SPYV vs XOEX: Grades, Fees and Holdings Compared

State Street SPDR Portfolio S&P 500 Value ETF

SPYVANYSE Arca

Xtrackers S&P 100 Ex Top 20 ETF

XOEXBCboe

Overlap

31.8%by weight

Expense ratio

SPYV −0.11pt a year

SPYV0.04%XOEX0.15%

Avg volume · 30D

SPYV 30.7×the volume

SPYV2.1MXOEX68.5K

3Y return · a year

XOEX +1.5pt

SPYV+18.8%XOEX+20.3%

SPYV vs XOEX Performance

Oct 31, 2025 – Oct 30, 2026

+16.6%SPYV+16.1%XOEX

Expense ratio: SPYV 0.04%, better; XOEX 0.15%
Fund size: SPYV $39.2B; XOEX $279M
1Y total return: SPYV +16.6%, better; XOEX +16.1%
Yield (12M): SPYV 1.65%, better; XOEX 1.46%
Holdings: SPYV 437; XOEX 78
Avg volume (30D): SPYV 2.1M sh, better; XOEX 68.5K sh
NAV per share: SPYV $64.64; XOEX $40.82
52W range

ETF.net Grade

Pillar letters and Scores for SPYV, XOEX, with each pillar’s weight
Pillar	SPYV	XOEX
Cost30% weight	A98Higher	B63
Mission25% weight	A86Higher	A80
Risk15% weight	A82Higher	A79
Tradability15% weight	A97Higher	B60
Holdings10% weight	A71Higher	B63
Durability5% weight	A86Higher	C51

Rank among Other Major Indexes funds

How we build Categories ›

Same Category. SPYV and XOEX are both graded against the same 42 Other Major Indexes funds, so their Grades compare head to head.

Other Major Indexes⁠

Category · 42 funds

See all 42 ›

SPYV ranks 1st and XOEX 12th of 42 funds in the Other Major Indexes Category.

Rank 1ASPYVState Street SPDR Portfolio S&P 500 Value ETFScore 89
Rank 2ASCHKSchwab 1000 Index ETFScore 86
Rank 12BFINAFidelity MSCI North American Subset Index ETFScore 68
Rank 12BXOEXXtrackers S&P 100 Ex Top 20 ETFScore 68
Rank 14BIVOVVanguard S&P Mid-Cap 400 Value ETFScore 67

Our read on each fund

ETF.net Research

SPYVAState Street SPDR Portfolio S&P 500 Value ETF

XOEXBXtrackers S&P 100 Ex Top 20 ETF

In short

SPYV The value side of the S&P 500, tracked since 2000 for four basis points. It does one thing: hold the index names that screen cheap, and charge close to nothing for the privilege.

XOEX Take the S&P 100 and delete the 20 biggest names. What's left is about 80 blue chips sitting just behind the mega-cap crowd, wrapped at 0.15% a year.

Stated mandate

SPYV The fund seeks to track, before fees and expenses, the total return of the S&P 500 Value Index.

XOEX The fund seeks to provide results that generally correspond, before fees and expenses, to the S&P 100 Ex-Top 20 Select Index.

Why people hold it

SPYV 0.04% a year. VOOV tracks the identical S&P 500 Value Index and charges 0.07%, so this is the same exposure at a lower fee.
Trading since 2000 and now a multi-billion-dollar fund that changes hands actively, so the plumbing is well worn.
No stock picking, no factor secret sauce: it aims to match the S&P 500 Value Index before fees, and it is one of the cleaner implementations in its peer group.ssga.com

XOEX One rule, clearly stated: the S&P 100 minus that index's 20 largest members by float-adjusted market cap, leaving roughly 80 large caps to share the weight.indexologyblog.com
Costs 0.15% a year, a third of the typical fee among the plain index wrappers we grade.
Tracks its index closely and sits in the top quartile of its index-wrapper peer group, a strong build for a narrow idea.
Rules-based S&P index, US large-cap stocks only, cash paid out quarterly.

