inc0.02%
Everest Group Ltd0.02%
Bunge Global SA0.02%
Godaddy Inc Class A0.02%
Assurant Inc0.02%
Avery Dennison Corp0.02%

Only in USPX

63 securities, 4.4% of USPX by weight

Space Exploration Techn-C0.43%
Linde PLC0.36%
Accenture Plc-Cl A0.24%
Eaton Corp PLC0.24%
Chubb Ltd0.20%
Medtronic PLC0.20%
Snowflake Inc0.15%
Johnson Controls Internat0.14%
Elevance Health Inc0.14%
Cloudflare Inc - Class A0.13%
Royal Caribbean Cruises L0.12%
Mercadolibre Inc0.12%
Slb Ltd0.12%
Crh PLC0.10%
Nxp Semiconductors NV0.10%
Cheniere Energy Inc0.09%
Becton Dickinson and Co0.08%
Strategy Inc0.07%
Block Inc0.06%
Carnival Corp Ltd0.06%
Astera Labs Inc0.06%
Sunbelt Rentals Holdings0.05%
Willis Towers Watson PLC0.05%
Fiserv Inc0.05%
Roblox Corp -Class A0.05%
Rocket Lab Corp0.04%
Mongodb Inc0.04%
Royalty Pharma Plc- Class A0.04%
Entegris Inc0.04%
Credo Technology Group Ho0.04%
Lpl Financial Holdings In0.04%
Smurfit Westrock PLC0.04%
Insmed Inc0.03%
Zscaler Inc0.03%
Alnylam Pharmaceuticals I0.03%
Zoom Communications Inc0.03%
Markel Group Inc0.03%
Net Current Assets0.03%
Sofi Technologies Inc0.03%
Liberty Media Corp-C0.03%
Heico Corp-Class A0.03%
Coupang Inc0.03%
First Citizens Bcshs -Cl0.03%
East West Bancorp Inc0.03%
Coreweave Inc-Cl A0.03%
SS&C Technologies Holding0.03%
Southern Copper Corp0.03%
Lyondellbasell Indu-Cl A0.03%
Burlington Stores Inc0.02%
Wp Carey Inc0.02%

Weight gaps

The 100 widest of 405 Holdings in both funds.

