Dividend comparison

SPY vs SPYM: Which Is Better?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for State Street SPDR S&P 500 ETF and State Street SPDR Portfolio S&P 500 ETF, side by side. Updated October 21, 2026.

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SPY vs SPYM: key differences
The short answer, from the latest data on this page.
  • Fees. SPYM is cheaper at 0.02% a year versus 0.09% for SPY. On $10,000 that is $7 a year less in fees.
  • Income. Their trailing yields are almost the same: 0.98% for SPY and 1.01% for SPYM. Both pay quarterly.
  • Performance. Over the last 5 years, SPYM returned 82.0% versus 81.3% for SPY, with dividends reinvested. $10,000 would have grown to $18,201 in SPYM and $18,129 in SPY.
  • Risk. Their worst declines over the last 5 years were similar: -24.5% for SPY and -24.5% for SPYM from peak to trough.
  • Diversification. SPYM holds 505 positions and SPY holds 504. The ten largest positions make up 38.7% of SPY and 38.7% of SPYM.
  • Overlap. At least 75% of the two portfolios overlap by weight, across 99 shared holdings. Owning both adds little diversification.
  • Dividend growth. SPYM 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 $182.9 billion for SPYM.

Bottom line: SPYM has the edge on these figures, with lower fees. SPY does not lead on any of the measures compared here. With 75% overlap, most investors would hold one or the other rather than both.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricSPY
State Street SPDR S&P 500 ETF
SPYM
State Street SPDR Portfolio S&P 500 ETF
Dividend yield (TTM)0.98%1.01%
Dividend / share (TTM)$7.53$0.91
Payout frequencyQuarterlyQuarterly
Last dividend$1.9035 on Jul 31, 2026$0.2391 on Sep 15, 2026
Ex-dividend dateSep 18, 2026Sep 11, 2026
Next payment$1.8888 on Oct 30, 2026—
Dividend growth (CAGR)6.4% over 4 yrs6.8% over 4 yrs
Price$769.05$90.53
Dividend growth streak16 years5 years
Beta1.011.01
Max drawdown (5Y)-24.5%-24.5%
Market cap$813.99B$165.27B
ExchangeAMEXAMEX
Expense ratio0.09%0.02%
Assets under management$816.57B$182.92B
Number of holdings504505
Top 10 concentration38.7%38.7%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

SPY

$8.15/mo

$98 /yr at 0.98% yield

SPYM

$8.38/mo

$101 /yr at 1.01% yield

Dividend history
Total dividends paid per share in each calendar year. SPY pays quarterly; SPYM pays quarterly.
YearSPYSPYM
2025$7.2533$0.9074
2024$7.0056$0.8796
2023$6.5091$0.8046
2022$6.1723$0.7618
2021$5.6618$0.6977
Strategy: Broad index
Low-cost funds that hold an entire market or index at market-cap weights and make no attempt to select securities. Return is the index return less a small fee, and dividends are a by-product of what the underlying companies choose to pay rather than an objective of the strategy. Differences between funds tracking the same index usually come down to fee, wrapper structure, share price and trading liquidity, not to holdings.

Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.

What SPY vs SPYM actually do

SPY
The original S&P 500 ETF, launched in 1993 and still the most heavily traded equity fund in the world.

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

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $18,129 in SPY and $18,201 in SPYM.
PeriodSPYSPYM
1 month0.97%0.99%
3 months3.63%3.90%
Year to date13.37%13.75%
1 year15.51%15.89%
3 years88.86%89.27%
5 years81.29%82.01%
  • SPY
  • SPYM
73132191202120222023202420252026181182

Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • SPY
  • SPYM
0%10%19%29%38%Technology38.4%38.4%Financial Services11.7%11.7%Communication Services9.8%9.8%Healthcare9.6%9.6%Consumer Cyclical8.8%8.8%Industrials8.0%8.0%Consumer Defensive4.7%4.7%Energy3.6%3.6%Utilities2.0%2.0%Real Estate1.7%1.7%Other1.9%1.8%
SPY vs SPYM holdings overlap
At least 75% overlap by weight, with 99 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Largest shared holdingsSPY weightSPYM weight
NVDANVIDIA CORP7.93%7.92%
AAPLAPPLE INC7.55%7.55%
MSFTMICROSOFT CORP5.98%5.97%
AMZNAMAZON.COM INC3.89%3.88%
GOOGLALPHABET INC CL A3.05%3.05%
GOOGALPHABET INC CL C2.44%2.44%
AVGOBROADCOM INC2.40%2.40%
METAMETA PLATFORMS INC CLASS A2.35%2.35%
TSLATESLA INC1.57%1.56%
MUMICRON TECHNOLOGY INC1.54%1.54%
Top 10 holdings
Largest positions by portfolio weight.

SPY504 holdings total

NameWeight
NVDANVIDIA CORP7.93%
AAPLAPPLE INC7.55%
MSFTMICROSOFT CORP5.98%
AMZNAMAZON.COM INC3.89%
GOOGLALPHABET INC CL A3.05%
GOOGALPHABET INC CL C2.44%
AVGOBROADCOM INC2.40%
METAMETA PLATFORMS INC CLASS A2.35%
TSLATESLA INC1.57%
MUMICRON TECHNOLOGY INC1.54%

SPYM505 holdings total

NameWeight
NVDANVIDIA CORP7.92%
AAPLAPPLE INC7.55%
MSFTMICROSOFT CORP5.97%
AMZNAMAZON.COM INC3.88%
GOOGLALPHABET INC CL A3.05%
GOOGALPHABET INC CL C2.44%
AVGOBROADCOM INC2.40%
METAMETA PLATFORMS INC CLASS A2.35%
TSLATESLA INC1.56%
MUMICRON TECHNOLOGY INC1.54%

Quick verdict

SPYM has the edge on these figures, with lower fees. SPY does not lead on any of the measures compared here. With 75% overlap, most investors would hold one or the other rather than both. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is SPY or SPYM better for dividend income?
It depends on your goals. SPY currently yields 0.98% Trailing Twelve Months (TTM) while SPYM yields 1.01%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between SPY and SPYM?
State Street SPDR S&P 500 ETF (SPY) is an ETF listed on AMEX. State Street SPDR Portfolio S&P 500 ETF (SPYM) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, SPY or SPYM?
SPYM has the lower expense ratio. SPY charges 0.09% a year and SPYM charges 0.02%, a difference of $7 a year on a $10,000 investment.
Which has performed better, SPY or SPYM?
Over the last 5 years, SPYM has the higher total return with dividends reinvested: SPY returned 81.3% and SPYM returned 82.0%. Past performance does not predict future returns.
Which is riskier, SPY or SPYM?
Measured by the worst peak-to-trough decline over the last five years, SPY has been riskier: SPY fell as much as 24.5% and SPYM as much as 24.5%. Their betas are 1.01 and 1.01.
How much do SPY and SPYM overlap?
At least 75% of the two portfolios overlap by weight, across 99 shared holdings. The largest shared positions are NVDA, AAPL, MSFT. Holding both adds little diversification.
How often do SPY and SPYM pay dividends?
Both pay quarterly. The most recent payments were $1.9035 for SPY and $0.2391 for SPYM.
How much income does $10,000 in SPY vs SPYM generate?
At current TTM yields, $10,000 in SPY would generate roughly $8.15 per month ($98 annually). The same amount in SPYM would produce about $8.38 per month ($101 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SPY and SPYM?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare SPY vs SPYM with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPY and SPYM fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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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.