Worth knowing

SPYV This is one style slice, roughly 400 value-screened names, not the whole S&P 500. It will move differently from the full index.
Value goes through long stretches in and out of favor. The fund follows the index rules either way, with no manager stepping in.
Distributions land quarterly, not monthly.

XOEX Thinly traded and modest in size, so spreads can run wider than in household-name index funds.
Not the cheapest shelf: broad wrappers like SCHK, VXF and VT charge less. The exclusion rule is what the extra buys.
It deliberately owns none of the S&P 100's 20 largest members, so results can diverge from standard large-cap funds in either direction.indexologyblog.com

Full SPYV profile⁠

Full XOEX profile⁠

SPYV vs XOEX Holdings

How SPYV and XOEX differ

Overlap by weight

31.8%

Shared holdings make up 80.0% of XOEX and 31.8% of SPYV.

Level by level

Holdings63 in both31.8%
Sector11 Sectors84.4%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in SPYV and XOEX, widest gap first
Sector	More in SPYVMore in XOEX	SPYV	XOEX
Health Care	XOEX +6.2 points	13.3%	19.5%
Energy	SPYV +3.9 points	8.2%	4.3%
Communication	XOEX +3.8 points	2.5%	6.3%
Consumer Discretionary	SPYV +3.8 points	9.8%	6.0%
Industrials	XOEX +3.2 points	10.8%	14.0%
Real Estate	SPYV +2.5 points	3.1%	0.6%
Technology	SPYV +2.2 points	20.8%	18.6%
Financials	XOEX +1.8 points	15.2%	17.0%
Materials	SPYV +1.7 points	3.3%	1.6%
Utilities	SPYV +1.5 points	4.0%	2.5%
Consumer Staples	XOEX +0.5 points	9.0%	9.5%

Country, concentration and asset class

Country by domicile

Country weights in SPYV and XOEX, widest gap first
Country	More in SPYVMore in XOEX	SPYV	XOEX
United States	XOEX +0.8 points	99.2%	100.0%
Switzerland	SPYV +0.6 points	0.6%	0.0%
Other countries (3)	SPYV +0.2 points	0.2%	0.0%

Concentration

Weight in the 10 largest Holdings

SPYV24.4%
XOEX26.7%

Securities held

SPYV435
XOEX77

Asset class

SPYV: Equity
XOEX: Equity

Holdings

Only in SPYV372
In both63
Only in XOEX14

Only in SPYV

372 securities, 68.1% of SPYV by weight

Apple Inc8.30%
Amazon.com Inc3.66%
Exxonmobil Holdings Corp2.46%
Walmart Inc1.76%
Intel Corp1.49%
Costco Wholesale Corp1.44%
Tesla Inc1.41%
Visa Inc Class A Shares1.03%
JPMorgan Chase & Co0.95%
Johnson & Johnson0.89%
Linde PLC0.76%
Analog Devices Inc0.69%
Cisco Systems Inc0.66%
Eaton Corp PLC0.50%
Accenture PLC Class A0.49%
Dell Technologies C0.47%
Western Digital Corp0.46%
Vertex Pharmaceuticals Inc0.45%
Palo Alto Networks Inc0.44%
Chubb Ltd0.41%
Prologis Inc0.40%
Marathon Petroleum Corp0.40%
Medtronic PLC0.39%
Mckesson Corp0.37%
Automatic Data Processing0.37%
Valero Energy Corp0.36%
Phillips 660.36%
Equinix Inc0.33%
Marvell Technology Inc0.33%
Csx Corp0.32%
Freeport Mcmoran Inc0.31%
Marsh & Mclennan Cos0.31%
Synopsys Inc0.31%
Pnc Financial Services Group0.30%
Intercontinental Exchange In0.30%
Williams Cos Inc0.30%
Elevance Health Inc0.30%
Blackstone Inc0.29%
Waste Management Inc0.28%
Eog Resources Inc0.28%
Travelers Cos Inc/The0.27%
Moderna Inc0.27%
Motorola Solutions Inc0.27%
Regeneron Pharmaceuticals0.26%
Slb Ltd0.26%
The Cigna Group0.26%
Hewlett Packard Enterprise0.25%
S+p Global Inc0.25%
Norfolk Southern Corp0.25%
Ecolab Inc0.25%