Holding weights in SPYM and USPX, widest gap first
Holding	Gap	SPYM	USPX
Apple IncAAPL	SPYM +0.16 points	7.59%	7.44%
Microsoft CorpMSFT	USPX +0.15 points	5.79%	5.94%
NVIDIA CorpNVDA	SPYM +0.12 points	7.52%	7.40%
Amazon.com IncAMZN	USPX +0.09 points	3.71%	3.80%
Meta Platforms Inc Class AMETA	USPX +0.05 points	2.06%	2.11%
Chevron CorpCVX	SPYM +0.04 points	0.69%	0.65%
Advanced Micro DevicesAMD	USPX +0.04 points	1.17%	1.21%
Micron Technology IncMU	USPX +0.04 points	1.45%	1.49%
Walmart IncWMT	SPYM +0.04 points	0.88%	0.84%
Palantir Technologies Inc APLTR	SPYM +0.03 points	0.63%	0.60%
Broadcom IncAVGO	USPX +0.03 points	2.36%	2.39%
Intel CorpINTC	SPYM +0.03 points	0.46%	0.43%
Ge Vernova IncGEV	USPX +0.03 points	0.35%	0.38%
Tesla IncTSLA	SPYM +0.02 points	1.75%	1.73%
Berkshire Hathaway Inc Class BBRK.B	SPYM +0.02 points	1.59%	1.57%
Visa Inc Class A SharesV	SPYM +0.02 points	1.12%	1.10%
Johnson & JohnsonJNJ	SPYM +0.01 points	1.00%	0.99%
Home Depot IncHD	SPYM +0.01 points	0.52%	0.51%
Exxonmobil Holdings CorpXOM	SPYM +0.02 points	1.14%	1.12%
Salesforce IncCRM	SPYM +0.01 points	0.28%	0.27%
Illinois Tool WorksITW	USPX +0.01 points	0.12%	0.13%
Thermo Fisher Scientific IncTMO	USPX +0.01 points	0.39%	0.40%
Merck & Co. Inc.MRK	SPYM +0.01 points	0.56%	0.55%
Amphenol Corp Class AAPH	USPX +0.02 points	0.30%	0.32%
Mastercard Inc AMA	SPYM +0.01 points	0.82%	0.81%
Costco Wholesale CorpCOST	SPYM +0.01 points	0.71%	0.70%
Oracle CorpORCL	USPX +0.01 points	0.32%	0.33%
BlackRock IncBLK	SPYM +0.01 points	0.26%	0.25%
Texas Instruments IncTXN	USPX +0.02 points	0.42%	0.44%
Danaher CorpDHR	USPX +0.01 points	0.22%	0.23%
Apollo Global Management IncAPO	SPYM +0.01 points	0.09%	0.08%
Eli Lilly & CoLLY	SPYM +0.01 points	1.74%	1.73%
Diamondback Energy IncFANG	SPYM +0.01 points	0.06%	0.05%
Sandisk CorpSNDK	USPX +0.01 points	0.24%	0.25%
General Dynamics CorpGD	SPYM +0.01 points	0.15%	0.14%
Analog Devices IncADI	USPX +0.01 points	0.31%	0.32%
Amgen IncAMGN	SPYM +0.01 points	0.39%	0.38%
Airbnb Inc Class AABNB	SPYM +0.01 points	0.11%	0.10%
Cisco Systems IncCSCO	Same weight	0.62%	0.62%
Digital Realty Trust IncDLR	Same weight	0.10%	0.10%
S+p Global IncSPGI	SPYM +0.01 points	0.22%	0.21%
Ebay IncEBAY	USPX +0.01 points	0.07%	0.08%
Parker Hannifin CorpPH	SPYM +0.01 points	0.18%	0.17%
JPMorgan Chase & CoJPM	SPYM +0.01 points	1.39%	1.38%
Progressive CorpPGR	SPYM +0.01 points	0.21%	0.20%
Hca Healthcare IncHCA	SPYM +0.01 points	0.11%	0.10%
Crowdstrike Holdings Inc ACRWD	SPYM +0.01 points	0.38%	0.37%
Uber Technologies IncUBER	SPYM +0.01 points	0.21%	0.20%
Ingersoll Rand IncIR	USPX +0.01 points	0.04%	0.05%
Valero Energy CorpVLO	USPX +0.01 points	0.17%	0.18%
Pepsico IncPEP	Same weight	0.29%	0.29%
Kla CorpKLAC	Same weight	0.31%	0.31%
Ameriprise Financial IncAMP	SPYM +0.01 points	0.07%	0.06%
Delta Air Lines IncDAL	Same weight	0.08%	0.08%
Lockheed Martin CorpLMT	SPYM +0.01 points	0.20%	0.19%
Kimberly Clark CorpKMB	Same weight	0.10%	0.10%
Servicenow IncNOW	USPX +0.01 points	0.17%	0.18%
Archer Daniels Midland CoADM	SPYM +0.01 points	0.06%	0.05%
Netflix IncNFLX	USPX +0.01 points	0.40%	0.41%
Teledyne Technologies IncTDY	SPYM +0.01 points	0.05%	0.04%
Lowe’s Cos IncLOW	SPYM +0.01 points	0.19%	0.18%
Vistra CorpVST	Same weight	0.07%	0.07%
Pfizer IncPFE	SPYM +0.01 points	0.27%	0.26%
Transdigm Group IncTDG	USPX +0.01 points	0.10%	0.11%
Moody’s CorpMCO	Same weight	0.12%	0.12%
Msci IncMSCI	USPX +0.01 points	0.07%	0.08%
Vertex Pharmaceuticals IncVRTX	SPYM +0.01 points	0.22%	0.21%
Sysco CorpSYY	SPYM +0.01 points	0.06%	0.05%
Applied Materials IncAMAT	Same weight	0.46%	0.46%
Charter Communications Inc ACHTR	SPYM +0.01 points	0.02%	0.01%
Ferguson Enterprises IncFERG	Same weight	0.07%	0.07%
Rockwell Automation IncROK	Same weight	0.08%	0.08%
Vulcan Materials CoVMC	SPYM +0.01 points	0.06%	0.05%
Wr Berkley CorpWRB	Same weight	0.03%	0.03%
Paccar IncPCAR	Same weight	0.08%	0.08%
Welltower IncWELL	Same weight	0.27%	0.27%
Tjx Companies IncTJX	SPYM +0.01 points	0.24%	0.23%
Quanta Services IncPWR	USPX +0.01 points	0.14%	0.15%
Norfolk Southern CorpNSC	SPYM +0.01 points	0.12%	0.11%
United Rentals IncURI	Same weight	0.11%	0.11%
Nasdaq IncNDAQ	Same weight	0.07%	0.07%
Alphabet Inc Class AGOOGL	Same weight	2.52%	2.52%
Hubbell IncHUBB	Same weight	0.04%	0.04%
Constellation EnergyCEG	USPX +0.01 points	0.13%	0.14%
Prologis IncPLD	SPYM +0.01 points	0.19%	0.18%
Monster Beverage CorpMNST	SPYM +0.01 points	0.11%	0.10%
Goldman Sachs Group IncGS	USPX +0.01 points	0.40%	0.41%
Honeywell Aerospace IncHONA	SPYM +0.01 points	0.08%	0.07%
Public StoragePSA	SPYM +0.01 points	0.09%	0.08%
Illumina IncILMN	USPX +0.01 points	0.05%	0.06%
Live Nation Entertainment InLYV	Same weight	0.04%	0.04%
Palo Alto Networks IncPANW	Same weight	0.44%	0.44%
West Pharmaceutical ServicesWST	USPX +0.01 points	0.04%	0.05%
Ametek IncAME	Same weight	0.09%	0.09%
Wabtec CorpWAB	USPX +0.01 points	0.07%	0.08%
Hilton Worldwide Holdings InHLT	SPYM +0.01 points	0.13%	0.12%
Stryker CorpSYK	USPX +0.01 points	0.16%	0.17%
Citigroup IncC	SPYM +0.01 points	0.32%	0.31%
Deere & CoDE	Same weight	0.26%	0.26%
Howmet Aerospace IncHWM	USPX +0.01 points	0.13%	0.14%

