Dividend comparison
SPLG vs SPY: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for State Street SPDR Portfolio S&P 500 ETF and State Street SPDR S&P 500 ETF, side by side. Updated October 21, 2026.
- Fees. SPLG is cheaper at 0.02% a year versus 0.09% for SPY. On $10,000 that is $7 a year less in fees.
- Income. SPY pays more income, yielding 0.98% over the last twelve months versus 0.76% for SPLG. That is about $21 more a year on $10,000. Both pay quarterly.
- Performance. Over the last 5 years, SPLG returned 92.6% versus 81.3% for SPY, with dividends reinvested. $10,000 would have grown to $19,261 in SPLG and $18,129 in SPY.
- Risk. Their worst declines over the last 5 years were similar: -24.5% for SPLG and -24.5% for SPY from peak to trough.
- Diversification. SPLG holds 504 positions and SPY holds 504. The ten largest positions make up 40.0% of SPLG and 38.7% of SPY.
- Overlap. At least 66% of the two portfolios overlap by weight, across 86 shared holdings.
- Dividend growth. SPLG grew its yearly payout 6.8% a year over the last 4 years, versus 6.4% for SPY.
- Size. SPY is the larger fund with $816.6 billion in assets, against $95.7 billion for SPLG.
Bottom line: SPLG has the edge on these figures, with lower fees and stronger 5-year returns. SPY does not lead on any of the measures compared here.
| Metric | SPLG State Street SPDR Portfolio S&P 500 ETF | SPY State Street SPDR S&P 500 ETF |
|---|---|---|
| Dividend yield (TTM) | 0.76% | 0.98% |
| Dividend / share (TTM) | $0.67 | $7.53 |
| Payout frequency | Quarterly | Quarterly |
| Last dividend | $0.2392 on Jun 16, 2026 | $1.9035 on Jul 31, 2026 |
| Ex-dividend date | Jun 12, 2026 | Sep 18, 2026 |
| Next payment | — | $1.8888 on Oct 30, 2026 |
| Dividend growth (CAGR) | 6.8% over 4 yrs | 6.4% over 4 yrs |
| Price | $87.89 | $769.05 |
| Dividend growth streak | 5 years | 16 years |
| Beta | 1.00 | 1.01 |
| Max drawdown (5Y) | -24.5% | -24.5% |
| Market cap | $106.73B | $813.99B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.02% | 0.09% |
| Assets under management | $95.72B | $816.57B |
| Number of holdings | 504 | 504 |
| Top 10 concentration | 40.0% | 38.7% |
SPLG
$6.37/mo
$76 /yr at 0.76% yield
SPY
$8.15/mo
$98 /yr at 0.98% yield
| Year | SPLG | SPY |
|---|---|---|
| 2025 | $0.9074 | $7.2533 |
| 2024 | $0.8796 | $7.0056 |
| 2023 | $0.8046 | $6.5091 |
| 2022 | $0.7610 | $6.1723 |
| 2021 | $0.6970 | $5.6618 |
Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.
What SPLG vs SPY actually do
It is an open-end fund tracking the S&P 500, so unlike its older sibling it can reinvest income internally and lend securities. Its headline expense ratio is the lowest among the large S&P 500 trackers, and its lower share price makes it easier to fill an odd-lot allocation precisely. The trade-off is a smaller options market and slightly wider spreads than SPY, which only matters if you trade actively.
Suits a buy-and-hold investor who wants S&P 500 exposure at the smallest possible fee, and small accounts where a lower share price reduces leftover cash. Not the right tool for anyone running options strategies against the position.
Core holding
It holds the same 500 companies as its rivals, but it is structured as a unit investment trust rather than an open-end fund, an older wrapper that must hold every constituent and cannot put dividends back to work inside the fund before the quarterly payment date. That leaves a small cash drag and it carries a higher expense ratio than the newer S&P 500 trackers, around three times VOO's. What it buys instead is unmatched liquidity and by far the deepest options market of any S&P 500 fund.
Suits traders, options sellers and anyone who needs to move size with tight spreads. For a long-term buy-and-hold position the structural drag and higher fee work against it compared with the newer alternatives.
Core holding, trading vehicle
| Period | SPLG | SPY |
|---|---|---|
| 1 month | 1.37% | 0.97% |
| 3 months | 13.17% | 3.63% |
| Year to date | 9.82% | 13.37% |
| 1 year | 26.50% | 15.51% |
| 3 years | 76.27% | 88.86% |
| 5 years | 92.61% | 81.29% |
- SPLG
- SPY
Both series indexed to 100 on 2021-06-18 using the adjusted closing price series. Past performance does not guarantee future results.
- SPLG
- SPY
| Largest shared holdings | SPLG weight | SPY weight |
|---|---|---|
| NVDANVIDIA CORP | 8.33% | 7.93% |
| AAPLAPPLE INC | 6.78% | 7.55% |
| MSFTMICROSOFT CORP | 6.85% | 5.98% |
| AMZNAMAZON.COM INC | 3.78% | 3.89% |
| GOOGLALPHABET INC CL A | 2.64% | 3.05% |
| AVGOBROADCOM INC | 2.98% | 2.40% |
| METAMETA PLATFORMS INC CLASS A | 2.77% | 2.35% |
| GOOGALPHABET INC CL C | 2.13% | 2.44% |
| TSLATESLA INC | 2.20% | 1.57% |
| BRK-BBERKSHIRE HATHAWAY INC CL B | 1.50% | 1.50% |
SPLG504 holdings total
Quick verdict
SPLG has the edge on these figures, with lower fees and stronger 5-year returns. SPY does not lead on any of the measures compared here. Model the holding inside your real portfolio before deciding.
Frequently asked questions
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.