Only in XOEX

14 securities, 19.8% of XOEX by weight

Palantir Technologies Inc Class A2.79%
Applied Materials Inc2.04%
Lam Research Corp1.97%
Caterpillar Inc1.89%
United Technologies Corp1.77%
Netflix Inc1.70%
2226792D1.56%
GE Vernova1.51%
Accenture Ltd-Cl A1.04%
Intuitive Surgical Inc1.01%
Uber Technologies Inc0.88%
Medtronic plc0.78%
Booking Holdings Inc0.73%
Defiance Le Cap Ex-Mag 7 Etf0.15%

Weight gaps

All 63 Holdings in both funds, largest gap first.

Holding weights in SPYV and XOEX, widest gap first
Holding	More in SPYVMore in XOEX	SPYV	XOEX
Mastercard Inc AMA	XOEX +2.85 points	0.55%	3.40%
AbbVie IncABBV	XOEX +2.53 points	0.90%	3.43%
Coca Cola Co/TheKO	XOEX +1.72 points	0.68%	2.40%
Philip Morris InternationalPM	XOEX +1.67 points	0.47%	2.14%
Chevron CorpCVX	XOEX +1.58 points	1.49%	3.07%
General ElectricGE	XOEX +1.55 points	0.51%	2.06%
Goldman Sachs Group IncGS	XOEX +1.41 points	0.31%	1.72%
Amgen IncAMGN	XOEX +1.40 points	0.26%	1.66%
Procter & Gamble Co/ThePG	XOEX +1.25 points	1.22%	2.47%
Merck & Co. Inc.MRK	XOEX +1.25 points	1.18%	2.43%
Intl Business Machines CorpIBM	XOEX +1.22 points	0.38%	1.60%
UnitedHealth Group IncUNH	XOEX +1.21 points	1.20%	2.41%
Morgan StanleyMS	XOEX +1.16 points	0.29%	1.45%
Oracle CorpORCL	XOEX +1.11 points	0.38%	1.49%
Home Depot IncHD	XOEX +1.09 points	1.07%	2.16%
Gilead Sciences IncGILD	XOEX +1.08 points	0.31%	1.39%
Bank of America CorpBAC	XOEX +1.06 points	1.08%	2.14%
American Express CoAXP	XOEX +0.93 points	0.18%	1.11%
Texas Instruments IncTXN	XOEX +0.88 points	0.93%	1.81%
McDonald’s CorpMCD	XOEX +0.87 points	0.33%	1.20%
Thermo Fisher Scientific IncTMO	XOEX +0.84 points	0.85%	1.69%
Wells Fargo & CoWFC	XOEX +0.82 points	0.84%	1.66%
Citigroup IncC	XOEX +0.66 points	0.69%	1.35%
Boeing Co/TheBA	XOEX +0.64 points	0.25%	0.89%
Pepsico IncPEP	XOEX +0.64 points	0.59%	1.23%
Walt Disney Co/TheDIS	XOEX +0.64 points	0.62%	1.26%
ConocophillipsCOP	XOEX +0.63 points	0.59%	1.22%
Verizon Communications IncVZ	XOEX +0.63 points	0.59%	1.22%
Abbott LaboratoriesABT	XOEX +0.62 points	0.59%	1.21%
Salesforce IncCRM	XOEX +0.61 points	0.62%	1.23%
Union Pacific CorpUNP	XOEX +0.61 points	0.58%	1.19%
Nextera Energy IncNEE	XOEX +0.59 points	0.56%	1.15%
Pfizer IncPFE	XOEX +0.58 points	0.56%	1.14%
Deere & CoDE	XOEX +0.57 points	0.54%	1.11%
Servicenow IncNOW	XOEX +0.58 points	0.14%	0.72%
BlackRock IncBLK	XOEX +0.54 points	0.55%	1.09%
Bank of New York Mellon CorpBNY	XOEX +0.53 points	0.12%	0.65%
Qualcomm IncQCOM	XOEX +0.51 points	0.65%	1.16%
At+t IncT	XOEX +0.49 points	0.47%	0.96%
Intuit IncINTU	XOEX +0.49 points	0.13%	0.62%
General Dynamics CorpGD	XOEX +0.48 points	0.14%	0.62%
Danaher CorpDHR	XOEX +0.48 points	0.48%	0.96%
Schwab (Charles) CorpSCHW	XOEX +0.47 points	0.47%	0.94%
Altria Group IncMO	XOEX +0.44 points	0.42%	0.86%
Bristol Myers Squibb CoBMY	XOEX +0.43 points	0.41%	0.84%
Lockheed Martin CorpLMT	XOEX +0.42 points	0.43%	0.85%
Capital One Financial CorpCOF	XOEX +0.41 points	0.42%	0.83%
Lowe’s Cos IncLOW	XOEX +0.39 points	0.38%	0.77%
Starbucks CorpSBUX	XOEX +0.39 points	0.39%	0.78%
Cvs Health CorpCVS	XOEX +0.38 points	0.38%	0.76%
Southern Co/TheSO	XOEX +0.36 points	0.35%	0.71%
Duke Energy CorpDUK	XOEX +0.34 points	0.32%	0.66%
Adobe IncADBE	XOEX +0.33 points	0.32%	0.65%
Us BancorpUSB	XOEX +0.30 points	0.31%	0.61%
3M CoMMM	XOEX +0.29 points	0.30%	0.59%
American Tower CorpAMT	XOEX +0.30 points	0.28%	0.58%
Emerson Electric CoEMR	XOEX +0.29 points	0.31%	0.60%
Mondelez International Inc AMDLZ	XOEX +0.28 points	0.26%	0.54%
Comcast Corp Class ACMCSA	XOEX +0.28 points	0.26%	0.54%
United Parcel Service Class BUPS	XOEX +0.28 points	0.26%	0.54%
T Mobile Us IncTMUS	XOEX +0.27 points	0.23%	0.50%
General Motors CoGM	XOEX +0.26 points	0.24%	0.50%
Fedex CorpFDX	XOEX +0.24 points	0.22%	0.46%