All 505 SPYM 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.

SPYM vs USPX Cost

Overpaying USPX vs SPYM

$212

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

SPYM 0.02%
$426
USPX 0.03%
$638

Amount$10,000

Years30 years

Cost over time

SPYM 0.02%
USPX 0.03%
Overpaying

Year by year

Year	SPYM	USPX	Overpaying
10	$37	$55	$18
20	$144	$216	$72
30	$426	$638	$212

Expense ratio

0.02%SPYM, cheaper
0.03%USPX

SPYM0.02%USPX0.03%

0.02%0.45%

Middle half of S&P 500 funds
Median 0.09%

SPYM cheapest of 14 funds

USPX 2nd cheapest of 14 funds

SPYM vs USPX Dividends

Last 12 months to Nov 3, 2026

Yield (12M): SPYM 1.03%; USPX 1.04%, better
Payout (12M): SPYM $0.91; USPX $0.69
Last payment: SPYM $0.24; USPX $0.14
Ex-dividend: SPYM Sep 11, 2026; USPX Sep 18, 2026
Paid on: SPYM Sep 15, 2026; USPX Sep 25, 2026
Frequency: SPYM Quarterly; USPX Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPYMQuarterly · 39 paymentsAll SPYM payments⁠

USPXQuarterly · 28 paymentsAll USPX payments⁠

SPYM vs USPX Risk

Fall from peak · 5 years

SPYM
USPX

Risk facts

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

SPYM and USPX in the news

All news⁠

Best ETFs
The best S&P 500 ETF costs 0.02%. Equal weight is a different bet
Updated Nov 2, 2026SPYM
Deep Dive
SPY vs. SPYM, VOO, and IVV: Why SPY trails cheaper S&P 500 ETFs
Oct 29, 2026SPYM
Head-to-Head
SPYM leads IWF by 9.4 percentage points in 2026. They are not the same bet
Oct 21, 2026SPYM
Deep Dive
SPY trailed the S&P 500 by 0.14 percentage points over the past year, more than triple the gap at cheaper rivals
Oct 13, 2026SPYM
Deep Dive
VOO shares its portfolio with other Vanguard 500 index fund share classes
Oct 10, 2026SPYM
Best ETFs
The cheap S&P 500 funds tied this year. Equal weight did not.
Updated Oct 2, 2026SPYM

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SPYM vs USPX

In short

Stated mandate

Why people hold it