All 435 SPYV holdings⁠All 78 XOEX 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.

SPYV vs XOEX Cost

Overpaying XOEX vs SPYV

$2,288

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

SPYV 0.04%
$849
XOEX 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

SPYV 0.04%
XOEX 0.15%
Overpaying

Year by year

Year	SPYV	XOEX	Overpaying
10	$73	$274	$201
20	$288	$1,071	$783
30	$849	$3,137	$2,288

Expense ratio

0.04%SPYV, cheaper
0.15%XOEX

SPYV0.04%XOEX0.15%

0.03%0.75%

Middle half of Other Major Indexes funds
Median 0.29%

SPYV 2nd cheapest of 42 funds

XOEX 15th cheapest of 42 funds

SPYV vs XOEX Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPYV 1.65%, better; XOEX 1.46%
Payout (12M): SPYV $1.06; XOEX $0.59
Last payment: SPYV $0.27; XOEX $0.16
Ex-dividend: SPYV Sep 21, 2026; XOEX Sep 18, 2026
Paid on: SPYV Sep 23, 2026; XOEX Sep 25, 2026
Frequency: SPYV Quarterly; XOEX Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPYVQuarterly · 39 paymentsAll SPYV payments⁠

XOEXQuarterly · 16 paymentsAll XOEX payments⁠

SPYV vs XOEX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SPYV 11.7%, betterXOEX 12.7%
Return per unit of riskSharpe ratio, 3 years: SPYV 1.17XOEX 1.17
Worst fallMax drawdown, 5 years: SPYV −17.9%XOEX −14.7%since Nov 2022
Market sensitivityBeta, 5 years: SPYV 0.83XOEX 0.86; Market = 1

SPYV and XOEX in the news

All news⁠

Best ETFs
Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026SPYV
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026SPYV

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SPYV vs XOEX

In short

Stated mandate

Why people hold it

Worth knowing

How SPYV and XOEX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPYV

Only in XOEX

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list

The best value ETF depends on whose list you bought

How SPYV and XOEX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPYV

Only in XOEX

Weight gaps